Eduard Yelagin

Eduard Yelagin

PhD candidate

University of Memphis

About Me

I am a PhD candidate on the job market, advised by Konstantin Sokolov. My research primarily focuses on empirical market microstructure and FinTech, with a particular emphasis on financial market innovation. Currently, I am studying the effects of stock trading gamification on retail traders and other market participants, including brokerage firms and market makers.

Interests

Market Microstructure
FinTech
Cybersecurity

Education

PhD in Finance
The University of Memphis
MSBA in Finance
The University of Memphis
BSBA in Finance
La Salle University

Working Papers

Gamification of Stock Trading: Losers and Winners

Job Market Paper

Gamification of Stock Trading: Losers and Winners

Gamification of stock trading is a novel practice by brokers to incorporate game-like features to increase clients’ engagement with trading. This study examines how the market reacts to the introduction of 142 gamification features in the mobile trading apps of 17 major U.S. brokers. I find that the gamification of trading can be viewed as a double-edged sword. It alters and worsens retail traders’ strategy by reducing their returns and increasing return volatility. However, it also reduces costs and risks for liquidity providers by making retail order flow less toxic, leading to a positive effect for the rest of the market.

Sep 28, 2024

Who Benefits from Securities Exchange Innovation?

R&R at the Review of Finance

Who Benefits from Securities Exchange Innovation?

Securities markets continuously innovate to keep pace with technology. It is often debated if such innovation is beneficial, and which market participants capture the benefits. We contribute to this debate by examining the effects of a wide range of proprietary enhancements to the trading process introduced by the stock exchanges in the United States. Generally, exchange innovation is associated with improvements in liquidity and price efficiency, although the reduction in liquidity costs primarily benefits investors trading in small quantities. Institutional investors experience less favorable outcomes; while their trading costs remain unchanged, their market participation declines.

Sep 28, 2024

Other Research

Reproducability in Management Science

Published in Management Science

Reproducability in Management Science

With the help of more than 700 reviewers, we assess the reproducibility of nearly 500 articles published in the journal Management Science before and after the introduction of a new Data and Code Disclosure policy in 2019. When considering only articles for which data accessibility and hardware and software requirements were not an obstacle for reviewers, the results of more than 95% of articles under the new disclosure policy could be fully or largely computationally reproduced. However, for 29% of articles, at least part of the data set was not accessible to the reviewer. Considering all articles in our sample reduces the share of reproduced articles to 68%. These figures represent a significant increase compared with the period before the introduction of the disclosure policy, where only 12% of articles voluntarily provided replication materials, of which 55% could be (largely) reproduced. Substantial heterogeneity in reproducibility rates across different fields is mainly driven by differences in data set accessibility. Other reasons for unsuccessful reproduction attempts include missing code, unresolvable code errors, weak or missing documentation, and software and hardware requirements and code complexity. Our findings highlight the importance of journal code and data disclosure policies and suggest potential avenues for enhancing their effectiveness.

Mar 31, 2024

Teaching

Financial Management

Undergraduate Level

Financial Management

This course is designed specifically for undergraduate students who are eager to understand the foundations of managing finances in both personal and business contexts. Whether you aspire to be an entrepreneur, a corporate leader, or simply want to manage your personal finances more effectively, this course will provide you with the essential knowledge and skills to navigate the financial landscape with confidence.

Jul 18, 2024

Retirement and Estate Planning

Undergraduate & Graduate Level

Retirement and Estate Planning

In today's rapidly evolving financial landscape, understanding how to effectively plan for retirement and manage your estate is more critical than ever. Whether you are an undergraduate embarking on your financial journey or a graduate student looking to deepen your expertise, this course is designed to equip you with the essential knowledge and skills to secure your financial future and that of your loved ones.

Jan 21, 2023

Risk Management

Undergraduate & Graduate Level

Risk Management

Welcome to the dynamic and ever-evolving world of Risk Management! In today’s interconnected global economy, understanding how to identify, assess, and mitigate risks is crucial for any aspiring professional. This course, designed for both undergraduate and graduate students, offers an in-depth exploration of the principles and practices of risk management. Whether you are just beginning your academic journey or seeking to specialize in this critical field, this course will equip you with the skills and knowledge to navigate the uncertainties of the modern world.

Sep 1, 2022

Skills & Hobbies

Technical Skills

Python, SAS, MATLAB

Data Science

HPC, Unix

Hobbies

Gym

Fiction

Movies