Putniņš Tālis J.

Putniņš Tālis J.

Professor. BSc. Courses: Financial Economics Department of Accounting and Finance

Tālis Putniņš is affiliated with the Stockholm School of Economics in Riga, the Baltic International Centre for Economic Policy Studies, and the University of Technology Sydney. He has been a Visiting Scholar at Columbia University and New York University. His main research interests include financial markets, market microstructure, market manipulation, insider trading, asset pricing, and shadow economies.  His research has been published in leading international peer-reviewed journals including the Review of Financial Studies, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance, and Experimental Economics.  Tālis is an Associate Editor of the Baltic Journal of Economics.  Tālis has done consulting and policy work for governments, stock exchanges, and financial institutions and served as an expert witness in legal cases in Europe, Asia, and Australia.  Talis has a PhD in financial economics from the University of Sydney.  


Ph.D., University of Sydney
Bachelor of Engineering (IT & T) with First Class Honours, University of Adelaide
Bachelor of Finance, University of Adelaide

Research interests

Financial market microstructure, including market manipulation, insider trading, liquidity, price discovery, high-frequency trading

Asset pricing

Shadow economies 


Refereed journal articles

Payzan-LeNestour, E., L. Pradier, and T.J. Putniņš, (2022), “Biased risk perceptions: Evidence from the laboratory and financial markets”, Journal of Banking and Finance (accepted for publication).

Brogaard, J., T.H. Nguyen, T.J. Putniņš, and E. Wu, (2022), “What moves stock prices? The role of news, noise, and information” Review of Financial Studies 35(9), 4341–4386.

Dhawan, A. and T.J. Putniņš, (2022), “A new wolf in town? Pump-and-dump manipulation in cryptocurrency markets”, Review of Finance (accepted for publication).

Putniņš, T.J., (2022), “From Free markets to Fed markets: How unconventional monetary policy distorts equity markets”, Financial Analysts Journal 78, 35–56.

Doran, J., E. Payzan-LeNestour, L. Pradier, and T.J. Putniņš, (2022), “Harnessing neuroscientific insights to generate alpha”, Financial Analysts Journal 78, 79–9

Easley, D., M. O’Hara, D. Michayluk, and T.J. Putniņš, (2021), “The active world of passive investing”, Review of Finance 25(5), 1433–1471.

Khomyn, M. and T.J. Putniņš, (2021), “Algos gone wild: What drives the extreme order cancellation rates in modern markets?”, Journal of Banking and Finance 129, 1–16.

Patel, V., T.J. Putniņš, D. Michayluk, and S. Foley, (2020), “Price discovery in stock and options markets”, Journal of Financial Markets Vol. 47, No. 1, pp. 1–2

Putniņš, T.J., and A. Sauka, (2020), “Why does entrepreneurial orientation affect company performance?”, Strategic Entrepreneurship Journal Vol. 14, No. 4, pp. 711–735.

Malceniece, L., K. Malcenieks, and T.J. Putniņš, (2019), “High frequency trading and co-movement in financial markets”, Journal of Financial Economics Vol. 134, No. 2; pp. 381–399.

Foley, S., J. Karlsen, and T.J. Putniņš, (2019), “Sex, drugs, and bitcoin: How much illegal activity is financed through cryptocurrencies?”, Review of Financial Studies Vol. 32, No. 5; pp. 1798–1853.

Anthonisz, S., and T.J. Putniņš, (2017), “Asset pricing with downside liquidity risks”, Management Science, Vol. 63, No. 8, pp. 2549–2572.

Foley, S., and T.J. Putniņš, (2016), “Should we be afraid of the dark?  Dark trading and market quality”, Journal of Financial Economics, Vol. 122, No. 3, pp. 456–481.

Comerton-Forde, C., C.M. Jones, and T.J. Putniņš, (2016), “Shorting at close range: A tale of two types”, Journal of Financial Economics, Vol. 121, No. 3, pp. 546–568.

Hauptfleisch, M., T.J. Putniņš, and B. Lucey, (2016), “Who sets the price of gold? London or New York”, Journal of Futures Markets, Vol. 36, pp. 564–586.

Comerton-Forde, C., and T.J. Putniņš, (2015), “Dark trading and price discovery”, Journal of Financial Economics, Vol. 118, No. 1, pp. 70–92.

Putniņš, T.J., and A. Sauka, (2015), “Measuring the shadow economy using company managers”, Journal of Comparative Economics, Vol. 43, No. 2, pp. 471–490.

 Putniņš, T.J., (2015), “Economics of state-owned enterprises”, International Journal of Public Administration, Vol. 38, No. 11, pp. 815–832.

Comerton-Forde, C., and T.J. Putniņš, (2014), “Stock price manipulation: Prevalence and determinants”, Review of Finance, Vol. 18, No. 1, pp. 23–66.

Putniņš, T.J., (2013), “Exporting by Latvian companies: Vitality, drivers of success, and challenges”, Baltic Journal of Economics, Vol. 13, No. 2, pp. 3–33.

Putniņš, T.J., (2013), “What do price discovery metrics really measure?”, Journal of Empirical Finance, Vol. 23, No. 1, pp. 68–83.

Ebrahimpour, M., T.J. Putniņš, M. Berryman, A. Allison, B. Ng, and D. Abbott, (2013), “Automated authorship attribution using advanced signal classification techniques”, PLOS ONE, Vol. 8, No. 2, pp. 1–12.

Putniņš, T.J., (2012), “Market manipulation: A survey”, Journal of Economic Surveys, Vol. 26, No. 5, pp. 952–967.

Čekauskas, K., R. Gerasimovs, V. Liatukas, and T.J. Putniņš, (2012), “The effects of market makers and stock analysts in emerging markets”, International Review of Finance, Vol. 12, No. 3, pp. 305–327.

Comerton-Forde, C., T.J. Putniņš, and K.M. Tang, (2011), “Why do traders choose to trade anonymously?”, Journal of Financial and Quantitative Analysis, Vol. 46, No. 4, pp. 1025–1049.

Comerton-Forde, C., and T.J. Putniņš, (2011), “Measuring closing price manipulation”, Journal of Financial Intermediation, Vol. 20, No. 2, pp. 135–158.

Comerton-Forde, C., and T.J. Putniņš, (2011), “Pricing accuracy, liquidity and trader behavior with closing price manipulation”, Experimental Economics, Vol. 14, No. 1, pp. 110–131.

Putniņš, T.J., and A. Sauka, (2011), “Size and determinants of shadow economies in the Baltic States”, Baltic Journal of Economics, Vol. 11, No. 2, pp. 5–25.

Putniņš, T.J., (2010), “Naked short sales and fails-to-deliver: An overview of clearing and settlement procedures for stock trades in the USA”, Journal of Securities Operations and Custody, Vol. 2, No. 4, pp. 340–350.


Book chapters

Davidescu, A.A.M., T.J., Putniņš, and A. Sauka, (2022), “Uncovering the Main Characteristics of Shadow Economies in Romania and Moldova for Strengthening the Labour Market Resilience”, in J. Leitão and V. Ratten (eds.) Strategic Innovation: Research Perspectives on ­Entrepreneurship and Resilience (Springer), 183–200.

Putniņš, T.J., (2020) “An overview of market manipulation”, in C. Alexander and D. Cumming (eds.) Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation (John Wiley & Sons: West Sussex, UK), pp. 13–44.

Putniņš, T.J., (2020) “Economics of state-owned enterprises”, in L. Bernier, P. Bance, and M. Florio (eds.) The Routledge Handbook on State-Owned Enterprises in the 21st Century (Routledge), pp. 215–238.

Davidescu, A.A.M., T.J., Putniņš, and A. Sauka, (2019), “Shadow economy index for Moldova and Romania”, in Ratten, V., Jones, P., Braga, V., Marques, C.S. (eds.) Subsistence Entrepreneurship, Contributions to Management Science (Springer).

Putniņš, T.J., and A. Sauka, (2016), “The components and determinants of the shadow economy: Evidence from the Baltic countries”, in A. Sauka, F. Schneider, and C. Williams (eds.) Entrepreneurship and the shadow economy (Edward Elgar), pp. 60–88.

Putniņš, T.J., and A. Sauka, (2014), “The size and determinants of shadow economies in the Baltic countries”, in A. Sauka and B. Rivza (eds.) Challenges to the economy and entrepreneurship in Latvia (SIA Zelta Rudens: Riga), pp. 25–46.


Industry publications and reports

Putniņš, T.J., and A. Sauka, (2020), “Shadow economy index for the Baltic countries, 2009–2019”, The Centre for Sustainable Business at SSE Riga

Putniņš, T.J., and A. Sauka, (2016), “Shadow Economy Determinants and Impact Assessment”, Report for the Organisation for Economic Co-operation and Development (OECD).

Foley, S., and T.J. Putniņš, (2014), “Regulatory efforts to reduce dark trading in Canada and Australia: How have they worked?”, CFA Institute Report (2014).

Putniņš, T.J., and A. Sauka, (2014), “Baltic shadow economies: Recent trends”, Baltic Rim Economies Review (4) 2014, 48.

Comerton-Forde, C., T.J. Putniņš, (2013), “Dark trading in Australia”, World Federation of Exchanges: Focus No. 240, pp. 3–4.

Institute for Market Economics, (2013), “Evaluation of policy measures to combat the informal economy”, (contributor and section author).

Putniņš, T.J., and A. Sauka, (2010–2013) “Informal Economy Index for the Baltic Countries”, Study published by SSE Riga and European Council for Small Business and Entrepreneurship in each of the years 2010 – 2013.

Putniņš, T.J., (2012), “Exports and productivity: A firm-level study of promoting and constraining factors” Nordea Bank Vitametrs Research Series.

Ministry of Economics of the Republic of Latvia, State Chancellery of Latvia and Latvian Privatisation Agency, (2012), “An assessment of the purpose, necessity and status of State involvement in enterprise”, (contributor and section author).

Putniņš, T.J., (2011), “Expert Report: Evaluation of the risk/return characteristics of equity linked notes”, DnB.

State Chancellery of Latvia, (2011), “Latvia Competitiveness Report”, (contributor).

BICEPS, TeliaSonera, SKDS, SSE Riga, (2010), “Global Entrepreneurship Monitor”, (contributor and section author).

Baltic Institute of Corporate Governance and the Office of the Prime Minister of Latvia, (2010), “Annual Review: Latvian State-owned Assets”, (co-editor and advisor).

Membership in professional organizations

American Finance Association

Western Finance Association

European Finance Association

Financial Research Network


Links to other websites

Working papers on Social Science Research Network (SSRN): https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=855598