Charles M. Jones is the Robert W. Lear Professor of Finance and Economics and the Director of the Program for Financial Studies at Columbia Business School, where he has been on the faculty since 1997. Professor Jones studies the structure of securities markets, liquidity, and trading costs, and he is particularly noted for his research on short sales, algorithmic and high-frequency trading, and the variation in liquidity over time. Professor Jones currently serves on the economic advisory committee of FINRA and has headed the economic advisory board at Nasdaq. He has also been a visiting economist at the Swedish Institute for Financial Research, the New York Fed, and the New York Stock Exchange. Before joining Columbia, Jones was a faculty member at Princeton University, and prior to doing graduate work at the University of Michigan, where he received his Ph.D. in finance in 1994, he was an investment banking analyst at Merrill Lynch.