Research Interests

Market microstructure, cryptocurrencies, blockchain design

Education & Academic Affiliation

Wilfrid Laurier University, Department of Finance

Assistant Professor, 2021-present

University of Sydney, Department of Finance

PhD in Finance. Supervisors Sean Foley and Jiri Svec, 2017 - 2021

VU Amsterdam

Visiting Scholar, two month visit. Host Albert Menkveld, 2020

Ohio State University

Visiting Scholar, two month visit, cancelled due to pandemic. Host Ingrid Werner, 2020

University College Dublin

MSc Economics. Thesis supervisor Vincent Hogan, 2014 - 2015

Copenhagen Business School

BSc International Business. Thesis supervisor Niels Blomgren-Hansen, 2011 - 2014

Selected Publications

The Retail Execution Quality Landscape

Dyhrberg, A. H., Shkilko, A. & Werner, I. M. (2025)

Journal of Financial Economics, 168, 104051.

When Bigger Is Better: The Impact of a Tiny Tick Size on Undercutting Behavior

Dyhrberg, A. H., Foley, F. & Svec, J. (2023)

Journal of Financial and Quantitative Analysis, 58(6), 2387-2416.

Other Publications

Non-Standard Errors

Menkveld, A., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Razen, M., Weitzel, U., Dyhrberg, A.H., et. al. (2023)

Journal of Finance.

Can Digital Assets and Markets: A Transaction Cost Analysis of Market Architectures

Aspris, A., Dyhrberg, A. H., Foley, F. & Putnins, T. (2022)

Swift Institute.

Can Bitcoin be Trusted? Quantifying the Economic Value of Blockchain Transactions

Cole, B., Dyhrberg, A. H., Foley, F. & Svec, J. (2022)

Journal of International Financial Markets, Institutions and Money, 79, 101577.

How investible is Bitcoin? Analyzing the Liquidity and Transaction Costs of Bitcoin markets

Dyhrberg, A. H., Foley, F. & Svec, J. (2018)

Economics Letters, 171, 140-143.

Bitcoin, Gold and the Dollar – A GARCH Volatility Analysis

Dyhrberg, A. H. (2016)

Finance Research Letters, 16, 85-92.

Hedging Capabilities of Bitcoin. Is it the Virtual Gold?

Dyhrberg, A. H. (2016)

Finance Research Letters, 16, 139-144.

Working Papers

Market Fragmentation and Price Efficiency: Evidence from Cryptocurrencies

Jonathan Brogaard, Anne Haubo Dyhrberg & Paige Rowberry

Is Decentralized Always Better? How Market Structure Affects Trading Costs for Tokenized Assets

Angelo Aspris, Anne Haubo Dyhrberg, Sean Foley, William Krekel & Talis Putnins

One Coin, Many Markets: How Market Frictions Affect Arbitrageurs

Anne Haubo Dyhrberg

How Should We Ring the Closing Bell? Determining Optimal Closing Auction Design

Anne Haubo Dyhrberg, Ester Felez-Vinas, Sean Foley & Talis Putnins

Seminar and Conference Presentations

2024

Women in Microstructure Annual Meeting, Hawaii, USA.

Western Finance Association Annual Meeting, Hawaii, USA.

American Finance Association Annual Meeting, San Antonio, USA.

2023

Seminar at University of Graz, Austria.

Central Bank Conference on the Microstructure of Financial Markets, Washington D.C., USA.

Financial Management Association Annual Meeting, Chicago, USA.

Northern Finance Association Annual Meeting, Toronto, Canada.

European Finance Association Annual Meeting, VU Amsterdam, Netherlands.

NBER Big Data and High-Performance Computing for Financial Economics Conference, Boston, USA.

Webinar – After FTX collapse: can cryptoassets be ethical?

2021

Paris Webinar on Financial Technology and Crypto.

2020

European Finance Association Annual Meeting, virtual conference.

2019

Accounting and Finance Association of Australia and New Zealand Doctoral Symposium, University of Queensland, Australia.

European Financial Management Association, University of Azores, Portugal.

2018

Financial Research Network Annual Conference, University of Queensland, Australia.

Behavioral Finance and Capital Markets Conference, La Trobe University, Australia.

Teaching

2022

Undergraduate course Financial Management II BU393 at Wilfrid Laurier University.

2021

Undergraduate course Financial Management II BU393 at Wilfrid Laurier University.

2019

Postgraduate course Algorithmic Trading FINC3014 at the University of Sydney.

2018

Undergraduate course Corporate Finance I FINC2011 at the University of Sydney.

Honors and Awards

Merit Award, Wilfrid Laurier University (2023).

Early Career Research Award, Wilfrid Laurier University, Nomination (2023).

Social Sciences and Humanities Research Council of Canada Insight Development Grant (2022).

Paulette Isbel Jones PhD Completion Scholarship.

Best paper award for "When bigger is better: The impact of a tiny tick size on undercutting behavior" at the Cryptocurrency Research Conference, University of Southampton, June 15-16 2019.

University of Sydney Business School Research Scholarship Award (2018).

Reviewing Work

Journal of Financial and Quantitative Analysis

Journal of Financial Markets

Journal of Banking and Finance

Journal of Corporate Finance

Energy Economics

Journal of Futures Markets

Applied Economics

Economic Modelling

Finance Research Letters

Economics Letters

Journal of International Financial Markets, Institutions and Money

International Journal of Managerial Finance

Journal of International Money and Finance

Asia-Pacific Journal of Financial Studies