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College of Business Administration

College of Business Administration

Business Building Hours:
Mon-Thu: 7 am - 10 pm
Friday: 7 am - 5 pm
Saturday: Closed
Sunday: Noon - 10 pm

Student Success Center
1001 Business Building
Kansas State University
Manhattan, KS 66506

Dean's Office
2019 Business Building
Kansas State University
Manhattan, KS 66506

Hardy Johnson

Brian Arthaud-Day
Assistant Professor
Department of Finance
Office:3052 Business Building
Mailing Address:2097 Business Building
1301 Lovers Lane 
Manhattan, KS 66506

Research Goals

Hardy Johnson studies market microstructure with a focus on odd lot orders and trades.  His primary research goal is to understand the role of odd lot trades, how they are used by individuals and institutions, and to explain their growing prevalence in modern markets.

Current Research & Consulting Projects

  • Are All Odd Lots the Same?  Odd Lot Transactions by Order Submission and Trader Type- Studies odd-lot trading and determine if an odd-lot trade results from odd-lot orders or if odd-lots are a result of orders broken into multiple trades. 
  • Are Odd Lot Orders Informed- Shows that odd-lot marketable orders are not more informed than round/mixed lot marketable orders.
  • Odd Lot Trading and Earnings Announcements- Investigates odd lot trading, both trades and orders, around quarterly earnings announcements to determine whether informed traders are using odd lot trades to earn excess returns.
  • Odd Lot Order Aggressiveness and Stealth Trading- Studies the degree to which orders are aggressively priced, paying particular attention to odd lot orders, and examines whether odd lot orders are being successfully used in stealth trading strategies

Other Contributions

  • Odd Lot Trades: The Behavior, Characteristics, and Information Content, Over Time, 2014, The Financial Review 49, 669-684.

Areas of Teaching

Investments, Financial Institutions and Markets


Ph D, University of Mississippi, 2013

MBA, University of Alabama at Birmingham, 2002

BS, Auburn University, 2000