Professor Jones studies the structure of securities markets, liquidity, and trading costs. He is noted for his research on short sales and for recent work on why liquidity varies over time, and is particularly known for his use of innovative, often historical data. Jones regularly teaches “Debt Markets,” a popular elective course targeted to MBA students intending to work in fixed income, debt capital markets, or investment banking, and he has received the Singhvi Prize for scholarship in the classroom.