Hans R. Stoll

Biography

Through decades in government, industry, and academia, Hans Stoll has educated and inspired generations of finance students.

Impact

Professor Stoll is best known for developing and testing the put-call parity relation for option prices, for modeling and testing the behavior of securities markets dealers, for his work on program trading and the "triple witching hour," and for his work on the sources and components of the bid-ask spread.

Leadership

As director of the Financial Markets Research Center, Professor Stoll was responsible for bringing in countless financial authorities from business concerns and government agencies. He has also served as president of the American Finance Association and the Western Finance Association. He has been a director of the American Finance Association, the Financial Management Association, and the Institute for the Study of Security Markets. He is advisory editor of the Journal of Financial Markets and the Multinational Finance Journal. He has served as an associate editor of the Journal of Finance and the Journal of Financial Economics. He is currently an Associate Editor of The Journal of Financial and Quantitative Analysis, The Journal of Derivatives, and Financial Management.

Stoll has served on various government and industry advisory panels, including the Quality of Markets Committee of the NASD, formed to study the crash of 1987, and the advisory panel of the Office of Technology Assessment, formed to oversee a study of securities markets technology. He has been a member of the Shadow Securities and Exchange Commission. He has served as a public director of the Futures Industry Association, as a member of the Economic Advisory Board of the NASD, as a public governor of the Pacific Stock Exchange, and as a public director of the Options Clearing Corporation. Professor Stoll has been a consultant to various business concerns and government agencies. 

Publications

He has published several books and more than 60 articles on subjects including the forward foreign exchange market, options, commodity futures, small business financing, the impact of institutional investors on the stock market, regulation of securities markets, the theory of dealers in securities markets, the law of one price in international commodity markets, the new option markets, the small firm effect, stock index futures, stock market structure and volatility, bid-ask spreads on the NYSE versus Nasdaq markets, and other subjects. His book, Futures and Options, with Robert Whaley appeared in 1992.

Research Interests

Professor Stoll’s research focuses on Market Microstructure, Derivatives Markets, International Financial Markets, and Equities Markets.