Stephen Figlewski is Professor of Finance, Emeritus at the New York University Leonard N. Stern School of Business, where he taught for 43 years, specializing in courses on derivatives, investments, and financial markets. He holds a B.A. in Economics from Princeton University and a Ph.D. in Economics from the Massachusetts Institute of Technology. He has published extensively in academic journals, especially in the area of financial futures and options, and is a frequent speaker at academic conferences. He founded The Journal of Derivatives and served as Editor for 25 years, until 2018.

Several times during his years at NYU, Professor Figlewski took leaves of absence to work in research capacities on Wall Street. He became a member of the New York Futures Exchange and a Competitive Options Trader at the New York Stock Exchange when those markets began.



Lecture Notes Available

In many years of teaching, I have put together MANY pages of class notes for MBA and Undergraduate level courses on derivatives and related topics. These are available for download without restriction on the Teaching Notes page.  Slides from recent talks are available on the Presentation Slides page.


telephone:   +1-973-220-6916



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Distinguished Visiting Scholar at the Chinese University of Hong Kong

October 2019: Two formal lectures and much formal and informal dining. The Hong Kong political situation was quiet but tense while we were there.

Retirement is nice...and safe

I have more time for research, I Zoom off to seminars and conferences all over the world without leaving my desk, and I don't have to figure out hybrid live/online teaching.

Recent Research

"An American Call IS Worth More than a European Call: The Value of American Exercise when the Market is not Perfectly Liquid." Journal of Financial and Quantitative Analysis, April 2021.

"Option Investor Rationality Revisited: The Role of Exercise Boundary Violations. (with Battalio and Neal). Financial Analysts Journal. JAN 2020.

"Risk Neutral Densities: A Review." Annual Review of Financial Economics (2018)