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Hans R. Stoll

The Anne Marie and Thomas B. Walker, Jr., Professor of Finance, Emeritus

Subject Area(s): Finance

Hans R. Stoll is The Anne Marie and Thomas B. Walker, Jr., Professor of Finance and Director of the Financial Markets Research Center at the Owen Graduate School of Management, Vanderbilt University, Nashville, Tennessee, 37203. He came to Vanderbilt in 1980 from the Wharton School of the University of Pennsylvania where he had been a faculty member since 1966. He received an A.B. degree from Swarthmore College in 1961 and M.B.A. and Ph.D. degrees from the Graduate School of Business of the University of Chicago in 1963 and 1966, respectively.

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.

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. In 1996 he received the Earl Sutherland Prize, awarded for outstanding research across all fields at Vanderbilt University. In 2007, he received an honorary doctorate degree from Goethe University, Frankfurt, Germany Stoll was a visiting professor at the Board of Governors of the Federal Reserve System in 1968-69, and he served on the staff of the Institutional Investor Study of the Securities and Exchange Commission in 1969-70. In 1976-77 he was a Senior Fulbright-Hays Visiting Lecturer at ESSEC in Paris, France. He has also been a visiting professor at the University of Chicago (1975-76), at the University of Karlsruhe (1986), and at the University of British Columbia (July, 1990). Professor Stoll was president of the American Finance Association in 1999. He has also served as president of 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.

A.B., Economics, Swarthmore College, 1961
M.B.A., University of Chicago, 1963
Ph.D., University of Chicago, 1966

Area(s) of Expertise:
Market Microstructure, Derivatives Markets, International Financial Markets, Equities Markets.


Voice: 615-322-3674
Fax: 615-343-7177
Office #: 306
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