Cboe Announces Winners of the Options Institute MSCI Inflation Research Grant

• Dr. Ali Nejadmalayeri, Professor of Finance at the University of Wyoming College of Business, and William Campbell, Lecturer in Finance at the Wilbur O. and Ann Powers College of Business at Clemson University, named grant recipients
• Sponsored by MSCI, the grant will fund research on inflation and its impact on the markets

CHICAGO, Aug. 10, 2023 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced Dr. Ali Nejadmalayeri, Professor of Finance at the University of Wyoming College of Business, and William Campbell, Lecturer in Finance at the Wilbur O. and Ann Powers College of Business at Clemson University, as the winners of the Options Institute MSCI Inflation Research Grant, which is focused on advancing understanding of inflation and its measurable impact on the markets.

The Options Institute Research Grant Program aims to support research that helps catalyze the advancement of derivatives usage and financial exchange marketplace structures. The program, which welcomed its first class of research grant recipients this year, is part of Cboe's goal to operate an inclusive global marketplace that helps all market participants better understand financial products, market data and trading strategies.

As the recipients of this grant, sponsored by MSCI, the research by Dr. Nejadmalayeri and Mr. Campbell will demonstrate how the term structure of returns and volatilities in stocks and options are affected by inflation and establish inflation-related patterns in the cross-section of firms' equity values. In doing so, the study will examine how paying dividends, European- versus American-style options, and put optionality influence the inflation effect. The research will seek to motivate tradable strategies along moneyness and maturity of options based on inflationary expectations. As the winners of the grant, Dr. Nejadmalayeri and Mr. Campbell may claim Cboe data sets valued up to $35,000¹, in support of their research efforts.

Dr. Nejadmalayeri is the John A. Guthrie Endowed Chair in Banking and Financial Services and a Professor of Finance at the University of Wyoming College of Business. His primary research interests are corporate and municipal bonds, taxation and real estate. He also teaches an array of undergraduate and graduate finance courses on topics including bank management, markets and institutions, portfolio management, investment theory, and corporate finance. Dr. Nejadmalayeri holds a Ph.D. in Finance from the University of Arizona, an M.B.A. from Texas A&M University, and a B.Sc. in Electrical Engineering from the University of Tehran.

Mr. Campbell has three decades of experience as a risk manager, trader and consultant to the financial industry. In addition to his consulting work, he is a full-time university lecturer in economics and finance, including as a lecturer in finance at the Wilbur O. and Ann Powers College of Business at Clemson University and an adjunct lecturer at the College of ACES at the University of Illinois – Urbana-Champaign, and has earned multiple recognitions at both the undergraduate and graduate levels. Mr. Campbell's research spans topics from market microstructure to the impact of macroeconomic policy on the financial condition of rural populations. Mr. Campbell also speaks to industry and community groups on financial topics. He earned his degrees at the University of Illinois and Eastern Illinois University.

"We are thrilled to announce Dr. Ali Nejadmalayeri and Mr. Campbell as the recipients of the Options Institute MSCI Inflation Research Grant," said Gina DeRaimo, Head of The Options Institute at Cboe. "Their research is incredibly timely in today's market environment, and we look forward to seeing how it will translate into practical investment and trading insights to help investors better understand and manage the impact of inflation on their portfolios."  

"Today's inflationary environment continues to be challenging for investors, and more studies and data in this area could help market participants make better-informed investment decisions to navigate the markets," said Hitendra Varsani, Managing Director and Global Head Derivatives Solutions Research at MSCI. "We firmly believe in the value of investor education and are pleased to join forces with Cboe to support essential academic research that could benefit many investors."

Cboe has been providing best-in-class investor education through the Options Institute, teaching the responsible use of options and trading strategies for more than 35 years. To learn more, visit www.cboe.com/optionsinstitute.

About Cboe Global Markets, Inc.

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.

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