# Professor Menachem Brenner's research on the development of a volatility index is highlighted

1 Faculty News August 24, 2015 ![Investor Wired logo](/sites/default/files/styles/246w/public/assets/images/investorwired.jpg?itok=eAeFMNLn)>

Excerpt from [Investor Wired](http://www.investorwired.com/volatile-stocks-under-consideration-stage-stores-inc-nysessi-cj-energy-services-ltd-nysecjes-northwest-biotherapeutics-inc-nasdaqnwbo/1751200) -- "The idea of a volatility index, and financial instruments based on such an index, was first developed and described by Prof. [Menachem Brenner](http://www.stern.nyu.edu/faculty/bio/menachem-brenner) and Prof. Dan Galai in 1986. Professors Brenner and Galai published their research in the academic article 'New Financial Instruments for Hedging Changes in Volatility,' which appeared in the July/August 1989 issue of Financial Analysts Journal."

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