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Steven Feinstein

  • Associate Professor
Academic Division: Finance
CV
781-239-5275
Dr. Feinstein's research and teaching specialties are investments, valuation, equities, bonds, derivatives, and forensic finance. His articles on these subjects have appeared in The Review of Quantitative Finance and Accounting, The Journal of Risk, Derivatives Quarterly, Primus, The Atlanta Federal Reserve's Economic Review, American Bankruptcy Institute Journal, Risk Management, Journal of Financial Planning, and The Portable MBA in Finance and Accounting.

Dr. Feinstein is the Founder and President of Crowninshield Financial Research, Inc., a consulting firm that conducts economic and financial research and provides expert analysis and opinions relating to securities, investments, financial markets, and complex business litigation. Professor Feinstein has provided analysis and testimony in class action securities lawsuits, ERISA cases, the qui tam yield burning cases, derivatives valuations, and complex business litigation. Prior to entering academia, Dr. Feinstein was an economist at the Federal Reserve Bank of Atlanta.

Academic Degrees

  • Ph D, Yale University
  • M.Phil., Yale University
  • MA, Yale University
  • BA, Pomona College

Academic Interest / Expertise

Corporate Valuation; Derivatives; Investments; Forensic Finance

Awards & Honors

  • 1993 — Reid Teaching Award, Washington University, Olin School of Business

Courses

  • Degree Courses 2024

    • FIN 4560 OPTIONS & FUTURES
    • FIN 7550 DERIVATIVES: THEORY AND PRACTICE

  • Degree Courses 2023

    • FIN 7550 DERIVATIVES: THEORY AND PRACTICE
    • FIN 4560 OPTIONS & FUTURES
    • FIN 7550 FIN7550 DERIVATIVES: THEORY AND PRACTICE

Publications

Journal Articles

  • Feinstein, S.P., Villanueva, O.M. (2022). Securities Litigation Event Studies in the Covid Volatility Regime. Journal of Forensic Economics. Vol: 30, Issue: 1. National Association of Forensic Economics. link
  • Villanueva, O.M., Feinstein, S.P. (2020). Stock price reactivity to earnings announcements: the role of the Cammer/Krogman factors. Review of Quantitative Finance and Accounting. Springer. link
  • Feinstein, S.P., Hu, G., Marcus, M., Ali, Z. (2013). Underestimation of Securities Fraud Aggregate Damages Due to Inter-Fund Trades. Journal of Forensic Economics. Vol: 24, Issue: 2, Page: 161-173. National Association of Forensic Economics. link
  • Feinstein, S.P., Michel, A., Oded, J. (2011). Distortion in Corporate Vaulation: Implications of Capital Structure Changes. Managerial Finance.
  • Feinstein, S.P., Michel, A., Shaked, I. (2005). Fraud-on-the-market Theory: Is a Market Efficient?. American Bankruptcy Institute Journal.
  • Feinstein, S.P., Michel, A., Shaked, I. (2005). Valuation of Credit Guarantees. Journal of Forensic Economics. Vol: 17, Issue: 1, Page: 17-37.

Book Chapters

  • Feinstein, S.P. (2010). Market Signals of Investment Unsuitability: Law360. Law360.com. link
  • Feinstein, S.P. (2009). Financial Management of Risks: The Portable MBA in Finance and Accounting. Issue: 4th. Wiley.
  • Feinstein, S.P. (2009). Planning Capital Expenditure: Portable MBA in Finance and Accounting. Issue: 4. Wiley.

Articles - Circular or newsletter (e.g., Babson Insight)

  • Feinstein, S.P., Bettencourt, D. (2017). What A Solar Eclipse Has To Do With Market Efficiency: Law360. Issue: November 17, 2017. Portfolio Media, Inc. link

Presentations

  • The Impact of Directors, Executives, and Employees: Gender Diversity across Levels and Corporate Environmental Performance Villanueva, O. Crocker, A. Feinstein, S. Sulkowski, A. Twentieth International Conference on Environmental, Cultural, Economic & Social Sustainability, University of Aveiro - Aveiro, Portugal (2024)
  • Proving and Disproving Market Efficiency for Appraisal Hearings Feinstein, S. d'Almeida, J. NACVA/CTI Business Valuation and Financial Litigation Super Conference, Salt Lake City, UT (2023)
  • Option Event Studies Feinstein, S. Babson Finance Division Brownbag Seminar, Babson College (2022)
  • SPAC Public Warrant Valuation Using Iterative Monte Carlo Simulation Feinstein, S. Kraffsi, A. Ahuja, A. Tsapalas, D. Financial Management Association Annual Meeting, Denver, CO (2021)
  • Securities Litigation Precipitated by the Covid-19 Crash Feinstein, S. The Financial Impact of Covid-19; Cutler Center Webinar, Babson College (2020)
  • Stock Price Reactivity to Earnings Announcements: A Cross-Sectional Analysis of the Cammer/Krogman Factors Feinstein, S. Villanueva, M. Boston Area Finance Symposium, Boston, MA (2018)
  • Stock Price Reactivity to Earnings Announcements: A Cross-Sectional Analysis of the Cammer/Krogman Factors Feinstein, S. Villanueva, M. Eastern Finance Association Annual Meeting, Philadelphia, PA (2018)
  • Stock Price Reactivity to Earnings Announcements: A Cross-Sectional Study of Cammer/Krogman Factors Feinstein, S. Villanueva, M. Babson College Finance Seminar, Babson College (2017)
  • Roundtable Discussion on Recent Federal Securities Law Decisions Feinstein, S. AAJ Weekend With The Stars, New York, NY (2016)
  • Evidence of Tipping is Stock Price Data Feinstein, S. Cutler Center Board Meeting, Babson (2010)
  • Determining a Defendant's Ability to Pay Feinstein, S. Taxpayers Against Fraud Education Fund Conference, (2010)
  • determining the Defendant's Ability to Pay Feinstein, S. Taxpayers Against Fraud Education Fund Conference, (2010)
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Professional Services

  • Reviewer, Journal Article Financial Management (2016 - 2024)

Professional Memberships

  • National Association of Forensic Economics (2016 - Present)
  • Foundation for Advancement of Research in Financial Economics (2003 - Present)
  • CFA Society Boston (formerly Boston Security Analysts Society) (1990 - Present)
  • Chartered Financial Analyst Institute (1990 - Present)
  • American Finance Association (1987 - Present)

Department & College Wide Services

  • Faculty Workload and Compensation Committee (Fall 2014 - Spring 2017)