An American Call is Worth More than a European Call: The Value of American Exercise When the Market is Not Perfectly Liquid, by Stephen Figlewski

Stephen Figlewski is a Professor of Finance at the New York University Leonard N. Stern School of Business. 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.