Jingrui (Victoria) Li, PhD, FRM | Stevens Institute of Technology

Jingrui (Victoria) Li, PhD, FRM | Stevens Institute of Technology

I am a tenure-track Assistant Professor in FinTech at the School of Business, Stevens Institute of Technology.

I am also a Visiting Scholar in the Finance Department at the Leonard N. Stern School of Business, New York University.

My research and teaching interests are:

FinTech: Cryptocurrencies, Artificial Intelligence, LLM

Asset Pricing: Theoretical and Empirical Asset Pricing, Derivatives, Investments, and Market Microstructure

My CV can be found HERE (Sep 2025).

Email:

jli264@stevens.edu

jingrui.victoria.li@gmail.com

SSRN Page

Top 10% of Authors by all-time downloads;

Top 10% of Authors by total new downloads within the last 12 months

Google Scholar Page

Stevens Faculty Page

Journal Publications

[5] Bitcoin Price Volatility: Effects of Retail Traders, Illegal Users, and Sentiment (with Kose John) Journal of Corporate Finance. 2025; 102837.

[4] Persistence of Jump-Induced Tail Risk and Limits to Arbitrage (with Victor Chow, Kose John, and Ben Sopranzetti) Quantitative Finance. 2023; 23(4), pp.705-719.

FMA (2018) Best Paper Award in Investments, Semifinalist

“Top 10%” Session at FMA (2018) Meeting

[3] COVID-19, Volatility Dynamics, and Sentiment Trading (with Kose John) Journal of Banking & Finance. 2021; 106162.

[2] Decomposing the VIX: Implications for the predictability of stock returns (with Victor Chow, Wanjun Jiang, and Bingxin Li) Financial Review. 2020; 1–21.

WILEY Top Cited Article Award (2020-2021)

Book Chapter

[1] Does VIX Truly Measure Return Volatility? (with Victor Chow and Wanjun Jiang) Handbook of Financial Econometrics, Mathematics, Statistics, and Machine Learning. 2021; 1533-1559.

Working Papers

Margin Rules, Leverage of Informed Traders, and Market Microstructure: Theory (with Kose John, Apoorva Koticha, Ranga Narayanan, and Marti G. Subrahmanyam)

Open to Resubmit at Management Science

The Ethical Implications of AI on Systemic Risk in Finance

Open to Resubmit at Business Ethics Quarterly

Equilibrium Pricing of Bitcoin Options with Stochastic Volatility, Jumps, and Liquidity Risk

Minor Revision Requested at Journal of Futures Markets

Sentiment in the Cross Section of Cryptocurrency Returns (with Kose John and Ruming Liu)

Qualified for Best Paper Award at 2024 International Conference of Taiwan Finance Association

Media Coverage: Investor Sentiment Behind Crypto Gains and Losses–Is Next Bitcoin Crash Already Written?, CCN.com, Link to Article

Pricing and Arbitrage Across 80 Cryptocurrency Exchanges (with Kose John and Ruming Liu)

Volatility Dynamics and Spillovers in Cryptocurrency Markets: Evidence from the Bitcoin ETF Approval (with Divykumar Patel)

Sentiment, Social Media, and Meme Stock Return Predictability (with Zijian Li)

Revise and Resubmit at Review of Behavioral Finance

Russia-Ukraine War and Bitcoin Volatility Dynamics (with Kose John and Alexander Kurov)

Work in Progress

US Treasury Market

Artificial Intelligence and Portfolio Management

AI, LLM, and Financial Economics

Social Media and Asset Pricing

Teaching Experience

School of Business, Stevens Institute of Technology

FA 595 Financial Technology (FinTech) (Graduate students from MS Financial Engineering, MS Finance, MS Financial Analytics, MBA, and MS Information Systems, MS Financial Technology & Analytics, MS Computer Science programs)

Spring 2023, Spring 2024, Fall 2024, Spring 2025, Fall 2025

Vice Provost Teaching Excellence Commendation - 2023, 2024

QF 430 Introduction to Derivatives (Advanced undergraduate students)

Fall 2022, Fall 2023, Fall 2024, Fall 2025

Vice Provost Teaching Excellence Commendation - 2024

FA 596 Digital Payment Technologies and Trends

Scheduled

MGT 960 Research in Management (PhD in Finance students)

Spring 2023, Fall 2023, Spring 2024, Fall 2024

FE 960 Research in FE (PhD in Financial Engineering students)

Spring 2024, Fall 2024

A. B. Freeman School of Business, Tulane University

FINE 7180 Financial Modeling (Graduate students from MS Finance, MS Accounting, MS Business Analytics, MBA, PMBA, and JD/MBA programs)

Fall 2019, Spring 2020, Fall 2020, Spring 2021, Summer 2021, Fall 2021

FINE 4170 Financial Modeling (Advanced undergraduate students)

Fall 2019, Fall 2020, Fall 2021

Ad Hoc Reviewer

Journal of Banking and Finance, Journal of Financial Econometrics, Financial Analysts Journal, Journal of Financial Stability, Journal of Commodity Markets, The European Journal of Finance, The Financial Review, Journal of International Financial Markets, Institutions & Money, Pacific-Basin Finance Journal, Emerging Markets Review, Quarterly Review of Economics and Finance, North American Journal of Economics and Finance, Journal of Behavioral and Experimental Finance, Journal of Risk and Financial Management, Applied Economics, Expert Systems With Applications, Financial Innovation, Decision Support Systems, Computers, Future Internet.

Professional Certifications

Financial Risk Manager — Certified by the Global Association of Risk Professionals

Google Sites

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