Fischer Black Prize Explained

Fischer Black Prize is a memorial prize awarded in honor of Fischer Black that rewards individual financial research. The prize was established in 2002 and first awarded in 2003. It is awarded to a financial scientist for a body of work that demonstrates significant original research that is relevant to finance practice. Eligible scholars must either be below 40 years in age, or under age 45 but not have been awarded a Ph.D. (or equivalent) by age 35. The prize is awarded biennially at the American Finance Association's Annual Meeting.[1] This award to honor a leading young finance scholar is analogous to the John Bates Clark Medal in economics and the Fields Medal in mathematics.[2]

The award honors Fischer Black, a former General Partner at Goldman Sachs and Professor at the Massachusetts Institute of Technology. Among Black's notable research accomplishments was the development (with Myron Scholes) of the Black–Scholes option pricing model. The awardee is chosen for having a body of research that embodies the Fischer Black hallmark of developing original research.[1] In years where no such candidate meets the rigorous standards, as was the case in 2005, no award is presented.

The Fischer Black Prize is one of two biennial awards presented by the American Finance Association (the other is the Morgan Stanley-American Finance Association Award For Excellence In Finance)[3] in alternating years at its annual conference to scholars for bodies of research. The Association also awards two annual awards for individual research publications at its conference (Smith Breeden Prize and Brattle Prize).[4]

Past winners

Year ! Recipients Contribution ! Institution (upon receipt) Institution (current) ! Alma mater (PhD) Nationality
2003 India
2007 University of Chicago United States
2009 Massachusetts Institute of Technology United States
2011 New York University Harvard University Harvard University France
2013 Germany
2015 Princeton University Stanford University Stanford University Ukraine
2017 Amir Sufi[5] University of Chicago University of Chicago Massachusetts Institute of Technology United States
2019 Ralph Koijen[6] University of Chicago University of Chicago Netherlands
2021 Matteo Maggiori[7] Stanford University Stanford University Italy
2023Johannes Stroebel[8] climate finance, household financeNew York UniversityNew York UniversityStanford University

Notes and References

  1. Web site: Fischer Black Prize . 2007-09-09 . 2007-01-18 . The American Finance Association . dead . https://web.archive.org/web/20070928222604/http://www.afajof.org/association/fischerblack.asp . September 28, 2007 .
  2. Web site: Rajan wins first Fischer Black Prize. 2007-09-09. 2003-01-23. The University of Chicago Chronicle. The University of Chicago Graduate School of Business. Chan, Jessamine.
  3. Web site: Morgan Stanley AFA Award. 2007-09-09. American Finance Association. 2007-05-24. dead. https://web.archive.org/web/20070811195338/http://www.afajof.org/association/morganstanley.asp. 2007-08-11.
  4. Web site: Prizes and Awards. 2007-09-09. 2007-03-19. American Finance Association. dead. https://web.archive.org/web/20070811072448/http://www.afajof.org/journal/prizes.asp. 2007-08-11.
  5. Web site: Amir Sufi selected as 2017 Fischer Black Prize winner . The American Finance Association . 27 December 2020.
  6. Web site: Ralph Koijen Selected as 2019 Fischer Black Prize Winner . The American Finance Association . 27 December 2020.
  7. Web site: Announcement of 2021 Fischer Black Prize Winner . The American Finance Association . 27 December 2020.
  8. Web site: Johannes Stroebel Selected as 2023 Fischer Black Prize Winner . 2023-04-28 . The American Finance Association . en-US.