Fischer Black Prize
Encyclopedia
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. 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
.
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. 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) 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
).
Fischer Black
Fischer Sheffey Black was an American economist, best known as one of the authors of the famous Black–Scholes equation.-Background:...
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
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
practice. Eligible scholars must either be below 40 years in age, or under age 45 but not have been awarded a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
(or equivalent) by age 35. The prize is awarded biennially at the American Finance Association
American Finance Association
The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939...
's Annual Meeting. This award to honor a leading young finance scholar is analogous to the John Bates Clark Medal
John Bates Clark Medal
The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge"...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and the Fields Medal
Fields Medal
The Fields Medal, officially known as International Medal for Outstanding Discoveries in Mathematics, is a prize awarded to two, three, or four mathematicians not over 40 years of age at each International Congress of the International Mathematical Union , a meeting that takes place every four...
in mathematics
Mathematics
Mathematics is the study of quantity, space, structure, and change. Mathematicians seek out patterns and formulate new conjectures. Mathematicians resolve the truth or falsity of conjectures by mathematical proofs, which are arguments sufficient to convince other mathematicians of their validity...
.
The award honors Fischer Black, a former General Partner at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and Professor at the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
. Among Black's notable research accomplishments was the development (with Myron Scholes
Myron Scholes
Myron Samuel Scholes is a Canadian-born American financial economist who is best known as one of the authors of the Black–Scholes equation. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences for a method to determine the value of derivatives...
) 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. 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
American Finance Association
The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939...
(the other is the Morgan Stanley-American Finance Association Award For Excellence In Finance) in alternating years at its annual conference to scholars for bodies of research. The Association also awards two annual awards for individual research
Research
Research can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method...
publications
Academic publishing
Academic publishing describes the subfield of publishing which distributes academic research and scholarship. Most academic work is published in journal article, book or thesis form. The part of academic written output that is not formally published but merely printed up or posted is often called...
at its conference (Smith Breeden Prize
Smith Breeden Prize
The Smith Breeden Prize is an annual prize given to authors with the best finance research papers published in the Journal of Finance in any area other than corporate finance.-The Award:...
and Brattle Prize
Brattle Prize
The Brattle Prize is an annual prize given to authors with the best corporate finance research papers published in the Journal of Finance.-Details:Each year the associate editors of the Journal of Finance award five papers for excellence...
).
Past winners
- 2003: Raghuram G. RajanRaghuram RajanRaghuram Govind Rajan is currently the Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He is also an honorary economic adviser to Prime Minister of India Manmohan Singh and the current President of the American Finance...
, University of ChicagoUniversity of ChicagoThe University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890... - 2005: Not awarded
- 2007: Tobias J. MoskowitzToby MoskowitzTobias Jacob "Toby" Moskowitz is an American financial economist and a professor at the University of Chicago Booth School of Business...
, University of ChicagoUniversity of ChicagoThe University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890... - 2009: Harrison G. Hong, Princeton UniversityPrinceton UniversityPrinceton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
- 2011: Xavier GabaixXavier GabaixXavier Gabaix is a French economist, currently a Professor of Finance at the New York University Stern School of Business. He has been listed among the top 8 young economists in the world by The Economist....
, New York UniversityNew York UniversityNew York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...