(DGAP-Media / 2015-03-03 / 06:00)
Deutsche Bank Prize in Financial Economics 2015 goes to Stephen A. Ross
- Stephen A. Ross receives the prize for his groundwork and fundamental
contributions to the analytical development of financial economics
- The prize is being awarded for the sixth time by the Center for
Financial Studies and will be presented as part of an academic
symposium on 24 September 2015
- Chairman of the Jury Professor Jan Pieter Krahnen: "The work of Stephen
A. Ross has shaped today's thinking in financial innovation, practice,
and policy."
Frankfurt, 3 March 2015 - The Center for Financial Studies (CFS) has
awarded the Deutsche Bank Prize in Financial Economics 2015 to Stephen A.
Ross. Jury Chairman and CFS Director Jan Pieter Krahnen explained the
decision of the international Jury: "The Jury has chosen Professor Stephen
A. Ross for his groundwork and fundamental contributions to the analytical
development of financial economics. For more than 25 years major models
developed by him have marked the economic world. His models relate to the
theory of asset pricing, the analysis of the term structure of interest
rates, understanding option prices, and the basic structure of the
principal-agent problem. The work of Stephen A. Ross has shaped today's
thinking in financial innovation, practice, and policy."
The academic prize is sponsored by the Deutsche Bank Donation Fund and
carries an endowment of EUR50,000. The CFS awards the prize biannually in
partnership with Goethe University Frankfurt and in 2015 for the sixth
time. It will be presented to Stephen A. Ross as part of an academic
symposium in Frankfurt on 24 September 2015. The Deutsche Bank Prize in
Financial Economics honors internationally renowned economic researchers
whose work has a marked influence on research concerning questions of
financial economics and macroeconomics, and has led to fundamental advances
in economic theory and practice.
An outstanding scientist with the ability to make complex theories tangible
for broad audiences
His wide range of research interests include the economics of uncertainty,
corporate finance, decision theory, and financial econometrics. Renowned
for his fundamental contribution to modern financial economics, Ross'
models have changed and advanced economic practice profoundly. They are
widely applied and standards in academia and the financial industry.
Stephen A. Ross is the inventor of the Arbitrage Pricing Theory, a
cornerstone of modern asset pricing theory, and the Theory of Agency, which
is omnipresent not just in corporate finance but also in many other spheres
of economics. Furthermore, he is the co-creator of Risk-Neutral Pricing and
of the Binomial Model for Pricing Derivatives. His work has been central
for the development and the empirical analysis of term structure models. He
co-authored the Econometrica paper A Theory of the Term Structure of
Interest Rates in 1985, which remains one of the most crucial contributions
on the topic to this date.
In addition, Ross' Recovery Theory has opened up huge potential for the
analysis of household subjective expectations, rationality and financial
literacy, but also financial advice. His theories provide standards for
pricing in major securities trading firms, useful for retirement accounts
and for new financial products that may allow households to insure a wider
range of risks.
Stephen A. Ross is the Franco Modigliani Professor of Financial Economics
at the MIT (Massachusetts Institute of Technology) Sloan School of
Management and has held academic appointments at other renowned
universities such as Yale University and the University of Pennsylvania
(Wharton School). Aside from pursuing a distinguished university career,
Stephen A. Ross, who holds a PhD in Economics from Harvard, has worked as
an advisor to the financial sector, major corporations, and government
departments.
As well as a globally recognized academic and a widely published author in
finance and economics, Stephen A. Ross is a member of the American Academy
of Arts and Sciences. In 1988, he led the American Finance Association as
its President. Ross currently also serves as an associate editor of several
economics and finance journals. He is the author of more than 100 articles
in economics and finance and co-author of the best-selling textbook
Corporate Finance.
International Jury awards renowned academic prize
A Jury of internationally renowned experts in financial research and
practice decides on the recipient of the Deutsche Bank Prize in Financial
Economics. Members of the Jury, alongside the Chairman Jan Pieter Krahnen,
are the professors Guillermo Calvo (Columbia University), David
Folkerts-Landau (Chief Economist at Deutsche Bank), Michael Haliassos (CFS
Director), Otmar Issing (CFS President), Nobuhiro Kiyotaki (Princeton
University), Holger Kraft (Goethe University Frankfurt, Director of the
Finance Department), Robert Merton (Nobel Laureate, Massachusetts Institute
of Technology), René M. Stulz (Ohio State University, Fisher College of
Business), Uwe Walz (CFS Director) and Mirko Wiederholt (Goethe University
Frankfurt, Director of the Money and Macroeconomics Department).
About the Deutsche Bank Prize in Financial Economics
The prize was awarded for the first time in 2005 to Eugene F. Fama, Nobel
Laureate (2013) and Professor of Finance at the University of Chicago, for
researching the concept of individual rationality in financial market
behavior. In 2007 Michael Woodford, Professor of Political Economy at
Columbia University, received the prize for his groundbreaking redefinition
of monetary analysis. In 2009 Robert J. Shiller, Nobel Laureate (2013),
Professor of Economics at Yale University and Professor of Finance at Yale
School of Management, received the prize for his constructive challenge of
rationality and promotion of behavioral considerations. Kenneth Rogoff,
Professor of Economics and Professor of Public Policy at Harvard University
in Cambridge, USA, received the prize in 2011 for his analysis of financial
crises. In 2013, the prize went to Raghuram Rajan, Governor of the Reserve
Bank of India (RBI) and former Chief Economist at the International
Monetary Fund (IMF), for his highly influential contributions in a
remarkably broad range of financial economic fields that are crucial to the
development of economies worldwide.
___________________________________________________________
About the Center for Financial Studies
The Center for Financial Studies (CFS) is a financially independent
research institute, affiliated to Goethe University Frankfurt. CFS conducts
independent and internationally-oriented research on financial markets,
financial intermediaries and monetary economics and interacts as the German
partner with other international research centers, specifically on the
subject of financial market architecture and the role played by banks and
stock exchanges. President of CFS is Prof. Dr. Dr. h.c. mult. Otmar Issing.
Chairman of the supporting association is Dr. Rolf-E. Breuer. Overall
management of the institute is conducted by the directors Prof. Michael
Haliassos, Ph.D., Prof. Dr. Jan Pieter Krahnen and Prof. Dr. Uwe Walz.
Contact:
Sabine Kimmel
Managing Director Special Events and Projects
Tel.: +49 (0)69-798-30066
Email: kimmel@ifk-cfs.de
Center for Financial Studies
Goethe University Frankfurt
House of Finance
Theodor-W.-Adorno-Platz 3
60323 Frankfurt am Main
www.db-prize.org
End of Media Release
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Issuer: Center for Financial Studies an der Goethe Universität
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Key word(s): Special Topics
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(END) Dow Jones Newswires
March 03, 2015 00:00 ET (05:00 GMT)
