American Finance Association

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American Finance Association
Markus Brunnermeier[1]

The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the Journal of Finance, was first published in 1946.


The purpose of the association is to:

  • Act as a mutual association of persons with an interest in finance
  • Improve the public understanding of financial problems
  • Provide for the exchange of financial ideas through the distribution of the Journal of Finance and other media
  • Encourage the study of finance in colleges and universities
  • Conduct other activities appropriate for a non-profit, professional society in the field of finance


As of 2022, the association has over 12,000 members.[citation needed] A variety of membership options exist and membership is open to anyone.

A number of members are also distinguished in the Society of Fellows of the Association. These are members who have made significant contributions to the field of finance.


The administration of the association is overseen by both officers and a board of directors. All of these positions are held by faculty at various universities. The board of directors rotates over time and assists in key decisions and policies.

Journal of Finance[edit]

The Journal of Finance is an academic journal that covers the whole field of finance. It began publication in 1946. According to Journal Citation Reports, it has a 2015 impact factor of 5.290. The current editor is Antoinette Schoar. The Journal of Finance, The Review of Financial Studies, and the Journal of Financial Economics are considered to be the top-three finance journals.[2][3][4][5][6]

Annual meeting[edit]

An annual meeting of the association is held every year in January, in conjunction with the American Economic Association and the North American Winter Meetings of the Econometric Society as a part of the Allied Social Science Associations. The president speaks on a selected topic and there are presentations of various financial papers. The AFA, Western Finance Association Meetings, and Society for Financial Studies Cavalcade are considered to be the three top general finance conferences in the world.[7]

Recent Annual Meeting AFA sites:

  • 2015 Boston, Massachusetts
  • 2016 San Francisco, California
  • 2017 Chicago, Illinois
  • 2018 Philadelphia, Pennsylvania
  • 2019 Atlanta, Georgia
  • 2020 San Diego, California
  • 2021 Virtual Annual Meeting
  • 2022 Virtual Annual Meeting


Past and current presidents of the AFA[edit]

Fellows of the American Finance Association[edit]

In January 2000, the Board of Directors of the American Finance Association instituted a Society of Fellows of the Association. The purpose of the society is to recognize those members who have made a distinguished contribution to the field of finance. Since Fellows are selected by the membership for their contributions to the field of finance, and since this is the principal criterion for election as president, all living past presidents and all future presidents of the association are designated as Fellows. The list of AFA Fellows[10] contains all past presidents and the Fellows selected since that date. Each year, the Nominating Committee, chaired by the current president, solicits names from the membership and nominates a slate of no more than five candidates from which current Fellows elect a maximum of two new Fellows. Polling of the current Fellows is carried out by the immediate past-president prior to the next annual meeting.

Prizes and awards[edit]

Fischer Black Prize[edit]

Biennially, the association awards the Fischer Black Prize at its annual meeting. The award, named in honor of economist Fischer Black, recognizes an outstanding young academic whose original research has made a significant contribution to the field of finance.

Brattle Prizes[edit]

Annually, the Brattle Prizes are awarded annually for outstanding papers on corporate finance at its annual meeting.

Dimensional Fund Advisors Prizes[edit]

Annually, the association awards the Dimensional Fund Advisors Prizes[11] (prizes prior to 2019 were sponsored by Amundi Pioneer, Amundi Smith Breeden, and Smith Breeden) for the top three papers in the Journal of Finance in any area other than corporate finance at its annual meeting.

Morgan Stanley-AFA Award for Excellence in Finance[edit]

The Morgan Stanley-American Finance Association Award for Excellence in Finance[12] was a bi-annual finance award granted based on an individual's career achievements in outstanding thought leadership in the field of financial economics. The Award began in 2008 and continued for 5 bi-annual periods.


  1. ^ "OFFICERS AND DIRECTORS". The American Finance Association. Retrieved September 18, 2023.
  2. ^ "Google Scholar Metrics". Retrieved 2016-10-15.
  3. ^ Oltheten, Elisabeth; Theoharakis, Vasilis; Travlos, Nickolaos G. (2005-03-01). "Faculty Perceptions and Readership Patterns of Finance Journals: A Global View". Journal of Financial and Quantitative Analysis. 40 (1): 223–239. doi:10.1017/S0022109000001800. ISSN 1756-6916.
  4. ^ Borokhovich, Kenneth A.; Bricker, Robert J.; Simkins, Betty J. (1994-06-01). "Journal Communication and Influence in Financial Research". The Journal of Finance. 49 (2): 713–725. doi:10.1111/j.1540-6261.1994.tb05159.x. ISSN 1540-6261.
  5. ^ "Academic Journal Guide 2015". Archived from the original on 2016-06-19. Retrieved 2016-10-15.
  6. ^ "Journal Rankings on Finance". Retrieved 2016-10-15.
  7. ^ Reinartz, Sebastian J.; Urban, Daniel (December 9, 2016). "Finance Conference Quality and Publication Success: A Conference Ranking". SSRN 2503333.
  8. ^ "Past Meetings".
  9. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab Kavesh, Robert A. (1970). "The American Finance Association: 1939-1969". Journal of Finance. 25 (1): 1–17. doi:10.1111/j.1540-6261.1970.tb00409.x. JSTOR 2325795.
  10. ^ "Fellows".
  11. ^ "Prizes".
  12. ^ "Morgan Stanley - American Finance Association Award for Excellence in Finance".

External links[edit]