Fischer Black Prize

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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[edit]

2003: Raghuram G. Rajan, University of Chicago
2005: None awarded.
2007: Tobias J. Moskowitz, University of Chicago
2009: Harrison Hong, Princeton University
2011: Xavier Gabaix, Harvard
2013: Ulrike Malmendier, University of California, Berkeley
2015: Yuliy Sannikov, Princeton University
2017: Amir Sufi, University of Chicago
2019: Ralph Koijen, University of Chicago


  1. ^ a b "Fischer Black Prize". The American Finance Association. 2007-01-18. Archived from the original on September 28, 2007. Retrieved 2007-09-09.
  2. ^ Chan, Jessamine (2003-01-23). "Rajan wins first Fischer Black Prize". The University of Chicago Chronicle. The University of Chicago Graduate School of Business. Retrieved 2007-09-09.
  3. ^ "Morgan Stanley AFA Award". American Finance Association. 2007-05-24. Archived from the original on 2007-08-11. Retrieved 2007-09-09.
  4. ^ "Prizes and Awards". American Finance Association. 2007-03-19. Archived from the original on 2007-08-11. Retrieved 2007-09-09.