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Morgan Stanley and the American Finance Association (AFA) announced that Eugene F. Fama, the Robert R. McCormick Distinguished Service Professor, has been chosen as the first recipient of the Morgan Stanley-AFA Award for Excellence in Finance. Fama is widely regarded as the father of the efficient market theory and is world-renowned for his original theoretical and empirical work on portfolio theory, asset pricing, and capital structure.
"For a long career full of breakthroughs that have advanced our understanding of financial markets, and his early fundamental work on efficient markets, we are proud to have Professor Fama as the first recipient of this prestigious award," said former AFA president and selected committee chair Richard C. Green.
Fama has published approximately 100 academic research papers and two textbooks including The Theory of Finance, which was jointly authored with Merton Miller. His recent work includes collaboration with Kenneth French at Dartmouth College, which has produced a model that has replaced the Capital Asset Pricing Model in applied and empirical work.
"It is a great honor to receive this first Morgan Stanley-AFA Award from a knowledgeable group of research peers within the finance community," Fama said. The award comes with a $200,000 cash grant for research in the area of finance, which Fama selected GSB to receive.
“University of Chicago Graduate School of Business has played an ongoing central role in my personal and professional development since I arrived on campus in 1960 as a student and since I joined the faculty in 1963,” he said.