Morgan Stanley

Eugene F. Fama Awarded First Morgan Stanley-AFA Prize for Excellence in Financial Economics

Sep 26, 2007

Professor Fama Selects University of Chicago Graduate School of Business to receive $200,000 Cash Grant

New York —


Morgan Stanley (NYSE: MS) and the American Finance Association (AFA) are pleased to announce that Eugene F. Fama, the Robert R. McCormick Distinguished Service Professor at the University of Chicago, Graduate School of Business, has been chosen as the first recipient of the Morgan Stanley-AFA Award for Excellence in Finance.

Professor 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 selection committee chair, Richard C. Green.

Professor 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, the Carl E. and Catherine M. Heidt Professor of Finance at the Tuck School of Business, Dartmouth College, which has produced a model that has replaced the Capital Asset Pricing Model in applied and empirical work.

Professor Fama commented, “It is a great honor to receive this first Morgan Stanley-AFA Award from a knowledgeable group of research peers within the finance community.’’

The Award comes with a $200,000 cash grant to an eligible institution to be used in support of research in the financial field of the recipient’s choosing.  Professor Fama selected the University of Chicago, Graduate School of Business, to receive the gift.

Commenting on his selection, Professor Fama said, “The 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.”  

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The American Finance Association is the premier academic organization devoted to the study and promotion of knowledge about financial economics.  Founded in 1940, the AFA now has more than 10,000 members and publishes the world-renowned Journal of Finance.  For further information about the AFA, please visit

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