Morgan Stanley

Morgan Stanley and American Finance Association Announce Stewart Myers as Recipient of the 2016 Award for Excellence in Finance

Jun 3, 2016

Professor Myers will donate $200,000 cash grant from award to MIT Finance Group, Cambridge Endowment for Research in Finance and the Finance Theory Group

New York —

Morgan Stanley (NYSE: MS) and the American Finance Association (AFA) are pleased to announce Stewart Myers, Robert C. Merton (1970) Professor of Finance, Emeritus at the MIT Sloan School of Management, is the recipient of the Morgan Stanley-AFA 2016 Award For Excellence in Finance.  Professor Myers has chosen the MIT Finance Group, the Cambridge Endowment for Research in Finance and the Finance Theory Group as the recipients of a $200,000 cash grant that accompanies the award.

Professor Myers is a true thought leader in financial economics and has had a deep influence on both the theory and practice of corporate finance.  His research focuses on the valuation of real and financial assets, corporate financial policy and the financial aspects of government regulation of business.  He has published influential research papers on many topics, including adjusted present value, rate of return regulation, pricing and capital allocation in insurance, real options, and moral hazard and information issues in capital structure decisions.

Myers is a past president of the American Finance Association and co-author of Principles of Corporate Finance, now in its 12th edition.  He is a Fellow of both the American Finance Association and the Financial Management Association. He also serves as a Research Associate of the National Bureau of Economic Research and a principal of The Brattle Group, Inc. He has served as a director of CAT, Ltd. and Entergy Corporation.

“Morgan Stanley is proud that the AFA selection committee has awarded Stewart with this distinction,” said Vasily Strela, Head of Market Modeling at Morgan Stanley.  “Stewart has made prolific contributions to the financial research field and is a true pioneer in corporate finance theory and practice.  Morgan Stanley has a strong commitment to supporting thought leadership in our industry, and we are delighted with his decision to donate his award money to organizations that continue to advance this important discipline.”

James Schallheim, Executive Secretary and Treasurer, AFA adds: “We are so pleased to recognize Stewart for his contributions to the field.  He has provided significant thought leadership, including his notable work involving capital structure and innovations in capital budgeting and valuation.  As a past president of the American Finance Association, Stewart more broadly supported the field of financial research and has always demonstrated a commitment to advancing the work we do.”

The Morgan Stanley-American Finance Association Award for Excellence in Finance recognizes career achievements and leadership in financial economics research.  It was established in 2007 and is announced bi-annually.  Recipients of the prize may donate the cash gift to an institution of their choice to support financial research.  In addition, Morgan Stanley awards a separate Ph.D. Prize for Excellence in Financial Markets each year to a Ph.D. student who has performed outstanding research in the fields of finance and financial economics.  To learn more about this prize, please visit

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit

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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