I am thrilled to announce that University of Chicago Professors Eugene F. Fama and Lars Peter Hansen have been awarded the 2013 Nobel Memorial Prize in Economic Sciences, along with Robert J. Schiller of Yale. The three are recognized for their work on spotting trends in asset markets. Nobel coverage is posted on the Chicago Booth home page, ChicagoBooth.edu.
Dean and George Pratt Shultz Professor of Operations Management
Congratulations to the CRSP Chairman of the Board and Robert R. McCormick Distinguished Service Professor of Finance at Chicago Booth, and one of the winners of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013. The prize also is awarded to Lars Peter Hansen of the University of Chicago and Robert J. Shiller of Yale University. Professor Fama is celebrated for his groundbreaking research on efficient markets and his model for calculating stock returns.
Congratulations to Lars Peter Hansen, from The University of Chicago Department of Economics, for winning The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013. Professor Hansen is the David Rockefeller Distinguished Service Professor in Economics, Statistics and the College. He is also the Research Director of the Becker Friedman Institute.
Gus Sauter, Vanguard's recently retired CIO, argues that theory provides little guidance as to how investing, beyond holding the total market, is actually done (Sauter, 2002). His point, that managers define the opportunity set, is articulated in his cardinal rule of indexing: An index must reflect the way that money managers actually invest.
The Grumpy Economist (AKA ChicagoBooth Professor John Cochrane) provides a nice history on Gene Fama’s significant contributions to the field of research and the development of empirical databases from CRSP.
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