Awards and Honors
Diamond Receives Morgan Stanley - AFA Award
Douglas Diamond, Merton H. Miller Distinguished Service Professor of Finance and Richard N. Rosett Faculty Fellow, (pictured) received the 2012 Morgan Stanley - American Finance Association Award for Excellence in Finance at the American Finance Association's annual meeting in January.
Created in 2008, the Morgan Stanley - AFA award is presented every two years to recognize an individual's career achievements and leadership in financial economics research. The two previous winners also have ties to Booth. Eugene Fama, Robert R. McCormick Distinguished Service Professor of Finance, received the award in 2008, and Michael Jensen, MBA '64, PhD '68, who had Fama as his dissertation adviser, was the winner in 2010. Jensen is currently a professor emeritus at Harvard University.
"Doug Diamond has been at the center of the development of the modern theory of banking and financial intermediation," said John Cochrane, AQR Capital Management Distinguished Service Professor of Finance and head of AFA's award selection committee. "He has brought careful bottom-up economic analysis to all the issues that are at the center of our current and historical financial problems. These range from runs, liquidity, incentives, and commitment to capital structure choices. His work literally founded the field."
Diamond, who joined the Booth faculty in 1979, often collaborates on research on financial crises with Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance and Charles M. Harper Faculty Fellow. They published "Fear of Fire Sales, Illiquidity Seeking, and Credit Freezes" in the Quarterly Journal of Economics in May 2011.
Diamond's research has also appeared in the Journal of Financial Economics, the Journal of Finance, the Review of Economic Studies, the American Economic Review, the Journal of Political Economy, and other academic journals.
Diamond will donate $175,000 of the $200,000 cash prize to Booth's Fama-Miller Center for Research in Finance. He will donate the remaining $25,000 to the Foundation for the Advancement of Research in Financial Economics. - T.P.
Photo by Dan Dry
Hurst, Moskowitz Win 2012 Kauffman Medal
Erik Hurst (pictured, left) and Tobias Moskowitz (pictured, right) received the 2012 Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship at the Allied Social Science Associations' annual meeting in January.
The Ewing Marion Kauffman Foundation presents the award annually to scholars under age 40 whose research has made a significant contribution to the literature in entrepreneurship. The award includes a $50,000 prize, which the winners will share.
The foundation said Hurst and Moskowitz were selected for their overall contributions to the field of entrepreneurship rather than for one particular research paper.
"They represent the best and brightest up-and-coming leaders in the field of entrepreneurship research who will teach and influence our next generation of academics," said Robert J. Strom, director of research and policy at the foundation.
Hurst, who joined the Booth faculty in 1999, is currently V. Duane Rath Professor of Economics and John E. Jeuck Faculty Fellow. In addition to his interest in entrepreneurship, Hurst also studies macroeconomic policy, consumption, time use, housing markets, and household financial behavior.
Moskowitz, Fama Family Professor of Finance, joined the Booth faculty in 1998. His other areas of study include asset pricing, portfolio choice, risk sharing, market efficiency, real estate markets and finance, and empirical corporate finance. - T.P.
Photo of Hurst (left) by Chris Lake; photo of Moskowitz (right) by Dan Dry
Rajan Receives Infosys Prize
The Infosys Science Foundation named Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance and Charles M. Harper Faculty Fellow, (pictured) the recipient of the 2011 Infosys Prize for Social Sciences - Economics. Rajan was among six winners across five categories of scientific research. The prizes were handed out in January in Bangalore, India.
The foundation’s economics jury, chaired by Nobel laureate Amartya Sen, said it awarded the prize to Rajan for his work in analyzing the contribution of financial development to economic growth, as well as the potentially harmful effects of dysfunctional incentives that lead to excessive risk-taking.
“He presented convincing evidence of the possibility of a global financial crisis - a subject on which he has been vocal at least from 2005, well before the actual crisis that occurred during 2008 - 09,” the jury said. “Rajan has brought a remarkably broad vision to the understanding of the financial and economic crises that currently plague the world.”
The 50-lakh prize (about $96,000) for social sciences is split between the winner for economics, Rajan, and the winner for political science, Pratap Banu Mehta, CEO of the Centre for Policy Research in New Delhi.
Besides teaching economics and finance at Booth, Rajan is also an economic adviser to the prime minister of India. He was the economic counselor and director of research at the International Monetary Fund from 2003 to 2007. He also chaired the Indian government’s Committee on Financial Sector Reforms, which submitted its report in September 2008. - T.P.
Photo by Dan Dry
IIM - A Honors Go to Chintagunta, Rajan
Booth professors Pradeep Chintagunta (pictured, left) and Raghuram Rajan (pictured, right) were among 40 alumni of the Indian Institute of Management - Ahmedabad to receive distinguished alumni awards at the closing ceremony of the institute’s golden jubilee year celebration. The event was held December 11, 2011, exactly 50 years after the school was founded in 1961.
Chintagunta, Joseph T. and Bernice S. Lewis Distinguished Service Professor of Marketing, received a postgraduate diploma in management from IIM - A in 1986. His current research interests include the analysis of household purchase behavior, pharmaceutical markets, and technology products.
Rajan, Eric J. Gleacher Distinguished Service Professor of Finance and Charles M. Harper Faculty Fellow, received his postgraduate diploma in management from the institute in 1987. He studies banking, corporate finance, and economic development, especially the role finance plays in it.
Photo of Chintagunta (left) by Chris Lake; photo of Rajan (right) by Dan Dry