Awards and Honors
Thaler Wins 2012 Nicholas Molodovsky Award
Richard Thaler, Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics, received the 2012 Nicholas Molodovsky Award from the CFA Institute at the organization's 65th Annual Conference in Chicago in May.
Thaler was honored for his "groundbreaking research in the fields of behavioral economics and finance," the group said, including his latest book, Nudge: Improving Decisions About Health, Wealth, and Happiness, which he coauthored with Cass Sunstein, a faculty member on leave from the University of Chicago Law School to serve in President Obama's administration.
The award is presented periodically "to individuals who have made outstand.ing contributions that change the direction of the profession and raise it to higher standards of accomplish.ment," according to the institute. Previous winners at Booth include Eugene Fama, MBA '63, PhD '64, Robert R. McCormick Distinguished Service Professor of Finance, and former faculty members Merton Miller and James Lorie.
Thaler joined the Chicago Booth faculty in 1995 and teaches courses in managerial decision making and behavioral economics. He also is director of the Center for Decision Research at Chicago Booth. ■
Photo by Beth Rooney
Kelly Wins AQR Insight Award
Bryan Kelly, assistant professor of finance and accounting, won the first-ever AQR Insight Award for his paper, “Market Expectations in the Cross Section of Present Values," which predicts market returns more accurately over one-month and one-year time horizons.
The award, sponsored by AQR Capital Managemenet, recognizes research on tax-exempt institutional portfolios and taxable investor portfolios. "We created this award both to give back to the academic community, and to make sure we stay absolutely current with the latest and greatest research," said Cliff Asness, MBA '91, PhD '94, managing principal at AQR. "Bryan's work easily passes that last test. It is a novel methodology that has the potential to improve our ability to, among other things, make market forecasts."
Kelly joined the Chicago Booth faculty in 2010 and teaches courses in finance and investments. His previous awards include the Q-group Research Award, the JP Morgan Award for Best Paper on Financial Institutions and Markets, and various research prizes and grants. ■
Photo by Chris Lake
Leuz Receives Humboldt Research Award
Christian Leuz, Joseph Sondheimer Professor of International Economics, Finance, and Accounting, received the prestigious Humboldt Research Award from the Alexander von Humboldt Foundation in Germany. The Humboldt Foundation recognized Leuz for his contributions to the study of finance and accounting to date. The award recognizes academics whose "fundamental discoveries, new theories, or insights have had a significant impact on their own discipline and who are expected to continue producing cutting-edge achievements in the future." The award is valued at about $75,000 and winners are invited to spend up to one year at a German university or research institution.
Leuz joined the Chicago Booth faculty in 2006 and teaches courses in financial statement analysis as well as on accounting research. He also is codirector of the Initiative on Global Markets at Chicago Booth. His previous awards include the 2011 Wildman Medal Award, the 2010 Notable Contribution to the Accounting Literature Award, and the JFE All Star Paper Award. ■
Photo by Dan Dry
Pastor Receives Whitebox Advisors Prize
Lubos Pastor, Charles P. McQuaid Professor of Finance, received the first-ever Whitebox Advisors Prize for his paper, "Are Stocks Really Less Volatile in the Long Run?," which challenges the conventional wisdom that stock volatility decreases as the investment horizon increases. The award was created to honor the best published financial research of the year and was presented to Pastor and coauthor Robert Stambaugh in New York in June. They will share the $25,000 prize.
Paster joined the Chicago Booth faculty in 1999 and teaches courses in finance and portfolio management. He is an associate editor of the Journal of Finance and the Journal of Financial Economics and director of the Western Finance Association. Pastor previously won the 2011 McKinsey Award for Excellence in Teaching, and this year won the Faculty Excellence Award at Chicago Booth. ■
Photo by Beth Rooney