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University of Chicago Graduate School of Business Professor Named Top Finance Scholar Under Age 40 by American Finance Association

January 10, 2007

Tobias Moskowitz, a professor of finance at the University of Chicago Graduate School of Business, has received the 2007 Fischer Black Prize from the American Finance Association honoring the top finance scholar under age 40. The prize is similar to the John Bates Clark Medal given by the American Economic Association to the most outstanding economist under 40.

The Fischer Black Prize was given only once before, in 2003, to Raghuram Rajan, also a professor of finance at the University of Chicago Graduate School of Business. The biennial award was first given in 2003, but no winner was named in 2005.

Moskowitz, 35, received the award January 6 at the annual meeting of the American Finance Association.

Moskowitz, who also is a Neubauer Family Faculty Fellow at Chicago GSB, was honored for his “ingenious and careful use of newly available data to address fundamental questions in finance,” according to an announcement from the American Finance Association. He teaches M.B.A. courses in empirical asset pricing and investments.

Moskowitz has explored topics as diverse as momentum in stock returns, local bias in investment portfolio choice, and the social effects of bank mergers. He also looked at the return to private business ownership, the trading and financing of commercial real estate, and the political economy of financial regulation.

In his recent work he has shown that zoning rules and property tax assessment procedures influence commercial real estate contracts in a way that is consistent with corporate finance theory. “As a result, Professor Moskowitz accomplishes the difficult task of testing the theory while having access to much less information than is available to market participants,” the American Finance Association said in the award announcement.

Moskowitz won the 2000 Smith-Breeden Award for the best paper published in the Journal of Finance and the 2005 Brattle Award for the best corporate finance paper published in the Journal of Finance. He also won the 2004 and 2005 Barclays Global Investors Michael Brennan Award for the best paper published in the Review of Financial Studies.

He joined the Chicago GSB faculty in 1998 after receiving a Ph.D. in finance from UCLA’s Anderson School.

The Fischer Black Prize honors the memory of Fischer Black, formerly a general partner at Goldman Sachs and a professor at Chicago GSB and the Massachusetts Institute of Technology, whose seminal research included the development (with Myron Scholes) of the widely applied Black-Scholes Option Pricing Model.

The American Finance Association says the prize honors individual financial research and is awarded for a body of work that best exemplifies the Fischer Black hallmark of developing original research that is relevant to finance practice.

The University of Chicago Graduate School of Business is one of the leading business schools in the world. The school’s faculty includes many renowned scholars and its graduates include many business leaders across the U.S. and worldwide. It is consistently ranked as one of the top ten business schools in the world and usually as one of the top five business schools in the world. The Chicago Approach to Management Education is distinguished by how it leverages fundamental knowledge, its rigor, and its practical application to business challenges.

Chicago GSB offers full-time and part-time MBA programs, a Ph.D. program, open enrollment executive education and custom corporate education. The school has campuses in London and Singapore in addition to two campuses in Chicago. Actions