Rajan Named to Academy of Arts and Sciences

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Raghuram Rajan

Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, was named a fellow of the American Academy of Arts and Sciences.

He is one of 212 new fellows and 19 foreign honorary members who are leaders in the sciences, the humanities and the arts, business, public affairs, and the nonprofit sector who join one of the nation’s most prestigious honorary societies and a center for independent policy research.

A faculty member since 1991, Rajan served as economic counselor and director of research at the International Monetary Fund from 2003 to 2006. He currently serves as an honorary economic advisor to the Indian prime minister Manmohan Singh. Prior to his appointment, Rajan submitted a report as the head of a panel on reforms to the country’s financial sector, which focused on a hundred small steps that could make the Indian financial sector both efficient and inclusive.

The coauthor with Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance, of Saving Capitalism from the Capitalists, Rajan won the inaugural Fischer Black Prize from the American Finance Association in January 2003, given to the financial economist under age 40 who has made the most significant contribution to the theory and practice of finance.

His recent paper “The Internal Governance of Firms,” coauthored with Viral Acharya and Stewart Myers, was acknowledged last spring for its “pathbreaking insights into corporate governance structures” with the III Jaime Fernández de Araoz Corporate Finance Award.—P.H.

Technology Community Recognizes Darragh

The Illinois Technology Association (ITA) honored Linda Darragh, clinical associate professor of entrepreneurship, with the CityLIGHTS Award in recognition of her contributions to the Illinois technology community. The award was one of six given by the ITA, an organization that represents the interests of more than 550 information technology-related companies, during its tenth annual CityLIGHTS Gala. Held in Chicago in April, the event drew more than 600 guests in acknowledgment of the state’s outstanding information technology companies, executives, and advocates.—K.F.

Ball to Advise U.S. Council On Financial Accounting Rules

Ray Ball, Sidney Davidson Professor of Accounting, was appointed to serve on the Financial Accounting Standards Advisory Council, a body that advises the Financial Accounting Standards Board, which determines U.S. financial reporting rules. Ball holds a similar position in the United Kingdom as a member of the Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales.—K.F.

Ashenhurst Honored for Four Decades of Service

Professor emeritus Robert Ashenhurst was recognized for his 43 years on the Chicago Booth faculty with the Norman Maclean Faculty Award, given by the University Alumni Association for outstanding contributions to teaching and student life. Ashenhurst, who retired in 2000, revolutionized the university’s computer policy after arriving on campus in 1957, making the technology previously reserved for advanced graduate students available to undergraduates. In addition to setting the foundation for the Department of Computer Science, Ashenhurst also served as university marshal for 32 years.—K.F.

To read more about these professors’s research, visit

Last Updated 5/14/09