Eugene Fama Awarded Nobel Prize in Economic Sciences
Today, we are proud to share the news that Eugene Fama, the “father of modern finance,” was awarded the Nobel Prize in Economic Sciences. Professor Fama, the Robert R. McCormick Distinguished Service Professor of Finance at the Chicago Booth School of Business, was honored along with fellow professors Lars Peter Hansen and Robert Shiller for their “empirical analysis of asset prices.”
Professor Fama’s work remains a foundation of our BAM ALLIANCE community, and his groundbreaking work on asset pricing and markets inspired the founding of Dimensional Fund Advisors, one of our strategic partners. Professor Fama currently serves as a director and consultant for DFA.
The Royal Swedish Academy of Sciences stated in a news release: “Beginning in the 1960s, Eugene Fama and several collaborators demonstrated that stock prices are extremely difficult to predict in the short run, and that new information is very quickly incorporated into prices. These findings not only had a profound impact on subsequent research but also changed market practice. The emergence of so-called index funds in stock markets is a prominent example.”
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