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The Deutsche Bank Prize in Financial Economics, Awarded by the Center for Financial Studies in Co- J

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The Deutsche Bank Prize in Financial Economics, Awarded by the Center for Financial Studies in Co- J The Award Winner Center for Financial Studies The Center for Financial Studies (CFS), located in Frankfurt, is a research institute Robert J. Shiller is the Arthur M. Okun Professor affiliated to Goethe University and financed via donations and the contributions THE DEUTSCHE BANK PRIZE The Center for Financial Studies (CFS), in partnership with from its members. It conducts independent and international research on financial of Economics at the Cowles Foundation for markets, financial intermediaries and monetary economics, and is active in policy- IN FINA NCIAL ECONOMICS Goethe University Frankfurt, is awarding the Deutsche related debates on finance-related issues. Its spectrum of activities currently spans Research in Economics, Yale University, and eight research programs; each managed by a program director. The CFS promotes the Bank Prize in Financial Economics biannually since 2005. dialogue between academia and the financial community by regularly organizing conferences, colloquia, 2009 Professor of Finance at the International Center for Finance, academic forum discussions and specialist presentations on finance-related issues. The CFS is headed by its It carries an endowment of € 50,000, which is donated by President, Prof. Dr. Dr. h.c. mult. Otmar Issing, and its Managing Director, Prof. Dr. Jan Pieter Krahnen. Dr. Rolf E. Breuer is the CEO of the “Verein für Kapitalmarktforschung”, the institute’s sponsoring asso- Yale School of Management. He has written about financial ciation. More information on the activities of the CFS can be found at http://www.ifk-cfs.de. the Stiftungsfonds Deutsche Bank im Stifterverband für die markets, behavioral economics, macroeconomics, real estate, Deutsche Wissenschaft. The award honors internationally statistical methods, and public attitudes, opinions and moral The Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft e.V.* renowned economic researchers whose work has significantly The Stiftungsfonds Deutsche Bank was founded in 1970 on judgments regarding markets. His book Irrational Exuberance the occasion of the 100th anniversary of Deutsche Bank. influenced research in financial economics, and has led to The Stiftungsfonds Deutsche Bank is a fiduciary foundation (Princeton University Press, 2000 & 2005 in 15 operating under the aegis of the Stifterverband für die Deutsche Wissenschaft e.V., the non-profit umbrella fundamental advances in economic theory and foundation supported by the German business community. Deutsche Bank makes an annual donation to foreign language editions, Broadway Books the Fund, to support the Stifterverband für die Deutsche Wissenschaft e.V. and to to promote research practice. in areas related to the Bank‘s business operations and activities as a corporate citizen. Particular attention 2001) is an analysis and explication of the is given to the younger generation. The Bank supports academia so that talented young people have the opportunity to obtain a first-class education at an internationally competitive level. Deutsche Bank consi- stock market boom since 1982. It won ders it especially important to provide for personal exchange between the Banks’ executives and college The Center for Financial Studies students, as well as between executives and professors. the Commonfund Prize, 2000, and awards the Deutsche Bank Prize in Since 2004, the Stiftungsfonds Deutsche Bank has been supporting the „Finance“ cluster at the Goethe was a New York Times nonfiction University Frankfurt with a donation amounting to EUR 5 million over five years. To enhance Frankfurt’s Financial Economics 2009 to Robert international reputation as a center for financial education the decision was taken to sponsor the Duke Goethe Executive MBA. The promotion of international exchange is also one of the reasons why the Bank bestseller. He developed, with Karl E. offers the Deutsche Bank Prize in Financial Economics, awarded by the Center for Financial Studies in co- J. Shiller for his contributions to the operation with the Goethe University Frankfurt. For more information please have a look at the website: Case Jr., the Standard & Poor‘s/Case- www.stifterverband.de field of financial economics. The Shiller Home Price Indices. Jury has chosen Professor Shiller * Deutsche Bank Donation Fund in the Donor‘s Association for German Science for his pioneering research in the field Professor Shiller is co-founder of Case of financial economics, relating to the Shiller Weiss, Inc. in Cambridge, Mass., an eco- dynamics of asset prices, such as fixed income, nomics research and information firm, and a co-founder equities, and real estate, and their metrics. His work has been of MacroMarkets LLC in Madison, NJ., which promotes influential in the development of the theory as well as its CFS Symposium securitization of unusual risks. He‘s also the former vice “Financial Innovation and Economic Crisis” implications for practice and policy-making. His contributions In honor of Robert J. Shiller, the award winner of 2009 president of the American Economic Association and former September 30, 2009, 12:00 at Campus Westend, on risk sharing, financial market volatility, bubbles and Goethe University Frankfurt, Germany president of the Eastern Economic Association. Professor DB Prize Contact: crises, have received widespread attention among academics, Sabine Neumann Shiller‘s column, „Economic View,“ appears in the New York Center for Financial Studies practitioners and policy makers alike. Goethe University Frankfurt House of Finance Times every six weeks, and his column, „Finance in the 21st Grüneburgplatz 1, HPF H5 60323 Frankfurt am Main Century,“ appears every other month in Project Syndicate, an Germany Tel.: +49 (0)69-798-30066 Email: [email protected] international association of newspapers. www.db-prize-financialeconomics.org The Jury 2009 The Keynote Speaker Otmar Issing is President of the Center for Financial Studies and Chairman of the Luis M.Viceira is the George E. Bates Professor at the Harvard Business School. His Advisory Board of the House of Finance, Goethe University Frankfurt. He is Chairman research focuses on the analysis of asset allocation strategies for long-term investors, A Jury of international financial experts Robert C. Merton is currently the John and Natty McArthur University Professor at of group of experts advising the German Government on the new financial architecture, both individuals and institutions, in the face of changing interest rates, risk premia, and decides on the recipient of the Deutsche Bank the Harvard Business School. After receiving a Ph.D. in Economics from Massachusetts Member of High Level Group of EU (De Larosiere Group) and International Advisor to risk. This research is the subject of his book “Strategic Asset Allocation”, co-authored Prize in Financial Economics. The members Institute of Technology in 1970, he served on the finance faculty of MIT‘s Sloan School of Goldman Sachs Int. Prof. Issing was a member of the Executive Board of the European with Professor John Y. Campbell of Harvard University and published by Oxford of this year’s Jury are: Michael Binder Management until 1988 when he moved to Harvard. Professor Merton is past President Central Bank from June 1998 to May 2006. From 1990 to 1998 he was a member of the Board of the Deutsche University Press in 2002.This book received the TIAA-CREF Paul Samuelson Award for “outstanding (Goethe University and CFS), Otmar Issing of the American Finance Association, a member of the National Academy of Sciences, Bundesbank with a seat in the Central Bank Council. From 1988 to 1990 he was a member of the Council scholarly writing on lifelong financial security” in 2003. Professor Viceira is also the author of multiple (CFS President), Takatoshi Ito (University and a Fellow of the American Academy of Arts and Sciences. Professor Merton received the inauguaral of Experts in Germany for the Assessment of Overall Economic Developments. Otmar Issing is Honorary articles published in leading academic finance journals. He is a Faculty Research Fellow for the National of Tokyo), Jan Pieter Krahnen (Goethe Financial Engineer of the Year Award from the International Association of Financial Engineers in 1993 and Professor at Goethe University Frankfurt and University of Würzburg. He held Chairs of Economics at Bureau of Economic Research (NBER), a Research Affiliate for the Centre for Economic Policy Research University and CFS), Reinhard H. Schmidt the Alfred Nobel Memorial Prize in the Economic Sciences in 1997. the Universities of Würzburg (1973-1990) and Erlangen-Nuernberg (1967-1973). Besides publishing (CEPR), a Fellow of the TIAA-CREF Institute, and a member of the Scientific Council of NETSPAR, the (Goethe University), Klaus Schmidt-Hebbel numerous articles in scientific journals and periodicals, he is the author of, inter alia, two textbooks, namely network for research on the economics of pensions, aging and retirement in Tilburg University. Professor (Catholic University of Chile), Marti Subrahmanyam (Stern School, New York University), Maria Symposium Program „Einführung in die Geldtheorie“ (Introduction to monetary theory). His recent publication is „Der Euro Viceira has been appointed a member of the Board of Trustees of the Financial Accounting Foundation, the Vassalou (EFA), Norbert Walter (Deutsche Bank Group), and Volker Wieland (Goethe University – Geburt - Erfolg - Zukunft“ (The Euro – Birth - Success - Future), 2008. governing body over accounting-standard setting in the United States,
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