Deutsche Bank Prize in Financial Economics

The Deutsche Bank Prize in Financial Economics honors internationally renowned economists whose work has decisively influenced research on financial and macroeconomic issues and has led to significant contributions to science and practice.

The science award, endowed with 50,000 euros , was awarded every two years between 2005 and 2015 by the Center for Financial Studies together with Goethe University Frankfurt and was funded by the Deutsche Bank Foundation in the Stifterverband für die Deutsche Wissenschaft. As part of an international scientific symposium , the award was presented to the winner by the co-chairman of the board of directors of Deutsche Bank at the Goethe University in Frankfurt.

Award winners

2005

Eugene F. Fama , Professor of Finance at the Graduate School of Business of the University of Chicago , was the first winner.

He received the award

for his fundamental contributions in the field of "Financial Economics",

especially for the development and research of the concept of market efficiency,

a cornerstone of finance.

The award ceremony took place as part of an academic symposium on the subject of “Market Efficiency Today” on October 6, 2005 at the Goethe University in Frankfurt.

In 2013, Fama was awarded the Alfred Nobel Memorial Prize for Economics together with Robert J. Shiller and Lars Peter Hansen .

2007

Michael Woodford , Professor of Political Economy at Columbia University in New York, was recognized in 2007 for his fundamental contributions to the theory and practical analysis of monetary policy. With his research, Woodford has developed a theory of monetary macroeconomics, the great attraction of which for scientists lies in its rigorous microeconomic foundation. Woodford demonstrated its high practical value by analyzing the central role of expectations and communication in the implementation of monetary policy.

The award was presented at an international academic symposium on “The Theory and Practice of Monetary Policy Today” on October 4, 2007 at the Goethe University in Frankfurt.

2009

Robert J. Shiller , Professor of Economics at Yale University and Professor of Finance and Fellow at the Yale School of Management, was awarded the DB Prize in 2009. Robert Shiller pioneered the field of financial economics with his innovative work exploring the dynamics of asset prices. His findings on the volatility of stock prices, the formation of price bubbles and the resulting crises as well as the distribution of macroeconomic risks are not only of great scientific importance, but also groundbreaking for practice.

An international, scientific symposium took place together with the award ceremony on September 30, 2009 at the Goethe University in Frankfurt. Leading financial economists, including Nobel Prize winner Robert C. Merton , MIT Sloan School of Management, and Otmar Issing , President of the Center for Financial Studies, discussed the topics of Robert's work at the symposium “Financial Innovation and Economic Crisis” Shiller.

In 2013 Robert Shiller was awarded the Alfred Nobel Memorial Prize for Economics , together with Eugene Fama and Lars Peter Hansen .

2011

Kenneth S. Rogoff , Professor of Economics and Thomas D. Cabot Professor of Public Policy at Harvard University, was awarded the DB Prize 2011 for his pioneering work in the field of international finance and macroeconomics . The work of Kenneth Rogoff deals with the bankruptcy of states and the rescheduling of public debt, exchange rate developments, global imbalances and the development of financial crises and are therefore extremely relevant for understanding and coping with current global challenges. Rogoff has not only done pioneering work of the highest scientific importance, but also made his findings available to a broad public.

The award ceremony took place as part of the international CFS symposium “Global Perspective on Financial Crisis” on September 22, 2011 at the Goethe University in Frankfurt. Leading financial economists, including the Governor of the Israeli Central Bank Stanley Fischer and CFS President Otmar Issing, discussed Rogoff's work and its current political and economic relevance for the global financial and debt crisis.

2013

Raghuram G. Rajan , Governor of the Reserve Bank of India (Central Bank), received the DB Prize 2013 for his highly influential achievements in an extremely diverse range of financial economics. Rajan's work spans an impressive range of financial and economic issues of great relevance to the development of economies around the world. This includes the effects of financial development on growth, banking and financial crises as well as on corporate financing and management. His work establishes completely new empirical and theoretical approaches with far-reaching political implications.

The award ceremony took place as part of the international, academic CFS symposium "Banking, Liquidity, and Monetary Policy" on September 26, 2013 at the Goethe University in Frankfurt. Leading financial economists, including Viral Acharya, Markus Brunnermeier and Luigi Zingales, discussed Rajan's influential achievements in diverse areas of financial economics and their importance for politics. ECB Vice President Vítor Constâncio, CFS President Otmar Issing and FED Governor Jeremy Stein were speakers on the "Liquidity and Monetary Policy" policy panel .

2015

Stephen A. Ross , Franco Modigliani Professor of Finance and Economics and Professor of Finance at the Sloan School of Management at the Massachusetts Institute of Technology (MIT), was noted for his contributions to research into the fundamental determinants of financial market prices and their application in financial practice awarded the DB Prize 2015. The most important models he has developed have shaped the subject for more than 25 years. They concern the theory of arbitrage-free securities valuation, the analysis of interest structures, the understanding of option prices and the basic structure of the principal-agent problem. Stephen A. Ross has had a lasting impact on our analytical understanding of and our practical handling of financial innovations.

The international, scientific symposium "What Market Prices Tell Us" took place together with the award ceremony on September 24, 2015 at the Goethe University in Frankfurt. Leading finance economists discussed Ross's work and its contribution to the global finance industry and science at the event. Nobel laureate and jury member Robert C. Merton spoke on the subject of “Term Structure of Interest Rates”. K. Geert Rouwenhorst, Professor of Corporate Finance at Yale University, gave a talk on "Historical Asset Prices". A panel of renowned economists will then discuss the subject of “Understanding Efficient Markets: Limits of Policy Influence”. Participants in the panel were Eugene F. Fama, winner of the Deutsche Bank Prize 2005 and Nobel Prize Laureate in 2013, Martin F. Hellwig, Director of the Max Planck Institute for Research on Collective Goods, and Josef Zechner, CFS jury member 2005 and professor for Finance and Investments at the WU Vienna University of Economics and Business.

Nomination process

Over 4,000 professors and scientists from the 30 best universities in the USA, Europe and Latin America as well as in the Asia-Pacific region were invited every two years to submit contributions and recommend a winner. In addition, a total of more than 300 members of the National Banks , the European Central Bank , the Organization for Economic Cooperation and Development (OECD), the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and the World Bank had the opportunity to hire a scientist To nominate scientists as candidates.

jury

The nominations were evaluated by an independent, international jury. According to the statutes of the Deutsche Bank Prize , the jury comprised:

• five renowned financial and economic experts from science and practice,
• the directors of the chairs for finance and money and currency at the Goethe University Frankfurt or an expert designated by them,
• a representative of Deutsche Bank ,
• the directors of the CFS .

Jury members 2005–2015

• Michael Binder, Goethe University Frankfurt , Germany
• Matthew Bishop, " The Economist ", USA
• Ricardo C. Caballero, Massachusetts Institute of Technology , USA
• Guillermo Calvo , Columbia University , USA
• David Folkerts-Landau, Deutsche Bank AG , Germany
• Günter Franke, University of Konstanz , Germany
• Nicola Fuchs-Schündeln , Goethe University Frankfurt, Germany
• Vítor Gaspar , State Minister of Finance, Portugal
• Luigi Guiso, European University Institute , Italy
• Michael Haliassos, CFS and Goethe University Frankfurt, Germany
• Charles Yuji Horioka, Osaka University, Japan
• Otmar Issing , President of CFS, Germany
• Takatoshi Ito, University of Tokyo , Japan
• Jan Pieter Krahnen , CFS and Goethe University Frankfurt, Germany
• Nobuhiro Kiyotaki , Princeton University , USA
• Holger Kraft, Goethe University Frankfurt, Germany
• Patrick Lane, "The Economist", UK
• Christian Laux, Vienna University of Economics and Business , Austria
• Raimond Maurer, Goethe University Frankfurt, Germany
• Thomas Mayer, Deutsche Bank AG, Germany
• Robert C. Merton , MIT Sloan School of Management , USA
• Lucrezia Reichlin, London Business School , UK
• Carmen M. Reinhart, Peterson Institute for International Economics, USA
• Hermann Remsperger , Goethe University Frankfurt, Germany
• Kenneth S. Rogoff , Harvard University , USA
• Reinhard H. Schmidt , Goethe University Frankfurt, Germany
• Klaus Schmidt-Hebbel, Pontifical Catholic University of Chile, Chile
• Robert J. Shiller , Yale University , USA
• René M. Stulz , Ohio State University , USA
• Marti G. Subrahmanyam, New York University , USA
• Lars EO Svensson , Sveriges Riksbank , Sweden
• Mark P. Taylor, University of Warwick , UK
• Raman Uppal, Edhec Business School , UK
• Maria Vassalou, SAC Capital Advisors , LP, USA
• Norbert Walter , Deutsche Bank AG, Germany
• Uwe Walz , CFS and Goethe University Frankfurt, Germany
• Mirko Wiederholt, Goethe University Frankfurt, Germany
• Volker Wieland , Goethe University Frankfurt, Germany
• Josef Zechner, Vienna University of Economics and Business, Austria

Individual evidence

1. ^ Deutsche Bank Prize 2005
2. ↑ Press release 2005 (PDF; 106 kB)
3. ↑ CFS Symposium 2005 ( Memento of the original from October 22, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
4. ^ Deutsche Bank Prize 2007
5. ↑ Press release 2007 (PDF; 27 kB)
6. ↑ CFS Symposium 2007 ( Memento of the original from October 22, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
7. ^ Deutsche Bank Prize 2009
8. ↑ Press release 2009 (PDF; 33 kB)
9. ↑ CFS Symposium 2009 ( Memento of the original from October 22, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
10. ^ Deutsche Bank Prize 2011
11. ↑ Press release 2011 (PDF; 34 kB)
12. ↑ CFS Symposium 2011 ( Memento of the original from October 22, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. 
13. ^ DB Prize 2013
14. ↑ Press release 2013 ( Memento of the original from October 21, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. 
15. ↑ CFS Symposium 2013 ( Memento of the original from October 21, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
16. ^ DB Prize statutes

Web links

• Deutsche Bank Prize in Financial Economics from the Deutsche Bank Foundation
• Deutsche Bank Prize in Financial Economics at the Center for Financial Studies