Fischer Black Prize is a memorial prize awarded in honor of

Fischer Black Fischer Sheffey Black (January 11, 1938 – August 30, 1995) was an American economist, best known as one of the authors of the Black–Scholes equation. Background Fischer Sheffey Black was born on January 11, 1938. He graduated from Harvard ...

that rewards individual financial research. The prize was established in 2002 and first awarded in 2003. It is awarded to a financial scientist for a body of work that demonstrates significant original research that is relevant to

finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

practice. Eligible scholars must either be below 40 years in age, or under age 45 but not have been awarded a

Ph.D. A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is a ...

(or equivalent) by age 35. The prize is awarded biennially at the

American Finance Association The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the ''Journal of Finance'', was first published in 1946. ...

's Annual Meeting. This award to honor a leading young finance scholar is analogous to the

John Bates Clark Medal The John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge." The award is named after the ...

economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...

and the

Fields Medal The Fields Medal is a prize awarded to two, three, or four mathematicians under 40 years of age at the International Congress of the International Mathematical Union (IMU), a meeting that takes place every four years. The name of the award ho ...

mathematics Mathematics is an area of knowledge that includes the topics of numbers, formulas and related structures, shapes and the spaces in which they are contained, and quantities and their changes. These topics are represented in modern mathematics ...

. The award honors Fischer Black, a former General Partner at

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

and Professor at the

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...

. Among Black's notable research accomplishments was the development (with

Myron Scholes Myron Samuel Scholes ( ; born July 1, 1941) is a Canadian-American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-origina ...

) of the Black–Scholes option pricing model. The awardee is chosen for having a body of research that embodies the Fischer Black hallmark of developing original research. In years where no such candidate meets the rigorous standards, as was the case in 2005, no award is presented. The Fischer Black Prize is one of two biennial awards presented by the

(the other is the Morgan Stanley-American Finance Association Award For Excellence In Finance) in alternating years at its annual conference to scholars for bodies of research. The Association also awards two annual awards for individual

research Research is "creativity, creative and systematic work undertaken to increase the stock of knowledge". It involves the collection, organization and analysis of evidence to increase understanding of a topic, characterized by a particular att ...

publications To publish is to make content available to the general public.Berne Conve ...

at its conference (

Smith Breeden Prize ''The Journal of Finance'' is a peer-reviewed academic journal published by Wiley-Blackwell on behalf of the American Finance Association. It was established in 1946 and is considered to be one of the premier finance journals. The editor-in-chief i ...

and

Brattle Prize ''The Journal of Finance'' is a peer-reviewed academic journal published by Wiley-Blackwell on behalf of the American Finance Association. It was established in 1946 and is considered to be one of the premier finance journals. The editor-in-chief i ...

Past winners

Notes

Economics awards Awards established in 2002 American awards 2002 establishments in the United States {{Econ-stub