October 14, 2013 | Stockholm

Two winners of the Deutsche Bank Prize in Financial Economics honored in Stockholm

Eugene F. Fama, Robert J. Shiller and Lars Peter Hansen have been announced as winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013 for their groundbreaking work in analyzing trends of asset prices.

The three US economists worked independently in different areas of asset pricing and were awarded the renowned prize for contributing to a holistic picture of both short-term and long-term value trends and their causes.

Eugene F. Fama, award winner of the Deutsche Bank Prize in Financial Economics 2005, is in several ways the father of empirical asset pricing. It was his initiative in the seventies to build up the Center for Research in Security Prices (CRSP) which has defined the scientific benchmark for all subsequent academic work on pricing of stocks and shareholder value creation in the US market. No comparable data basis has been created in other parts of the world, and as a consequence almost all we know about valuation and decision making in the corporate world is based on Fama's initiative. Moreover, the dominant asset pricing model today, relying on a small number of valuation factors, was developed and refined over 25 years of research by Eugene Fama. In the history of thought, Fama is best known for his seminal contribution to the analysis of market efficiency, this is the speed by which information gets incorporated into stock prices. Overall, Fama is a role model for researchers around the world - his work is among most cited of all living economists.

Eugene F. Fama

Eugene F. Fama, Robert R. McCormick Distinguished Service Professor of Finance, Booth School of Business, University of Chicago


Robert J. Shiller, Sterling Professor of Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management.

Robert J. Shiller, award winner of the Deutsche Bank Prize in Financial Economics 2009, has distinguished himself as an insightful scholar of financial and housing markets. He provided early warnings regarding irrational influences on the evolution of asset prices. In his 2000 book entitled “Irrational Exuberance”, he alerted to the likelihood of a subsequent stock market crash. In 2007, he warned about the presence of a housing price bubble that was about to burst. Furthermore, he is a deep thinker on how finance can help people handle risks instead of being destroyed by them. Shiller is particularly worthy of receiving this prize at a time so critical for the design of a sustainable financial architecture, as he has been an ardent proponent of, and tireless contributor to, the "democratization of finance" through extensive financial education and focused financial innovation.

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