Sixth $100,000 Ross Prize Awarded to Finance Scholars Amir Yaron and Ravi Bansal for Research on Long Run Risk
PHILADELPHIA, April 4, 2019 — The Foundation for Advancement of Research in Financial Economics (FARFE) has awarded its sixth Stephen A. Ross Prize in Financial Economics to the paper “Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles,” written by Amir Yaron, Professor of Finance at the Wharton School of the University of Pennsylvania and Ravi Bansal, J.B. Fuqua Professor of Finance and Economics at Duke University. The paper was published in the Journal of Finance in 2004. The paper and subsequent literature show the key role of changes in long-run consumption growth rates and volatility in determining asset prices.
Read the full announcement here.