Jury Statements 2015
Michael Haliassos (Director of the Center for Financial Studies, Chair for Macroeconomics and Finance at Goethe University Frankfurt)
"The deepest among academic thinkers make fundamental contributions, inspire hundreds of students and practitioners, but also pave the way for applications they probably never considered. Stephen Ross’s APT, risk-neutral pricing, derivatives pricing, and term structure models were all intended, but I expect that his current research on recovery theory will have implications not only for the study of the entire market subjective probability distribution but also for household finance."
Nobuhiro Kiyotaki (Professor of Economics at Princeton University)
"Stephen Ross has been making fundamental contributions to our understanding of how scarce assets are valued and allocated in the market economy. He is also a special teacher, capable of stimulating original research of the next generation and improving the trajectory of their futures."
Robert C. Merton (Nobel Prize Laureate; School of Management Distinguished Professor of Finance at the MIT Sloan School of Management and University Professor Emeritus at Harvard University)
"Stephen Ross is the quintessential recipient of the Deutsche Bank Prize in Financial Economics. His multi-dimensional contributions over the past four decades form a cornerstone of modern financial economic science. Their widespread implementation continues to impact mainstream finance practice and the tools of policy analysis today. His ramified influence goes beyond his own work to a remarkable array of world-class finance researchers for whom he has served as thesis advisor and mentor."
René M. Stulz (Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at Ohio State University)
"Steve Ross has made many path-breaking contributions both in asset pricing and corporate finance. In corporate finance, he was instrumental in drawing the attention of the profession to the importance of agency issues and of information asymmetries. In asset pricing, he played a major role in developing the workhorse multi-factor model that is standard and provided a continuous-time theory of interest rates that is the foundation of most fixed-income modeling in academia as well as in practice. Throughout his career, Steve’s work has been distinguished by its elegance, clarity, and importance. Without his contributions, financial economics would be a different and poorer field. Steve Ross is not only a remarkable scholar, but he is an incredible teacher whose legacy will include having trained a number of the best scholars in the field."