(2013) Eugene Fama
Eugene Francis \"Gene\" Fama is an American economist and Nobel laureate in Economics, known for his work on portfolio theory and asset pricing, both theoretical and empirical. Fama born February 14, 1939 in Boston. He earned his undergraduate degree in Romance Languages magna cum laude in 1960 from Tufts University where he was also selected as the school’s outstanding student-athlete. His M.B.A. and Ph.D. came from the Booth School of Business at the University of Chicago in economics and finance. His doctoral supervisors were Nobel prize winner Merton Miller and Harry Roberts, but Benoit Mandelbrot was also an important influence. He has spent all of his teaching career at the University of Chicago. His Ph.D. thesis, which concluded that stock price movements are unpredictable and follow a random walk, was published in January 1965 issue of the Journal of Business, entitled \"The Behavior of Stock Market Prices\". That work was subsequently rewritten into a less technical article, \"Random Walks In Stock Market Prices\", which was published in the Financial Analysts Journal in 1965 and Institutional Investor in 1968. His article \"The Adjustment of Stock Prices to New Information\" in the International Economic Review, 1969 (with several co-authors) was the first event study that sought to analyze how stock prices respond to an event, using price data from the newly available CRSP database. This was the first of literally hundreds of such published studies. In 2013, he won the The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, colloquially called the Nobel Prize in Economics.
