The Fischer Black Prize honors the memory of Fischer Black, formerly a General Partner at Goldman Sachs and Professor of Finance at the University of Chicago (1971-1975) and at the Massachusetts Institute of Technology (1975-1984). His seminal research included the development (with Myron Scholes) of the widely applied Black-Scholes Option Pricing Model. The prize was established in 2002 and honors individual financial research. It is awarded for a body of work that best exemplifies the Fischer Black hallmark of developing original research that is relevant to finance practice. The winner must either be under age 40, or under age 45 for a winner who had not been awarded a Ph.D. (or equivalent) by age 35. The prize is awarded biennially at the Association’s Annual Meeting. The original prize amount of $15,000 was made possible by contributions from donors in 2002. The prize amount was increased to $50,000 in 2019 thanks to additional contributions by the 2018 donors (donor names listed below).
Fischer Black Prize Winners:
Johannes Stroebel, New York University, 2023
Matteo Maggiori, Stanford University, 2021
Ralph Koijen, University of Chicago, 2019
Amir Sufi, University of Chicago, 2017
Yuliy Sannikov, Princeton University, 2015
Ulrike Malmendier, University of California, Berkeley, 2013
Xavier Gabaix, New York University, 2011
Harrison Hong, Princeton University, 2009
Tobias J. Moskowitz, University of Chicago, 2007
No winner was selected in 2005
Raghuram G. Rajan, University of Chicago, 2003
The Association is grateful to those whose contributions made this prize possible:
| 2002 Donors | 2018 Donors |
| Norman Mason | Asness Family Foundation |
| Gifford & Vivian Fong | Carliss Y. Baldwin |
| Peter & Barbara Bernstein | David Booth |
| Douglas & Josie Breeden | Doug & Josie Breeden |
| Michael Brennan | Michael Brennan |
| George Constantinides | Gary P. Brinson |
| John & Maria Cox | John and Maria Cox |
| Darrell Duffie & Denise Savoie | Douglas W. Diamond and |
| Chi-fu Huang | Elizabeth Cammack Diamond |
| Hayne Leland | Darrell Duffie and Denis Savoie |
| Robert Litzenberger | Eugene F. and Sallyann D. Fama |
| Andrew & Nancy Lo | Gifford and Vivian Fong |
| Stewart Myers | Kenneth R. and Vickie A. French |
| David Pyle | Campbell Harvey |
| Stephen & Carol Ross | Hua He |
| Eduardo Schwartz | Roy Henriksson |
| Jack Treynor | Lawrence and Deborah Hilibrand |
| Jiang Wang & Jing Luo | Ayman Hindy |
| Bradford Hu | |
| Chi-fu Huang | |
| Hayne Leland | |
| Litterman Family Foundation | |
| Litzenberger Family Foundation | |
| John W. Meriwether | |
| David Modest and Forbes Singer | |
| Maureen O’Hara | |
| Radhika Puri and Raghuram Rajan | |
| Fran and Eric Rosenfeld | |
| Bill and Kathy Sharpe |