Center for Financial Studies at the Goethe University Frankfurt

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Stephen A. Ross is the inventor of the Arbitrage Pricing Theory, a
cornerstone of modern asset pricing theory, and the Theory of Agency, which
is omnipresent not just in corporate finance but also in many other spheres
of economics. Furthermore, he is the co-creator of Risk-Neutral Pricing and
of the Binomial Model for Pricing Derivatives. His work has been central
for the development and the empirical analysis of term structure models. He
co-authored the Econometrica paper A Theory of the Term Structure of
Interest Rates in 1985, which remains one of the most crucial contributions
on the topic to this date.

In addition, Ross' Recovery Theory has opened up huge potential for the
analysis of household subjective expectations, rationality and financial
literacy, but also financial advice. His theories provide standards for
pricing in major securities trading firms, useful for retirement accounts
and for new financial products that may allow households to insure a wider
range of risks.

Stephen A. Ross is the Franco Modigliani Professor of Financial Economics
at the MIT (Massachusetts Institute of Technology) Sloan School of
Management and has held academic appointments at other renowned
universities such as Yale University and the University of Pennsylvania
(Wharton School). Aside from pursuing a distinguished university career,
Stephen A. Ross, who holds a PhD in Economics from Harvard, has worked as
an advisor to the financial sector, major corporations, and government
departments.

As well as a globally recognized academic and a widely published author in
finance and economics, Stephen A. Ross is a member of the American Academy
of Arts and Sciences. In 1988, he led the American Finance Association as
its President. Ross currently also serves as an associate editor of several
economics and finance journals. He is the author of more than 100 articles
in economics and finance and co-author of the best-selling textbook
Corporate Finance.

International Jury awards renowned academic prize

A Jury of internationally renowned experts in financial research and
practice decides on the recipient of the Deutsche Bank Prize in Financial
Economics. Members of the Jury, alongside the Chairman Jan Pieter Krahnen,
are the professors Guillermo Calvo (Columbia University), David
Folkerts-Landau (Chief Economist at Deutsche Bank), Michael Haliassos (CFS