Deutsche Bank Prize in Financial Economics

The Deutsche Bank Prize in Financial Economics, one of the most lucrative economic awards, was intended to help interconnect international financial science and practices.

The Deutsche Bank Prize in Financial Economics whichwais sponsored by the Deutsche Bank Donation Fund has been presented by the Center for Financial Studies, in partnership with the Goethe University Frankfurt, between 2005 and 2015.

The economics prize – which carried an endowment of 50,000 euros, one of the highest in the world – aimed to support international interlinking of financial theory and practice. The award honored economists who have had an important influence on financial, monetary, and macroeconomic research.


Laureate 2015: Stephen A. Ross

Award ceremony September 2015: Jan P. Krahnen (CFS), Stephen A. Ross and Jürgen Fitschen (Deutsche Bank) (from left)

The Center for Financial Studies (CFS) has awarded the Deutsche Bank Prize in Financial Economics 2015 to Stephen A. Ross.

Jury Chairman and CFS Director Jan Pieter Krahnen explains the decision of the international Jury: "The Jury has chosen Professor Stephen A. Ross for his groundwork and fundamental contributions to the analytical development of financial economics. For more than 25 years major models developed by him have marked the economic world. His models relate to the theory of asset pricing, the analysis of the term structure of interest rates, understanding option prices, and the basic structure of the principal-agent problem. The work of Stephen A. Ross has shaped today’s thinking in financial innovation, practice, and policy."

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.


Laureate 2013: Raghuram G. Rajan

Raghuram Rajan is the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Graduate Booth School of Business. His work covers a wide range of financial and economic issues that are highly relevant to the development of economies worldwide. It includes the effects that financial development has on growth, banking and financial crises; as well as corporate finance and control. The award committee found that his work constitutes an entirely new empirical and theoretical approach with far-reaching political implications.


Laureate 2011: Kenneth Rogoff

Kenneth Rogoff is Professor of Economics at the Harvard University in Cambridge, USA. His work on the empirical, theoretical and historical aspects of the economy includes research on exchange rates, the credibility of monetary politics and independence of central banks, national debts and the history of financial crises. It is therefore highly relevant to the understanding of current global challenges and the development of coping strategies.


Laureate 2009: Robert J. Shiller

Robert J. Shiller is Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Centre for Finance, Yale School of Management. Professor Shiller is a pioneer in the field of asset price dynamics in financial economies. His findings about the volatility of stock prizes, the development of price bubbles and subsequent crises as well as the distribution of macroeconomic risks are not only of high scientific relevance, they have also broken new ground in practical terms. Shiller was honored with the Nobel Prize in Economic Sciences 2013.


Laureate 2007: Michael Woodford

The Professor of political economy at Columbia University is one of the most renowned scientists in the field of monetary economy. He was awarded the Deutsche Bank Prize for his fundamental contributions to the theory and analysis of monetary politics. Woodford developed a theory of macroeconomics which is rigorously based on microeconomic processes. He demonstrated its practical application by analysing the role that expectation and communication has in the implementation of monetary policy.


Laureate 2005: Eugene F. Fama

The Professor of finance at the University of Chicago made a fundamental contribution towards the study and the development of the concept of market efficiency. Combined with the analysis methods of information processing on capital markets, it forms the basis of almost all aspects of modern empirical financial research. Fama’s analytical techniques are now standard amongst financial economists. He was honored with the Nobel Prize in Economic Sciences 2013.




Enquiries on the Deutsche Bank Prize
should please be addressed to

Sabine Kimmel

Center for Financial Studies
House of Finance
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60323 Frankfurt am Main

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Deutsche Bank Prize