CHICAGO, Jan. 26, 2016 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, and the
Mathematical Sciences Research Institute (MSRI) announced Douglas
Diamond, Professor of Finance at the University of Chicago, as the 2015 recipient of the
CME Group-MSRI Prize in Innovative Quantitative Applications. A
ceremony honoring Diamond will take place at CME Group Headquarters
on Monday, Feb. 1, at 10:00 a.m. CT and will feature a dynamic
discussion on the topic of non-bank runs and financial crises.
CME Group-MSRI Prize recognizes individuals who contribute
original concepts in mathematical, statistical or computational
methods for the study of the markets' behavior and global
economics. Diamond, Fischer Black Visiting Professor of Financial
Economics at the Massachusetts Institute of
Technology (MIT) Sloan School of
Management from 2015-2016, and Merton H. Miller
Distinguished Service Professor of Finance at the Booth School of
Business at the University of Chicago,
has done extensive research on this year's panel topic. He
specializes in the study of financial intermediaries, financial
crises and liquidity.
"It is a great honor to be recognized by CME Group and MSRI for
my research and to join a truly outstanding group of previous
recipients," said Diamond. "Theoretical work on the important links
between financial markets and institutions has proved to be
important recently, and I am grateful that CME and MSRI have again
recognized work in this area."
Diamond is a former president of the American Finance
Association and the Western Finance Association, a fellow of the
Econometric Society, the American Academy of Arts and Sciences, and
the American Finance Association. He is known for playing a key
role in the development of the Diamond-Dybvig model of bank runs
and related financial crises, which demonstrates how an institution
with long-maturity assets and short-maturity liabilities may be
unstable.
"Douglas Diamond joins a group of
highly distinguished scholars who have received the coveted CME
Group-MSRI prize in innovative quantitative applications," said
Leo Melamed, Chairman Emeritus of
CME Group. "The choice for this prize recognizes the innovative
talent that Douglas Diamond has
exhibited throughout his work in finance."
"Douglas Diamond's research has
been at the leading edge of the field in financial economics,
especially the study of liquidity and financial crises," said
David Eisenbud, Director of MSRI and
prize selection committee chair. "MSRI is proud to collaborate with
CME Group to recognize the practical and theoretical importance of
Professor Diamond's work."
The panel discussion, which will focus on topics related to
non-bank runs and financial crises, will precede the award
ceremony. Several distinguished economists and academics will be
participating in the panel, including:
- Mark Flannery, Director and Chief Economist, U.S. Securities
and Exchange Commission; Bank of America Eminent Scholar Chair,
Warrington College of Business,
University of Florida
- Itay Goldstein, Joel S. Ehrenkranz Family Professor, Professor
of Finance, Coordinator of Ph.D. Program, Wharton School of
Business, University of
Pennsylvania
- Gary Gorton, Frederick Frank
Class of 1954 Professor of Finance, Yale School of
Management
- Arvind Krishnamurthy, John S. Osterweis Professor of Finance,
Lacob Family Faculty Fellow for 2015-2016, Stanford School of Business
- Lawrence Schmidt, Assistant Professor in Economics and the
College, University of Chicago
Past recipients of the CME Group-MSRI Prize include:
- 2014 - José Scheinkman, Charles and Lynn Zhang Professor of
Economics at Columbia University and
Theodore A. Wells '29 Professor of
Economics Emeritus at Princeton
University
- 2013 - Bengt Holmstrom, Professor of Economics and Management
at MIT
- 2012 - Robert J. Shiller, 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 Center for
Finance, Yale School of Management, and 2008 honoree, and 2013
winner of the Nobel Prize in economic sciences
- 2011 - Thomas Sargent, Professor of Economics, New York University, and Senior Fellow, Hoover
Institution at Stanford University
- 2010 - Jean Tirole, Chairman of the Foundation Jean-Jacques
Laffont/Toulouse School of Economics, and Scientific Director of
the Institute for Industrial Economics, University of Toulouse
Capitole, and 2014 winner of the Nobel Prize in economic
sciences
To see all past recipients, you can visit the CME Group-MSRI
prize webpage here.
The 2015 CME Group-MSRI Prize Selection Committee includes:
David Eisenbud, prize committee
chair and Director, MSRI; John
Gould, Booth School of Business at the University of Chicago; Bengt Holmstrom, MIT, and 2013 recipient of the CME-MSRI Prize;
Leo Melamed, Chairman Emeritus, CME
Group; Roger Myerson, University of Chicago; Myron Scholes, Stanford Graduate School of
Business; Hugo Sonnenschein,
University of Chicago; and Jean Tirole,
University of Toulouse Capitole in France, and 2010 recipient of the CME-MSRI
Prize.
Members of the media can attend the award ceremony where CME
Group will present Diamond with the CME Group-MSRI Prize medal and
$25,000 cash award. Email
Liz Mannebach at
liz.mannebach@cmegroup.com to register.
The CME Center for Innovation's mission is to identify, foster
and showcase examples of significant innovation and creative
thinking pertaining to markets, commerce or trade in the public and
private sectors. For more information on the CME Center for
Innovation, visit
http://www.cmegroup.com/company/center-for-innovation/.
About MSRI
The Mathematical Sciences Research Institute (MSRI) in
Berkeley, California, is one of
the world's preeminent centers for collaborative research in the
mathematical sciences. MSRI advances mathematical research through
workshops and conferences since its founding in 1982, and over
1,700 mathematicians are hosted by MSRI each year. A rotating
committee of renowned mathematical scientists governs the
Institute's scientific program with a vision of the field that is
perpetually renewed. A Board of Trustees, composed of accomplished
business and academic leaders, oversees the Institute's strategy,
and assures its operational and financial welfare. The Institute
has been funded primarily by the National Science Foundation with
additional support from other government agencies, private
foundations, corporations, individual donors, and nearly 100
academic institutions.
MSRI also serves a wider community through the development of
human scientific capital, providing postdoctoral training to
extraordinary young scientists and increasing the diversity of the
research workforce. The Institute advances the education of young
people with conferences on critical issues in mathematics
education. MSRI has created a national "math circles" movement of
small organizations teaching and engaging children in math as a
hobby, beyond the standard curricula. MSRI strives to make
mathematics accessible and exciting to those outside the field
through film production and public programs, including the National
Math Festival in Washington, D.C.
and the Mathical: Books for Kids from Tots to Teens youth book
prize. For more information, visit www.msri.org.
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers together
through its CME Globex® electronic trading platform, its trading
facilities in New York and
Chicago, and through its
London-based CME Europe
derivatives exchange. CME Group also operates one of the world's
leading central counterparty clearing providers through CME
Clearing and CME Clearing Europe, which offer clearing and
settlement services across asset classes for exchange-traded
contracts and over-the-counter derivatives transactions. These
products and services ensure that businesses everywhere can
substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
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information about CME Group (NASDAQ: CME) and its products can be
found at www.cmegroup.com.
CME-G
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