GSB’s Darrell Duffie awarded Amundi Pioneer Prize
DARRELL DUFFIE, the Dean Witter Distinguished Professor of Finance at the Graduate School of Business, is co-author of the paper “Benchmarks in Search Markets,” which has been awarded the Amundi Pioneer Prize by the Journal of Finance.
The paper “shows that, among other purposes, robust financial benchmarks provide valuable price transparency to over-the-counter (OTC) markets. Whether for foreign exchange rates, commodity prices, interest rates or in other OTC markets, benchmarks provide less informed market participants with key readouts of the ‘going price.’ We show that this leads to greater market participation, greater volumes of beneficial trade, lower costs for ‘shopping around’ and more efficient matching of buyers and sellers,” Duffie said.
The Amundi Pioneer Prizes are awarded annually for the top three papers in the Journal of Finance in any area other than corporate finance. The winning papers are chosen by the associate editors of the Journal of Finance and their authors are awarded $25,000.
Read this article and more on the Graduate School of Business website.