The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the Journal of Finance, was first published in 1946.
Mission
The purpose of the association is to:
Act as a mutual association of persons with an interest in finance
Improve the public understanding of financial problems
Provide for the exchange of financial ideas through the distribution of the Journal of Finance and other media
The administration of the association is overseen by both officers and a board of advisors. All of these positions are held by faculty at various American universities. The board of directors rotates over time and assists in key decisions and policies.
The association currently has over 11,400 members. A variety of membership options exist and membership is open to anyone. A number of members are also distinguished in the Society of Fellows of the Association. These are members who have made significant contributions to the field of finance.
2019 David Hirshleifer 2018 Peter DeMarzo 2017 David Scharfstein 2016 Campbell Harvey 2015 Patrick Bolton 2014 Luigi G. Zingales 2013 Robert Stambaugh 2012 Sheridan Titman 2011 Raghuram G. Rajan 2010 John H. Cochrane 2009 J. Darrell Duffie 2008 Jeremy C. Stein 2007 Kenneth R. French 2006 Richard C. Green 2005 John Y. Campbell 2004 René M. Stulz 2003 Douglas W. Diamond 2002 Maureen O'Hara 2001 George M. Constantinides 2000 Franklin Allen 1999 Hans R. Stoll 1998 Edwin J. Elton 1997 Hayne E. Leland 1996 Eduardo S. Schwartz 1995 Martin J. Gruber 1994 Sanford J. Grossman 1993 Mark Rubinstein 1992 Michael C. Jensen 1991 Robert H. Litzenberger 1990 Myron S. Scholes 1989 Michael J. Brennan 1988 Stephen A. Ross 1987 Richard Roll 1986 Robert C. Merton 1985 Fischer Black 1984 James C. Van Horne 1983 Stewart C. Myers 1982 Harry M. Markowitz 1981 Franco Modigliani 1980 William F. Sharpe 1979 Edward J. Kane 1978 Burton G. Malkiel 1977 Alexander A. Robichek 1976 Merton H. Miller 1975 Myron J. Gordon 1974 John Lintner 1973 Sherman J. Maisel 1972 Irwin Friend 1971 Joseph A. Pechman 1970 Lawrence S. Ritter 1969 Walter E. Hoadley 1968 Harry C. Sauvain 1967 Robert V. Roosa 1966 J. Fred Weston 1965 George Garvy 1964 Roger F. Murray 1963 George T. Conklin Jr. 1962 Bion B. Howard 1961 Arthur M. Weimer 1960 Paul M. Van Arsdell 1959 James J. O'Leary 1958 Lester V. Chandler 1957 Marshall D. Ketchum 1956 Miller Upton 1955 Norris O. Johnson 1954 Garfield V. Cox 1953 Roland I. Robinson 1952 Edward E. Edwards 1951 Raymond J. Saulnier 1950 Howard R. Bowen 1949 Neil H. Jacoby 1948 Benjamin H. Beckhart 1947 Lewis A. Froman 1946 Harry G. Guthman 1945 No President 1944 No President 1943 John D. Clark 1942 Charles L. Prather 1941 Chelcie C. Bosland 1940 Kenneth Field
Fellows of the American Finance Association
In January 2000, the Board of Directors of the American Finance Association instituted a Society of Fellows of the Association. The purpose of the society is to recognize those members who have made a distinguished contribution to the field of finance. Since Fellows are selected by the membership for their contributions to the field of finance, and since this is the principal criterion for election as president, all living past presidents and all future presidents of the association are designated as Fellows. The list below contains all living past presidents and the Fellows selected since that date. Each year, the Nominating Committee, chaired by the current president, solicits names from the membership and nominates a slate of no more than five candidates from which current Fellows elect a maximum of two new Fellows. Polling of the current Fellows is carried out by the immediate past-president prior to the next annual meeting. As non past president of the American Finance Association, elected Fellows of the American Finance Association are following: 2018 David S. Scharfstein 2017 José A. Scheinkman 2016 Oliver Hart 2015 Ben S. Bernanke 2014 Albert S. “Pete” Kyle 2013 Bengt R. Holmström 2012 Andrei Shleifer 2011 Milton Harris 2010 Douglas T. Breeden 2009 Richard H. Thaler 2008 John C. Cox 2007 Lars Peter Hansen 2006 Robert J. Shiller 2005 Robert F. Engle 2004 Robert E. Lucas, Jr. 2003 Kenneth J. Arrow 2002 Paul A. Samuelson 2001 Eugene F. Fama
Biennially, the association awards the Fischer Black Prize at its annual meeting. The award, named in honor of economist Fischer Black, recognizes an outstanding young academic whose original research has made a significant contribution to the field of finance.
Brattle Prizes
Annually, the Brattle Prizes are awarded annually for outstanding papers on corporate finance at its annual meeting.
Smith Breeden Prizes
Annually, the association awards the Smith Breeden Prizes for the top three papers in the Journal of Finance in any area other than corporate finance at its annual meeting.
Morgan Stanley-AFA Award for Excellence in Finance
AFA has established a new bi-annual finance award to be granted based on an individual's career achievements in outstanding thought leadership in the field of financial economics. Formally it is the Morgan Stanley-American Finance Association Award for Excellence in Finance. The Award began in 2008 and will continue for 5 bi-annual periods. There shall only be one recipient of the Award in any bi-annual period. Eugene F. Fama and Michael C. Jensen are among the winners so far.
