Professor Darrell Duffie Awarded Amundi Pioneer Prize
The Journal of Finance has bestowed first prize honors on the paper “Benchmarks in Search Markets.”
Darrell Duffie, The Dean Witter Distinguished Professor of Finance | Nancy Rothstein
Darrell Duffie, Dean Witter Distinguished Professor of Finance at Stanford 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, he said, “… 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.”
The Amundi Pioneer Prizes, formerly Amundi Smith Breeden 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. The Amundi Pioneer Prize for the best paper in the Journal of Finance is $25,000.
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