Three American scholars won the Nobel Prize in economics for pioneering work in financial markets that has transformed portfolio management and asset pricing and launched the study of how emotions affect investment decisions.
The Royal Swedish Academy of Sciences on Monday honored Eugene Fama and Lars Peter Hansen of the University of Chicago and Robert Shiller of Yale University, citing theircomplementary but independent breakthroughs on "empirical analysis of asset prices."
The laureates focused on how prices are set for stocks and bonds, but their findings have implications far beyond financial markets. Every corner of the macroeconomy is affected by the risk tolerance—as well as rational and irrational acts—that spur individuals and corporations to invest or save.
【新聞快訊】
北京時(shí)間10月14日晚間消息,據(jù)《華爾街日?qǐng)?bào)》,周一美國(guó)三位學(xué)者共同獲得諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng),他們因在金融市場(chǎng)、資產(chǎn)價(jià)格和行為經(jīng)濟(jì)學(xué)運(yùn)行方面的開拓性工作而獲此殊榮。尤金·法瑪、彼得·漢森、羅伯特·希勒因?yàn)閷?duì)資產(chǎn)價(jià)格的實(shí)證分析獲得2013年諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)。
三人對(duì)股票和債券如何定價(jià)及為何定價(jià)的不同研究而獲獎(jiǎng),他們的研究重新塑造了投資組合管理,促成了股指基金的誕生,創(chuàng)建了計(jì)量經(jīng)濟(jì)學(xué)分析的基本工具。