The American Finance Association (AFA) 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. __TOC__

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 *Encourage the study of finance in

college A college (Latin: ''collegium'') is an educational institution or a constituent part of one. A college may be a degree-awarding tertiary educational institution, a part of a collegiate or federal university, an institution offerin ...

s and

universities A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United State ...

*Conduct other activities appropriate for a non-profit, professional society in the field of finance

Membership

As of 2022, the association has over 12,000 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.

Administration

The administration of the association is overseen by both officers and a board of directors. All of these positions are held by faculty at various universities. The board of directors rotates over time and assists in key decisions and policies.

''Journal of Finance''

'' The Journal of Finance'' is an

academic journal An academic journal or scholarly journal is a periodical publication in which scholarship relating to a particular academic discipline is published. Academic journals serve as permanent and transparent forums for the presentation, scrutiny, and ...

that covers the whole field of finance. It began publication in 1946. According to ''

Journal Citation Reports ''Journal Citation Reports'' (''JCR'') is an annual publicationby Clarivate Analytics (previously the intellectual property of Thomson Reuters). It has been integrated with the Web of Science and is accessed from the Web of Science-Core Colle ...

'', it has a 2015

impact factor The impact factor (IF) or journal impact factor (JIF) of an academic journal is a scientometric index calculated by Clarivate that reflects the yearly mean number of citations of articles published in the last two years in a given journal, as ...

of 5.290. The current editorial team is Stefan Nagel (editor), Philip Bond, Amit Seru, and Wei Xiong. The ''Journal of Finance'', '' The Review of Financial Studies'', and the '' Journal of Financial Economics'' are considered to be the top-three finance journals.

Annual meeting

An annual meeting of the association is held every year in January, in conjunction with the

American Economic Association The American Economic Association (AEA) is a learned society in the field of economics. It publishes several peer-reviewed journals acknowledged in business and academia. There are some 23,000 members. History and Constitution The AEA was esta ...

and the North American Winter Meetings of the

Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. ...

as a part of the Allied Social Science Associations. The president speaks on a selected topic and there are presentations of various financial papers. The AFA, Western Finance Association Meetings, and

Society for Financial Studies The Society for Financial Studies (SFS) is a nonprofit, academic society in the field of finance. It owns and runs three academic journals: (1) the Review of Financial Studies, (2) the Review of Asset Pricing Studies, and (3) the Review of Corporate ...

Cavalcade are considered to be the three top general finance conferences in the world. Recent Annual Meeting AFA sites: *2015 Boston, Massachusetts *2016 San Francisco, California *2017 Chicago, Illinois *2018 Philadelphia, Pennsylvania *2019 Atlanta, Georgia *2020 San Diego, California *2021 Virtual Annual Meeting *2022 Virtual Annual Meeting

Past and current presidents of the AFA

*1940 Kenneth Field *1941 Chelcie C. Bosland *1942 Charles L. Prather *1943 John D. Clark *1944 No President *1945 No President *1946 Harry G. Guthman *1947 Lewis A. Froman *1948 Benjamin H. Beckhart *1949 Neil H. Jacoby *1950 Howard R. Bowen *1951 Raymond J. Saulnier *1952 Edward E. Edwards *1953 Roland I. Robinson *1954 Garfield V. Cox *1955 Norris O. Johnson *1956

Miller Upton A miller is a person who operates a mill, a machine to grind a grain (for example corn or wheat) to make flour. Milling is among the oldest of human occupations. "Miller", "Milne" and other variants are common surnames, as are their equivalents ...

*1957 Marshall D. Ketchum *1958 Lester V. Chandler *1959 James J. O'Leary *1960 Paul M. Van Arsdell *1961 Arthur M. Weimer *1962 Bion B. Howard *1963 George T. Conklin Jr. *1964 Roger F. Murray *1965 George Garvy *1966 J. Fred Weston *1967 Robert V. Roosa *1968 Harry C. Sauvain *1969 Walter E. Hoadley *1970 Lawrence S. Ritter *1971

Joseph A. Pechman Joseph Aaron Pechman (April 2, 1918 – August 19, 1989) was a highly influential economist and taxation scholar in the United States. He graduated from the City College of New York and the University of Wisconsin–Madison. He served as presiden ...

*1972 Irwin Friend *1973 Sherman J. Maisel *1974

John Lintner John Virgil Lintner, Jr. (February 9, 1916 – June 8, 1983) was a professor at the Harvard Business School in the 1960s and one of the co-creators (1965 a, b) of the capital asset pricing model. For a time, much confusion was created because the ...

*1975 Myron J. Gordon *1976

Merton H. Miller Merton Howard Miller (May 16, 1923 – June 3, 2000) was an American economist, and the co-author of the Modigliani–Miller theorem (1958), which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic ...

*1977 Alexander A. Robichek *1978 Burton G. Malkiel *1979 Edward J. Kane *1980 William F. Sharpe *1981

Franco Modigliani Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon Un ...

*1982 Harry M. Markowitz *1983 Stewart C. Myers *1984 James C. Van Horne *1985 Fischer Black *1986

Robert C. Merton Robert Cox Merton (born July 31, 1944) is an American economist, Nobel Memorial Prize in Economic Sciences laureate, and professor at the MIT Sloan School of Management, known for his pioneering contributions to continuous-time finance, especia ...

*1987

Richard Roll Richard Roll (born October 31, 1939) is an American economist and professor of finance at UCLA, best known for his work on portfolio theory and asset pricing, both theoretical and empirical. He earned his bachelor's degree in aerospace engineerin ...

*1988 Stephen A. Ross *1989 Michael J. Brennan *1990

Myron S. Scholes Myron Samuel Scholes ( ; born July 1, 1941) is a Canadian- American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-origin ...

*1991 Robert H. Litzenberger *1992 Michael C. Jensen *1993

Mark Rubinstein Mark Edward Rubinstein (June 8, 1944 – May 9, 2019) was a leading financial economist and financial engineer. He was ''Paul Stephens Professor of Applied Investment Analysis'' at the Haas School of Business of the University of California, Be ...

*1994 Sanford J. Grossman *1995 Martin J. Gruber *1996 Eduardo S. Schwartz *1997 Hayne E. Leland *1998 Edwin J. Elton *1999 Hans R. Stoll *2000 Franklin Allen *2001 George M. Constantinides *2002

Maureen O'Hara Maureen O'Hara (; 17 August 1920 – 24 October 2015) was a native Irish and naturalized American actress and singer, who became successful in Hollywood from the 1940s through to the 1960s. She was a natural redhead who was known for pl ...

*2003 Douglas W. Diamond *2004 René M. Stulz *2005

John Y. Campbell John Young Campbell (born May 17, 1958) is a British-American economist. He is the Morton L. and Carole S. Olshan Professor of Economics at the Department of Economics at Harvard University since 1994. Biography Early years Campbell was born in ...

*2006 Richard C. Green *2007 Kenneth R. French *2008

Jeremy C. Stein Jeremy Chaim Stein (born October 17, 1960) is an American macroeconomist and the Moise Y. Safra Professor of Economics at Harvard University; he also chaired Harvard's economics department. He served as a member of the Federal Reserve Board of Go ...

*2009

J. Darrell Duffie James Darrell Duffie (born May 23, 1954) is a Canadian financial economist and is Dean Witter Distinguished Professor of Finance at Stanford Graduate School of Business. He is the author of numerous research articles, and several books, includ ...

*2010 John H. Cochrane *2011 Raghuram G. Rajan *2012 Sheridan Titman *2013 Robert Stambaugh *2014 Luigi G. Zingales *2015

Patrick Bolton Patrick Bolton (born June 11, 1957, Dublin, Ireland) is the Barbara and David Zalaznick Professor of Business at Columbia Business School (2005-present) and a Visiting Professor of Finance at Imperial College London (2018-present). He is a past ...

*2016

Campbell Harvey Campbell Russell "Cam" Harvey (born June 23, 1958) is a Canadian economist, known for his work on asset allocation with changing risk and risk premiums and the problem of separating luck from skill in investment management. He is currently the J. ...

*2017 David Scharfstein *2018 Peter DeMarzo *2019

David Hirshleifer David Hirshleifer is an American economist. He is a professor of finance and currently holds the Merage chair in Business Growth at the University of California at Irvine. As of 2018 he became President-Elect of the American Finance Associatio ...

*2020 Kenneth Singleton *2021 John Graham *2022 Laura Starks

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 of AFA Fellows contains all 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.

Prizes and awards

Fischer Black Prize

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 Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to all ...

at its annual meeting.

Dimensional Fund Advisors Prizes

Annually, the association awards the Dimensional Fund Advisors Prizes (prizes prior to 2019 were sponsored by Amundi Pioneer, Amundi Smith Breeden, and Smith Breeden) 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

The Morgan Stanley-American Finance Association Award for Excellence in Finance was a bi-annual finance award granted based on an individual's career achievements in outstanding thought leadership in the field of

financial economics Financial economics, also known as finance, is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on ''both sides'' of a trade". William F. Sharpe"Financia ...

. The Award began in 2008 and continued for 5 bi-annual periods.

Notes

External links

American Finance Association
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Morgan Stanley AFA Award
{{Authority control Professional associations based in the United States Business and finance professional associations Economics societies Learned societies of the United States Organizations established in 1939 1939 establishments in the United States