Robert Shiller Wins European Financial Management Research Award

Robert Shiller, the Arthur M. Okun Professor of Economics; Frank Fabozzi, former professor in the practice of finance; and Radu Tunaru of Kent Business School, have won the 2010 Best Paper Award of the European Financial Management journal for "Property Derivatives for Managing European Real-Estate Risk."

In the paper, published in the January 2010 edition of the journal, the authors describe derivatives available in Europe for hedging exposure to real estate risk. They outline the issues related to the pricing and management of these instruments, which are still in their infancy.

This is the second consecutive year that Yale SOM research has been honored by European Financial Management. Professor Gary Gorton took home all three prizes for scholarship awarded in 2009 for his paper "The Subprime Panic."