Fama-DFA Prize

The Fama-DFA Prize is an annual prize given to authors with the best capital markets and asset pricing research papers published in the Journal of Financial Economics. The award is named after Eugene Fama who is a co-founding advisory editor of the journal, a financial economist, a 2013 Nobel laureate in Economics, a finance professor at the University of Chicago Booth School of Business, and a research director for both the Dimensional Fund Advisors and the Center for Research in Securities Prices. Fama studied efficient markets in the efficient market hypothesis, which arose from his 1960 Ph.D. dissertation, The Behavior of Stock Market Prices. This dissertation led to publications on random walk hypothesis theory. He is said by some as the best known financial economist in the world. In the areas of portfolio theory and asset pricing the Three-factor model he developed with Kenneth French in "The Cross-Section of Expected Stock Returns." in the June 1992 Journal of Finance is sometimes used. The prize is also co-named for the investment advisory firm, Dimensional Fund Advisors.