Kamakura Corporation announced today that Robert A. Jarrow, Kamakura Managing Director of Research since 1995, has been awarded the RISK Magazine 2009 Lifetime Achievement Award in the magazine’s January edition. Professor Jarrow is also Ronald and Susan Lynch Professor of Investment Management at the Johnson School of Management at Cornell University and a Senior Fellow at the Federal Deposit Insurance Corporation. The RISK citation for his award cites his diverse contributions to theoretical finance, from the Heath-Jarrow-Morton term structure model framework to the first “reduced form” credit model co-authored with Professor Stuart Turnbull of the University of Houston. At Kamakura Corporation, Professor Jarrow has been deeply involved in the derivatives valuation capabilities of the firm’s Kamakura Risk Manager software package and the default models for public companies and sovereigns offered under the Kamakura Risk Information Service.
The RISK Lifetime Achievement Award citation reads “In recognition of his work in helping to develop innovative models now used by dealers, investors and regulators, alongside his role in the creation and popularization of the modern discipline of mathematical finance, Robert Jarrow, professor of economics, finance and investment management at Cornell University and director of research at Hawaii-based vendor Kamakura, wins Risk's 2009 lifetime achievement award.”
“Fourteen years ago the partners at Kamakura were honored to have Professor Robert Jarrow join our ranks to advance the state of the art of risk management,” said Kamakura founder and chief executive officer Dr. Donald R. van Deventer. “All of us have the daily pleasure of Bob’s brilliant insights, his quiet humor, and his perpetual modesty. Bob’s contributions as Managing Director for Research and as a member of the Board of Directors of the firm have been invaluable. We are extremely pleased to have the editors of RISK recognize the talent of our esteemed colleague and great friend.”
Dr. Jarrow received an A.B. in Mathematics and Management Science from Duke University, his M. B. A. in Finance from the Amos Tuck School of Business at Dartmouth College, and his Ph. D. in Finance with a minor in Economics from the Massachusetts Institute of Technology, where he studied with Nobel Prize winners Robert Merton, Franco Modigliani, and Paul Samuelson.
The International Association of Financial Engineers named Professor Jarrow the Financial Engineer of the Year in 1997. He was inducted into the Fixed Income Analysts Hall of Fame in 2004, and is included in Risk Magazine's 2002 Hall of Fame, which has 50 members. He is also currently both an FDIC senior fellow and an IAFE senior fellow.
As one of the world's foremost authorities on bond market dynamics and foreign exchange, Dr. Jarrow is an originator of the Heath-Jarrow-Morton multi-factor term structure model, and the author of five books and more than one hundred thirty research articles on derivatives and risk management. Dr. Jarrow also serves in an editorial capacity for various distinguished academic journals in finance, including Mathematical Finance, the Review of Derivatives Research, the Journal of Derivatives, and the Journal of Fixed Income.
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