The IAFE/SunGard Financial Engineer of the Year Award recognizes individual contributions to the advancement of financial engineering technology. As the tenth recipient of the award since its inception in 1993, Dr. Ingersoll joins a prestigious list of previous award winners.
Dr. Ingersoll was selected for this award for his historic contributions to research and education in multiple areas of finance and economics.
Dr. Ingersoll is currently the Adrian C. Israel Professor of International Trade and Finance at Yale University's School of Management. He said, "I am honored to be named the Financial Engineer of the Year. Most of my academic life has centered on derivatives. In 1973, the CBOE opened, the Black-Scholes model was published, and I entered the doctoral program at MIT. I like to think we grew up together. Derivatives have received a lot of bad press lately, but like any invention, they can be put to good use or ill. I hope that continued research in this area, will improve our understanding of financial contracting. It is now common to say that one's accomplishments could not have been made without the prior work of others, but it has never been truer than in my case. I owe so much to my teachers and contemporaries many of who have already been named recipients of this same award. Bob Merton and Fischer Black were on my dissertation committee at MIT. John Cox and Steve Ross were, of course, my co-authors on numerous papers. Byron Scholes and Merton Miller were my colleagues when I began my career at Chicago."
Jim Ashton, chief executive officer of SunGard Trading and Risk Systems and a member of the IAFE board of directors, said, "Dr. Ingersoll's work continues to have a very significant impact on the world of international finance and economics. With this award, we seek to honor his lifetime of achievements."
Tanya Styblo Beder, chairman of the IAFE, added, "Dr. Ingersoll's work has irrevocably changed how academics and practitioners view many aspects of finance. Jonathan's insights into the inner pricing of options and derivatives deserve this special acclaim. As chair of the IAFE, as well as a colleague of Dr. Ingersoll's at Yale, I congratulate him on being voted Financial Engineer of the Year 2002."
Biographical Information on Dr. Jon Ingersoll.
Jonathan Ingersoll is the Adrian C. Israel Professor of International Trade and Finance at Yale University's School of Management. There he teaches Financial Instruments and Contracts and Financial Engineering. Prior to teaching at Yale, Dr. Ingersoll was a member of the faculty of the University of Chicago's Graduate School of Business.
Dr. Ingersoll was a member of the Founding Committee of the Society for Financial Studies and served as the editor of its The Review of Financial Studies. He is currently associate editor of The Review of Derivatives Research.
Throughout his exceptional career, Dr. Ingersoll has specialized in the fields of valuation of options and derivative securities. He has authored a multitude of articles in this area as well as the textbook, Theory of Financial Decision Making.
Dr. Ingersoll received his S.B. in Physics from M.I.T. in 1971 and his S.M. and Ph.D. from the Sloan School of Management, M.I.T., in 1973 and 1976.
Previous Award Recipients.
Dr. Ingersoll joins a prestigious list of recipients of the IAFE/SunGard Financial Engineer of the Year Award. They include: Dr. Andrew Lo, Harris & Harris Group Professor at the MIT Sloan School of Management and director of MITâs Laboratory for Financial Engineering; Emanuel Derman, managing director at Goldman, Sachs & Co. where he heads the derivatives analysis group in firm-wide risk; John Hull, Professor of Finance in the Joseph L. Rotman School of Management at the University of Toronto; John C. Cox, Nomura Professor of Finance at the Massachusetts Institute of Technology; Robert Merton, a Nobel Memorial Prize winner in Economic Sciences; Fischer Black, the co-developer of the Black-Scholes formula which is widely used to value stock options in markets throughout the world; Mark Rubinstein, best known for his work on the Cox-Ross-Rubinstein binomial option pricing approach and his work on exotic options; Stephen Ross, the originator of the Arbitrage Pricing Theory and the co-discoverer of risk neutral pricing and of the binomial model for pricing derivatives; and Robert Jarrow, 1993 Mobil scholar, most recently known for his research relating to the pricing of credit derivatives and exotic options.