Fuqua Professor Lauded for Landmark Paper

The Foundation for Advancement of Research in Financial Economics (FARFE) has awarded its sixth Stephen A. Ross Prize in Financial Economics to the paper “Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles,” written by Ravi Bansal, J.B. Fuqua Professor of Finance and Economics at Duke University and Research Associate at the NBER, and coauthor Amir Yaron from the University of Pennsylvania, currently serving as the Governor of the Bank of Israel.  The paper was published in the Journal of Finance in 2004. The paper and subsequent literature show the key role of changes in long-run consumption growth rates and volatility in determining asset prices.