University of Chicago Booth School of Business Professor Douglas W. Diamond, one of the world's leading authorities on bank runs and liquidity crises, has been awarded the 2018 Onassis Prize in Finance.
Awarded every three years, the Onassis Prize recognizes the world’s foremost academics in the fields of finance, international trade and shipping, to honor outstanding academic achievements that have had international significance. Named after Aristotle Onassis who excelled in these three disciplines, each prize is worth $200,000; they are sponsored by the Onassis Foundation and awarded jointly by Cass Business School London with the Onassis Foundation.
“I am delighted to receive the Onassis prize,” Diamond said. “After the recent financial crisis, policy makers and scholars have a renewed focus on the stability of financial institutions.”
Considered the father of modern banking theory, Diamond changed the way people view banks. His pioneering research laid the groundwork for how central bankers, regulators, policy makers and academics approach modern finance. His research agenda for the past 30 years has been to explain what banks do, why they do it, and the consequences of these arrangements.
The Onassis Prizes have been awarded in their current form since 2009. Notable past recipients include Nobel laureate and Chicago Booth Professor Eugene Fama, who received the inaugural Onassis Prize in Finance; he was awarded the Nobel Prize for Economics in 2013.
Selected by a panel of distinguished academics, two of whom are Nobel laureates, the Onassis Prize recipients were announced at The Mansion House, the official office of the Lord Mayor of the City of London, on Friday morning, 20th April.
The 2018 award recipients are:
Onassis Prize in Finance
Professor Douglas W. Diamond, Merton H. Miller Distinguished Service Professor of Finance, Booth School of Business, University of Chicago
Onassis Prize in International Trade (shared)
Professor Jonathan Eaton, Distinguished Professor of Economics, Department of Economics, The Pennsylvania State University
Professor Samuel S. Kortum, James Burrows Moffatt Professor of Economics, Department of Economics, Yale University
Onassis Prize in Shipping (shared)
Professor Mary R. Brooks, Professor Emerita, Rowe School of Business, Dalhousie University and Chair of the Marine Board of the National Academies, Washington DC.
Professor Wayne K. Talley, Professor of Maritime and Supply Chain Management, Executive Director of the Maritime Institute and Eminent Scholar, Strome College of Business, Old Dominion University.