AFA Presidential Addresses

The following are links to the Presidential Address of the American Finance Association from 1972 to 2016. These addresses are often used by the heavy hitters in the profession to float big ideas and encourage deep thinking.  There are a lot of very successful past, present, and future research ideas buried in here.

1973 Irwin Friend - "Mythodology in Finance"
1974 Sherman J. Maisel - "The Economic and Finance Literature and Decision Making"
1975 John Lintner - "Inflation and Security Returns"
1976 Myron J. Gordon - "A Portfolio Theory of the Social Discount Rate and the Public Debt"
1977 Merton H. Miller - "Debt and Taxes"
1978 Alexander A. Robichek - "Regulation and Modern Finance Theory"
1979 Burton G. Malkiel - "The Capital Formation Problem in the United States"
1980 Edward J. Kane - "Market Incompleteness and Divergences Between Forward and Futures Interest Rates"
1981 William F. Sharpe - "Decentralized Investment Management"
1982 Franco Modigliani - "Debt, Dividend Policy, Taxes, Inflation and Market Valuation"
1983 Harry M. Markowitz - "A Question about CAPMs"
1984 Stewart C. Myers - "The Capital Structure Puzzle"
1985 James C. Van Horne - "Of Financial Innovations and Excesses"
1986 Fischer Black - "Noise"
1987 Robert C. Merton - "A Simple Model of Capital Market Equilibrium with Incomplete Information"
1988 Richard Roll - "R2"
1989 Stephen A. Ross - "Institutional Markets, Financial Marketing, and Financial Innovation"
1990 Michael J. Brennan - "Latent Assets"
1991 Myron S. Scholes - "Stock and Compensation"
1992 Robert H. Litzenberger - "Plain and Fanciful"
1993 Michael C. Jensen - "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems"
1994 Mark Rubinstein - "Implied Binomial Trees"
1995 Sanford J. Grossman - "Dynamic Asset Allocation and the Informational Efficiency of Markets"
1996 Martin J. Gruber - "The Growth in Actively Managed Mutual Funds"
1997 Eduardo S. Schwartz - "Implications for Valuation and Hedging"
1998 Hayne E. Leland - "Agency Costs, Risk Management, and Capital Structure"
1999 Edwin J. Elton - "Expected Return, Realized Return, and Asset Pricing Tests"
2000 Hans R. Stoll - "Friction"
2001 Franklin Allen - "Do Financial Institutions Matter?"
2002 George M. Constantinides - "Rational Asset Prices"
2003 Maureen O'Hara - "Liquidity and Price Discovery"
2004 Douglas W. Diamond - "Short-Term Debt When Enforcement Is Costly"
2005 René M. Stulz - "The Limits of Financial Globalization"
2006 John Y. Campbell - "Household Finance"
2007 Richard C. Green - "Issuers, Underwriter Syndicates, and Aftermarket Transparency"
2008 Kenneth R. French - "The Cost of Active Investing"
2009 Jeremy C. Stein - "Sophisticated Investors and Market Efficiency"
2010 Darrell Duffie - "Asset Price Dynamics with Slow-Moving Capital"
2011 John C. Cochrane - "Discount Rates"