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.

1972 Joseph A. Pechman - Distribution of Federal and State Income Taxes by Income Classes

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

2012 Raghuram G. Rajan - The Corporation in Finance

2013 Sheridan Titman - Financial Markets and Investment Externalities

2014 Robert Stambaugh - Investment Noise and Trends

2015 Luigi Zingalez - Does Finance Benefit Society

2016 Patrick Bolton - Debt and Money Financial Constraints and Sovereign Finance

2017 Campbell Harvey - The Scientific Outlook in Financial Economics

2018 David Scharfstein - Pension Policy and the Financial System

2019 Peter DeMarzo - Collateral and Commitment

2020 David Hirshleifer - Social Transmission Bias in Economics and Finance