AFA Presidential Addresses

Every American Finance Association Presidential Address from 1972 to 2024. These are where the profession floats its big ideas, and a great many successful research agendas are buried in them. Sortable by year, author, or title. Column DOI links the version of record.

53 addresses. 53 with a resolved DOI.

Year President Title Links
1972 Joseph A. Pechman Distribution of Federal and State Income Taxes by Income Classes pdfdoi
1973 Irwin Friend Mythodology in Finance pdfdoi
1974 Sherman J. Maisel The Economic and Finance Literature and Decision Making pdfdoi
1975 John Lintner Inflation and Security Returns pdfdoi
1976 Myron J. Gordon A Portfolio Theory of the Social Discount Rate and the Public Debt pdfdoi
1977 Merton H. Miller Debt and Taxes pdfdoi
1978 Alexander A. Robichek Regulation and Modern Finance Theory pdfdoi
1979 Burton G. Malkiel The Capital Formation Problem in the United States pdfdoi
1980 Edward J. Kane Market Incompleteness and Divergences Between Forward and Futures Interest Rates pdfdoi
1981 William F. Sharpe Decentralized Investment Management pdfdoi
1982 Franco Modigliani Debt, Dividend Policy, Taxes, Inflation and Market Valuation pdfdoi
1983 Harry M. Markowitz A Question about CAPMs pdfdoi
1984 Stewart C. Myers The Capital Structure Puzzle pdfdoi
1985 James C. Van Horne Of Financial Innovations and Excesses pdfdoi
1986 Fischer Black Noise pdfdoi
1987 Robert C. Merton A Simple Model of Capital Market Equilibrium with Incomplete Information pdfdoi
1988 Richard Roll R2 pdfdoi
1989 Stephen A. Ross Institutional Markets, Financial Marketing, and Financial Innovation pdfdoi
1990 Michael J. Brennan Latent Assets pdfdoi
1991 Myron S. Scholes Stock and Compensation pdfdoi
1992 Robert H. Litzenberger Plain and Fanciful pdfdoi
1993 Michael C. Jensen The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems pdfdoi
1994 Mark Rubinstein Implied Binomial Trees pdfdoi
1995 Sanford J. Grossman Dynamic Asset Allocation and the Informational Efficiency of Markets pdfdoi
1996 Martin J. Gruber The Growth in Actively Managed Mutual Funds pdfdoi
1997 Eduardo S. Schwartz Implications for Valuation and Hedging pdfdoi
1998 Hayne E. Leland Agency Costs, Risk Management, and Capital Structure pdfdoi
1999 Edwin J. Elton Expected Return, Realized Return, and Asset Pricing Tests pdfdoi
2000 Hans R. Stoll Friction pdfdoi
2001 Franklin Allen Do Financial Institutions Matter pdfdoi
2002 George M. Constantinides Rational Asset Prices pdfdoi
2003 Maureen O'Hara Liquidity and Price Discovery pdfdoi
2004 Douglas W. Diamond Short-Term Debt When Enforcement Is Costly pdfdoi
2005 René M. Stulz The Limits of Financial Globalization pdfdoi
2006 John Y. Campbell Household Finance pdfdoi
2007 Richard C. Green Issuers, Underwriter Syndicates, and Aftermarket Transparency pdfdoi
2008 Kenneth R. French The Cost of Active Investing pdfdoi
2009 Jeremy C. Stein Sophisticated Investors and Market Efficiency pdfdoi
2010 Darrell Duffie Asset Price Dynamics with Slow-Moving Capital pdfdoi
2011 John C. Cochrane Discount Rates pdfdoi
2012 Raghuram G. Rajan The Corporation in Finance pdfdoi
2013 Sheridan Titman Financial Markets and Investment Externalities pdfdoi
2014 Robert Stambaugh Investment Noise and Trends pdfdoi
2015 Luigi Zingalez Does Finance Benefit Society pdfdoi
2016 Patrick Bolton Debt and Money Financial Constraints and Sovereign Finance pdfdoi
2017 Campbell Harvey The Scientific Outlook in Financial Economics pdfdoi
2018 David Scharfstein Pension Policy and the Financial System pdfdoi
2019 Peter DeMarzo Collateral and Commitment pdfdoi
2020 David Hirshleifer Social Transmission Bias in Economics and Finance pdfdoi
2021 Kenneth Singleton How Much Rationality Is There in Bond‐Market Risk pdfdoi
2022 John Graham Corporate Finance and Reality pdfdoi
2023 Laura Starks Sustainable Finance and ESG Issues Value versus Values pdfdoi
2024 Markus Brunnermeier Macrofinance and Resilience pdfdoi