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Three academics at the 2015 Onassis Prizes ceremony
Business & Finance Series: Announcements

Onassis Prizes honour world leading academics

Nobel Laureates help select winners of $600,000 prize fund for shipping, trade and finance

by Nicola Ranson (Communications Officer)

The winners of the 2015 Onassis Prizes, awarded to the world’s foremost academics in the fields of finance, international trade and shipping, have been announced by the Lord Mayor of London, Alderman Alan Yarrow at Mansion House in London.

The prestigious prizes, each worth $200,000, are sponsored by the Alexander S. Onassis Public Benefit Foundation and awarded every three years by Cass Business School, jointly with the Onassis Foundation.
Judged by a panel of distinguished academics, including two Nobel Laureates, the prizes recognise the contribution of world leading academics to the fields of finance, international trade and shipping. 

The awards honour academic achievements that have not previously had a platform for global recognition.


Onassis Prize for Finance

Two academics - Professor Stewart Myers and Professor Richard Roll – share the 2015 Onassis Prize for Finance. 

Professor Stewart Myers, the Robert C. Merton (1970) Professor of Financial Economics from the Massachusetts Institute of Technology is best known for his influential research on capital structure and capital budgeting valuation. Throughout his distinguished career he has had a significant influence on the theory of banking and corporate finance and is notable for coining the term “real option”. 

Professor Richard Roll, Linde Professor of Finance at the California Institute of Technology is widely acclaimed for his work on portfolio theory and asset pricing. His PhD thesis The Behavior of Interest Rates: An Application of the Efficient Market Model to U.S. Treasury Bills won the Irving Fisher Prize in 1968. 

This year’s winners have made foundational contributions to finance since the beginning of its transformation to a rigorous science-based discipline, nearly a half century ago: Stewart Myers in corporate finance and Richard Roll in capital markets.


Onassis Prize for International Trade

Professor Gene Grossman of Princeton University has received the 2015 Onassis Prize for International Trade. Professor Grossman is widely acclaimed for his research on international competitiveness in research-intensive industries and has won numerous professional awards including the Bernard-Harms Prize from the Kiel Institute for the World Economy. He is best known for his work on the Environmental Kuznets Curve and for his book, written in collaboration with Elhanan Helpman, entitled Innovation and Growth in the Global Economy. 

Professor Grossman has received the Onassis Prize for International Trade in recognition of his outstanding contributions to strategic trade policy, environmental economics and the economics of offshoring.


Onassis Prize for Shipping

Two academics – Emeritus Professor Trevor Heaver and Dr Martin Stopford – share the 2015 Onassis Prize for Shipping. 

Professor Trevor Heaver spent many years as the Director of the Centre for Transportation Studies at the Sauder School of Business, University of British Columbia and is best known for his work on transport economics particularly international shipping and logistics. Professor Heaver was also a founding member and Past-President of the World Conference on Transport Research. 

Dr Martin Stopford, Non-Executive President of Clarksons Research Services Limited is a widely acclaimed British economist. His seminal text on shipping economics and finance entitled Maritime Economics was awarded the Chojeong Book Prize in 2005 in recognition of the significant contribution it has made to the shipping industry. Dr Stopford received the Lifetime Achievement Award from the Lloyd’s List Global Shipping Awards in 2010.


Dr Anthony Papadimitriou, President of the Onassis Public Benefit Foundation and Chairman of the panel of prize judges, said: 

“Onassis became famous in his lifetime, and after, for his mastery of the science and art of Shipping, Trade and Finance. The Onassis Foundation is proud to associate once more the name of its Founder with the Corporation of the City of London and the Costas Grammenos Center for Shipping Trade and Finance (City University London) which respectively are world centers of the practice and academic study of these three entrepreneurship areas. This third edition of the Prizes is on an unparalleled level”.

Lord Mayor of London, Alderman Alan Yarrow said: “Here in the City of London, we are proud to be at the forefront of global finance, international trade and shipping. It is a huge honour to announce these triennial Onassis Prizes – recognising outstanding academic achievement in their field, across the world. On behalf of the City of London I’d like to wish the winners every success for the future."

The Onassis Public Benefit Foundation is named in honour of Alexander Onassis, son of the Greek shipping magnate Aristotle Onassis, who died in 1975.

Definition
Onassis Prizes

The Onassis Prizes are awarded by Cass Business School, London and sponsored by the Onassis Public Benefit Foundation. The prizes recognise a lifetime contribution by leading academics in the area of shipping, trade or finance.

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