"Fama, Hansen and Shiller Win Nobel Economics Prize 2013"
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013 was awarded jointly to Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller "for their empirical analysis of asset prices".
The prize, awarded by the Swedish Riksbank in memory of Alfred Nobel, went to the scholars for their work on how the value of assets, such as stocks and bonds, vary over time.
Eugene Fama, from the University of Chicago, showed that stock picks are extremely hard to predict in the short run and that new information is quickly incorporated into their prices.
Robert Shiller, from Yale University, has found that stock prices fluctuate more than corporate dividends. The ratio of prices to dividends tends to fall when it is high and to increase when it is low.
Lars Peter Hansen, also from the University of Chicago, developed statistical methods that are suited to testing rational theories of asset prices.
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