Ross, Stephen. STEPHEN A. ROSS Sloan School of Management, Massachusetts Institute of Technology Stephen A. Ross was the Franco Modigliani Professor of Finance and Economics at the Sloan School of Management, Massachusetts Institute of Technology. We are pleased to report that the 2005 Econometrica paper “Over-the-Counter Markets,” written by Darrell Duffie, Nicolae Gârleanu, and Lasse Pedersen, was awarded the 7th Stephen A. Ross Prize in Financial Economics by the Foundation for Advancement of Research in Financial Economics (FARFE). Thi s wor k wa s supporte … Ross, the Franco Modigliani Professor of Financial Economics, was best known for his arbitrage pricing theory, developed in 1976. [2] He is known for initiating several important theories and models in financial economics. The Role of High Risk Lenders” (with P. Bayer and F. Ferreira). “Measuring Trends in Discrimination with Field Experiment Data”. The Productivity of Education in Early Adolescence:  A Neuroscience-Based Hypothesis & an Intervention Professor Ross’s research has primarily focused on housing and mortgage lending discrimination, residential and school segregation, neighborhood and peer effects, and state and local governments. It is to recognize and encourage significant contributions to research in financial economics. 8, issue 1, 23-40 . Color of Credit: Mortgage Discrimination, Research Methods, and Fair Lending Enforcement (2002) (with J. Yinger). Our websites may use cookies to personalize and enhance your experience. CiteScore: 4.7 ℹ CiteScore: 2019: 4.7 CiteScore measures the average citations received per peer-reviewed document published in this title. Content available from Stephen A Ross: ... * Associat e professo r o f economics, Universit y o f. Pennsylvania. Elsevier Science/North Holland (with J. Yinger). Poterba joins several other MIT faculty members- Bengt Holmstrom, Robert Merton, Stewart Myers, and the late Stephen Ross and Paul Samuelson- in the AFA Society of Fellows. Stephen Ross. The Stephen A. Ross Prize in Financial Economics The initiative to establish FARFE came from academics and practitioners who were former students of Stephen A. Ross. Get your Kindle here, or download a FREE Kindle Reading App. The biennial Ross Prize is given to a paper published in the last fifteen years and was first awarded in 2008. Elizabeth Ananat & Shihe Fu & Stephen L. Ross, 2013. " CiteScore values are based on citation counts in a range of four years (e.g. Stephen A. Ross Prize in Financial Economics Submitted by [email protected] on Fri, 2015-07-24 16:03 The Society warmly congratulates Darrell Duffie, Jun Pan and Ken Singleton for obtaining the 4th Stephen A. Ross Prize for their 2000 Econometrica article, " Transform Analysis and Asset Pricing for Affine Jump-Diffusions ". In his research he uses experimental, theoretical and empirical methods to answer questions in behavioral economics and behavioral operations management. “Race-Specific Urban Wage Premia and the Black-White Wage Gap” (with E. Ananat and S. Fu). 2019-20 Philip E. Austin Lecture on Economics and Public Policy 4.1 out of 5 stars ... #6,675 in Economics (Books) #9,397 in Finance (Books) Customer Reviews: 3.9 out of 5 stars 66 ratings. For more information, please see our University Websites Privacy Notice. Ross, Stephen A. Their model implies that if police are unprejudiced the rate of … Stephen Ross. Housing Policy Debate. “Sorting and voting: A review of the literature on urban public finance” (1999). with honors from Caltech in 1965 where he majored in physics, and his Ph.D. in economics from Harvard in 1970, and has taught at the University of Pennsylvania, Yale School of Management, and MIT. (Steve) Ross, a former Yale professor whose work shaped the development of the field of financial economics, died on March 3. "Ross was perhaps best known for his arbitrage pricing theory and agency theory. “The Housing and Educational Consequences of the School Choice Provisions of NCLB: Evidence from Charlotte, NC” (S. Billings and E. Brunner). The biennial prize, currently $50,000, is given to a paper in financial economics … I'd like to read this book on Kindle Don't have a Kindle? Ross holds a PhD in Economics from Harvard University. He was 73. Best known as the originator of arbitrage pricing theory and as the codiscoverer of risk-neutral pricing and the binomial model for pricing derivatives, he is the coauthor of the best-selling textbook series in finance, Corporate Finance. “What Drives Racial and Ethnic Differences in High Cost Mortgages? Journal of Urban Economics. Moreover, in 1988 he led the American Finance Association as its president. The influence of school district performance and demographic composition on property values,” Journal of Urban Economics (2008) 63, 451-466 (with J. Clapp, A. Nanda). If managers possess inside information, however, then the choice … Commentary in Proceedings of the National Academy of Sciences 114 (41), 10815-10817. Stephen A. Ross, a seminal theorist whose work over three decades reshaped the field of financial economics, died on March 3 at his home in Old Lyme, Conn. P. Cheshire and E.S. “Bank capital requirements and capital structure,” Journal of Financial Services Research (2013) 43, 127-148 (with J. Harding, X. Liang). “The Vulnerability of Minority Homeowners in the Housing Boom and Bust”. The American Economic Review 63.2 (1973): 134-139. The first—considered a cornerstone of modern asset pricing theory—holds that price changes of all assets are driven by a limited number of underlying influences, such as gross domestic product, inflation, and investor confidence. He is particularly interested in contracts, trust and bargaining in supply chain settings. Close Main Navigation. by Stephen A Ross Franco Modigliani Professor of Financial Economics, Randolph W Westerfield Robert R Dockson Deans Chair in Bus Admin, et al. He is a widely published author in finance and economics, and is coauthor of one of the best-selling Corporate Finance texts.[3]. We are pleased to report that the 2005 Econometrica paper “Over-the-Counter Markets,” written by Darrell Duffie, Nicolae Gârleanu, and Lasse Pedersen, was awarded the 7th Stephen A. Ross Prize in Financial Economics by the Foundation for Advancement of Research in Financial Economics (FARFE). 2016-2019) to peer-reviewed documents (articles, reviews, conference papers, data papers and book chapters) published in the same four calendar years, divided by … Stephen Ross Yeaple. While being a globally recognized academic and a widely published author in finance and economics Stephen A. Ross is a member of the American Academy of Arts and Sciences. Stephen A. Ross Prize in Financial Economics Submitted by [email protected] on Fri, 2015-07-24 16:03 The Society warmly congratulates Darrell Duffie, Jun Pan and Ken Singleton for obtaining the 4th Stephen A. Ross Prize for their 2000 Econometrica article, " Transform Analysis and Asset Pricing for Affine Jump-Diffusions ". Stephen Alan "Steve" Ross (February 3, 1944 – March 3, 2017) [1] was the inaugural Franco Modigliani Professor of Financial Economics at the MIT Sloan School of Management after a long career as the Sterling Professor of Economics and Finance at the Yale School of Management. “Wage premia in employment clusters: How important is worker heterogeneity,” Journal of Labor Economics (2013) 21, 271-304 (with S. Fu). His impact will long be remembered. Ross holds a PhD in Economics from Harvard University. Stephen A. Ross is the Franco Modigliani Professor of Finance and Economics at the Massachusetts Institute of Technology. Bell Journal of Economics, 1977, vol. Race-Specific Agglomeration Economies: Social Distance and the Black-White Wage Gap ," Working Papers 2013-10-14, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University. I had the pleasure of meeting Steve Ross on several occasions, and he was a gracious and caring man. He was named International Association of Financial Engineers' Financial Engineer of the Year in 1996. Stephen Leider is a Professor of Technology and Operations. Fischer Black died at 57 while Steve Ross died at 73. Cowles Foundation for Research in Economics Professor Ross’s research has primarily focused on housing and mortgage lending discrimination, residential and school segregation, neighborhood and peer effects, and state and local governments. Steve, the inspiration for FARFE, was an intellectual giant, a friend, and a mentor to so many of us. Elsevier Science/North Holland (with S. Rosenthal). “Does less income mean less representation,” American Economic Journal: Economic Policy (2013) 5, 53-76 (with E. Brunner, E. Washington). The world-class economists in the Michigan Ross business economics faculty give you a clear view of how business, labor, and policy intersect. Ross also introduced a rigorous modeling of the agency problem in 1973, as seen from the principal's standpoint.[4]. Stephen A. Ross Professor of Economics and Finance University of Pennsylvania The Modigliani-Miller theorem on the irrelevancy offinancial struc-ture implicitly assumes that the market possesses full information about the activities of firms. Telephone: (814)-865-5452 Caroline Hoxby, Stanford University He was 73 years old. Stephen A. Ross is the Franco Modigliani Professor of Financial Economics at the MIT (Massachusetts Institute of Technology) Sloan School of Management and has held academic appointments at other renowned universities such as Yale University and the University of Pennsylvania (Wharton School). Centers CAPCP Center for the Study of Auctions, Procurements, and Competition Policy; CRIFES Center for Research on International Financial and Energy Security Professor Ross’s research has primarily focused on housing and mortgage lending discrimination, residential and school segregation, neighborhood and peer effects, and state and local governments. Elizabeth Ananat & Shihe Fu & Stephen L. Ross, 2013. " Evidence from referenda voting patterns,” Journal of Public Economics (2010) 94, 898-910 (with E. Brunner). While being a globally recognized academic and a widely published author in finance and economics Stephen A. Ross is a member of the American Academy of Arts and Sciences. Yes, I believe that Steve Ross deserved a Nobel. He graduated from the University of California Boalt Hall School of Law, where he was asso, World Economics Tell the Publisher! "The economic theory of agency: The principal's problem." Master of Science in Quantitative Economics (MSQE) Program, Sign up: New Working Paper Announcements in. At a time of unprecedented uncertainty, that mission is more important than ever – and we remain committed to fulfilling it. It is a shame that Steve Ross ended up like that. 2018. Journal of Housing Economics 40, 142-156. Stephen A. ... “ The Multinational Firm,” Annual Review of Economics, 2013, 5: 193-217. His research has been funded by the Department of Housing and Urban Development, the FannieMae Foundation, the Ford Foundation, the MacArthur Foundation, and the National Institutes of Health. Princeton University Press, 2004. International Association of Financial Engineers, http://www.caltech.edu/news/caltech-mourns-passing-trustee-stephen-ross-bs-65-54292, http://mitsloan.mit.edu/alumni/events/past-events/big-data-conference/stephen-ross/, https://www.onassis.org/initiatives/onassis-prizes/onassis-prizes-2012-awarding, https://afajof.org/morgan-stanley-american-finance-association-award-for-excellence-in-finance, U.S. Ellen). While being a globally recognized academic and a widely published author in finance and economics Stephen A. Ross is a member of the American Academy of Arts and Sciences. Ross holds a PhD in Economics from Harvard University. The AFA elects one fellow each year, based on members' nominations and a vote of the current fellows. The first—considered a cornerstone of modern asset pricing theory—holds that price changes of all assets are driven by a limited number of underlying influences, such as gross domestic product, inflation, and investor confidence. “Universal vouchers and racial and ethnic segregation,” Review of Economics and Statistics (2010) 92, 912-927 (with E. Brunner, J. Imazeki). "The True Cost of Social Security,"NBER Working Papers 14427, National Bureau of Economic Research, Inc. He was an initiator of the fundamental financial concept of risk-neutral pricing. At a time of unprecedented uncertainty, that mission is more important than ever – and we remain committed to fulfilling it. Economist Ross Wins Deutsche Prize for Pricing Models, Bibliography and References @ newschool.edu, https://en.wikipedia.org/w/index.php?title=Stephen_Ross_(economist)&oldid=1000492084, California Institute of Technology alumni, Fellows of the American Academy of Arts and Sciences, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with CANTIC identifiers, Wikipedia articles with PLWABN identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 15 January 2021, at 09:07. WASHINGTON (December 7, 2020) — WRI is pleased to announce that business leader and philanthropist Stephen M. Ross has committed $63.5 million to support WRI Ross Center for Sustainable Cities, bringing his total contribution to the program to $100 million, to make cities … This paper presents a simple discrete-time model for valuing options. In Press. Stephen L. Ross is a professor of economics at the University of Connecticut. Stephen A. Ross, the Franco Modigliani Professor of Financial Economics at MIT, died suddenly and recently at the young age of 73. We will say that an agency relationship has arisen between two (or more) parties when one, designated as the agent, acts for, on behalf of, or as rep- resentative for the other, designated the | Feb 11 2015 3.8 out of 5 stars 24 Loose Leaf By STEPHEN A. Ross* The relationship of agency is one of the oldest and commonest codified modes of social interaction. He has published in prestigious academic journals including the Journal of Political Economy, Review of Economics and Statistics, The Economic Journal, the American Economic Journal-Economic Policy, Social Problems and the Journal of Urban Economics, and published the Color of Credit with MIT Press in 2002. Moreover, in 1988 he led the American Finance Association as its president. Moreover, in 1988 he led the American Finance Association as its president. It became a book in 2004,[5] presenting neoclassical finance and defending it, including such notions as the efficiency and rationality of markets, against its critics, especially those who belong to the behavioral finance tradition. By continuing without changing your cookie settings, you agree to this collection. Stephen A. Ross February 3, 1944 - March 3, 2017. Contact Information. 520 Kern Building University Park, PA 16801 . In 1985 he contributed to the creation of the Cox–Ingersoll–Ross model for interest rate dynamics. Stephen Ross contends that critics of neoclassical finance are all too willing to live with the proverbial $100 bill sitting unclaimed on the pavement, and underestimate the power of arbitrage. Stephen L. Ross is a professor of economics at the University of Connecticut. 2018. Ross was a recipient of a 2006 Smith Breeden Prize, a 2012 Onassis Prize,[6] a 2014 Morgan Stanley - AFA Award for Excellence in Finance,[7] as well as a 2015 Deutsche Bank Prize for developing models used for assessing prices for options and other assets in the previous 30 years. Economics is a fundamental discipline that provides the foundation for other areas of study, such … Stephen A. Ross is the Franco Modigliani Professor of Financial Economics at the MIT (Massachusetts Institute of Technology) Sloan School of Management and has held academic appointments at other renowned universities such as Yale University and the University of Pennsylvania (Wharton School). “Partners in Crime” (with S. Billings and D. Deming). The biennial prize, currently $50,000, is given to a paper in financial economics … CiteScore: 4.7 ℹ CiteScore: 2019: 4.7 CiteScore measures the average citations received per peer-reviewed document published in this title. Professor of Economics at University of Connecticut. Steve, the inspiration for FARFE, was an intellectual giant, a friend, and a mentor to so many of us. Alexander W. Blocker & Laurence J. Kotlikoff & Stephen A. Ross, 2008. ‪University of Connecticut‬ - ‪‪Cited by 6,478‬‬ - ‪Economics‬ - ‪Urban‬ - ‪Education‬ - ‪Finance‬ - ‪Sociology‬ ... Stephen Billings University of Colorado - Boulder Verified email at colorado.edu. April 10, 2019, Subject Areas: Urban Economics, Public Finance, Labor Economics. Moreover, in 1988 he led the American Finance Association as its president. Stephen A. Ross (1944-2017) Over the course of his remarkable career, Stephen A. 2016-2019) to peer-reviewed documents (articles, reviews, conference papers, data papers and book chapters) published in the same four calendar years, divided by … Knowles, Persico, and Todd (2001) develop a model of police search and offender behavior. He is particularly interested in contracts, trust and bargaining in supply chain settings. Journal of Business and Economic Statistics. The Stephen A. Ross Prize in Financial Economics The initiative to establish FARFE came from academics and practitioners who were former students of Stephen A. Ross. This paper presents a simple discrete-time model for valuing options. This happened to Fischer Black too. JOURNAL OF ECONOMIC THEORY 13, 341-360 (1976) The Arbitrage Theory of Capital Asset Pricing STEPHEN A. ROSS* Departments of Economics and Finance, University of Pennsylvania, The Wharton School, Philadelphia, Pennsylvania 19174 Received March 19, 1973; revised May 19, 1976 The purpose of this paper is to examine rigorously the arbitrage model of capital asset pricing developed in Ross … View profile View profile badges Get a job like Ross,’s. “Economics and ideology: Causal evidence of the impact of income on support for redistribution and other proposals,” Review of Economics and Statistics (2011) 93, 888-906 (with E. Brunner, E. Washington). “Estimating the effects of friendship networks on health behaviors of adolescents” (with J. Fletcher). Stephen Ross. CiteScore values are based on citation counts in a range of four years (e.g. He gave the inaugural lecture of the Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, in 2001. In Press. "Ross was perhaps best known for his arbitrage pricing theory and agency theory. For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world's foremost leaders and thinkers on the issues, events, and forces shaping their lives. 1 Stephen Ross Yeaple . ... MA Turner, S Ross, GC Galster, J Yinger. The Determination of Financial Structure: The Incentive-Signalling Approach. Professor Ross also has consulted for Abt Associates, FannieMae, the National Consumer Law Center, the New York State Attorney General’s office, and the Urban Institute. 2016. Race-Specific Agglomeration Economies: Social Distance and the Black-White Wage Gap ," Working Papers 2013-10-14, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University. Health Economics 27, 1-34. Economics is a fundamental discipline that provides the foundation for other areas of study, such … Ross is best known for the development of the arbitrage pricing theory (mid-1970s) as well as for his role in developing the binomial options pricing model (1979; also known as the Cox–Ross–Rubinstein model). For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world's foremost leaders and thinkers on the issues, events, and forces shaping their lives. “There’s no place like home: Racial disparities in household formation in the 2000s” (with S. Newman and S. Holupka). “Change and persistence in the economics status of neighborhoods and cities” (In press). Stephen Ross is currently Professor of Law at the University of Illinois. While being a globally recognized academic and a widely published author in finance and economics Stephen A. Ross is a member of the American Academy of Arts and Sciences. The fundamental economic principles of option pricing by arbitrage methods are particularly clear in this setting. It is impossible for words to do justice to his legacy. Stephen L. Ross is a professor of economics and currently holds the Phillip E. Austin Chair of Public Policy at the University of Connecticut. By STEPHEN A. Ross* The relationship of agency is one of the oldest and commonest codified modes of social interaction. Professor of Economics at University of Connecticut. (Steve) Ross made path-breaking research contributions across many areas of finance and economics. He received his B.S. The world-class economists in the Michigan Ross business economics faculty give you a clear view of how business, labor, and policy intersect. There is a book, Stephen A Ross: Mentor, that shows how much his influence touched many prominent finance professors. He does a marvelous job of establishing the basic foundations of neoclassical finance, and describing its tenets and results. 2018. Review of Financial Studies 31, 175–205. Ross served as President of the American Finance Association in 1988. Stephen A. Ross is the Franco Modigliani Professor of Finance and Economics at the Massachusetts Institute of Technology. “Whose in charge of the inner city: The conflict between efficiency and equity in the Design of a metropolitan area,” Journal of Urban Economics (2004) 56, 458-483 (with C. deBartolome). He was 73. Stephen Alan " Steve " Ross (February 3, 1944 – March 3, 2017) was the inaugural Franco Modigliani Professor of Financial Economics at the MIT Sloan School of Management after a long career as the Sterling Professor of Economics and Finance at the Yale School of Management. Stephen A. Ross is the Franco Modigliani Professor of Financial Economics at the MIT (Massachusetts Institute of Technology) Sloan School of Management and has held academic appointments at other renowned universities such as Yale University and the University of Pennsylvania (Wharton School). In 2010, Kiyotaki and Moore won the Stephen A. Ross Prize in Financial Economics for their 1997 paper "Credit Cycles" in the Journal of Political Economy. American Economic Journal: Applied Economics 11(1), 126-50. In 2010, Kiyotaki and Moore won the Stephen A. Ross Prize in Financial Economics for their 1997 paper "Credit Cycles" in the Journal of Political Economy. 2018. “School quality and property values: Re-examining the boundary approach,” Journal of Urban Economics (2012) 71, 18-25 (with P. Dhar). “Understanding the foreclosure crisis,” Journal of Policy, Analysis and Management: Point-Counterpoint (2011) 30, 382-388 (with K. Gerardi, P. Willen). Such theories have become an important part of the paradigm known as neoclassical finance. Journal of Housing Economics 40, 1-5. Ross holds a PhD in Economics from Harvard University. American Economic Journal: Economic Policy 8, 1-27 (with P. Bayer and F. Ferreira). The fundamental economic principles of option pricing by arbitrage methods are particularly clear in this setting. FARFE established the prize in honor of the late Stephen A. Ross, the Franco Modigliani Professor of Financial Economics at MIT. “Race and the City” (with I.G. “Sequential Strategic Openings of US Multiline Department Stores” (with J. Clapp and T. Zhou). In Press. Stephen Ross Yeaple. His overall impact extends much beyond his exceptional research and includes his influence as a colleague, mentor and teacher of numerous students. MIT Sloan School of Management Professor Stephen Ross, inventor of the arbitrage pricing theory and a foundational member of the practice of modern finance, died Friday, March 3. Education: Ph.D., Economics, Syracuse University, Honors and Appointments: — Co-editor, Regional Science and Urban Economics, 2018-Present — Research Fellow, Center for Financial Security, University of Wisconsin-Madison, 2018-Present — Member, Editorial Board, Journal of Economic Geography, 2015-Present — Scholar, Penn Institute for Urban Research, University of Pennsylvania, 2014-Present — Member, Editorial Board, Journal of Real Estate Finance and Economics, 2014-Present — Network Member, Human Capital and Economic Opportunity Global Working Group, University of Chicago — 2011-Present.Member, Editorial Board, Journal of Housing Economics, 2011-Present — Member, Editorial Board, Journal of Urban Economics, 2009-Present — Member, Editorial Board, Regional Science and Urban Economics, 2007-Present — Councillor at Large, the North American Regional Science Council, 2011-2013 — Fellow, Weimer School of Advanced Studies in Real Estate and Land Economics, Homer Hoyt Institute, 2011 — Inaugural University of Connecticut College of Liberal Arts and Sciences Research Award – Social Sciences Division 2009 — University of Connecticut, Chancellor’s Fellow, 2003-04 — Post-doctoral Fellow, Weimer School of Advanced Studies in Real Estate and Land Economics, Homer Hoyt Institute, 2001 — American Real Estate and Urban Economics Association Dissertation Award, 1995 — Syracuse University Fellowship, 1990-1994, Courses Taught: — Economics of Taxation and Government Spending — Urban Development and Policy — Economics of Poverty — Real Estate Principles — Principles of Macroeconomics — Advanced Labor Economics (Ph.D.) — Public Expenditures (Ph.D.), Research Interests: Discrimination, Education, Local Public Finance, Mortgage Markets, Peer and Neighborhood Effects, Segregation, Social Interactions, Urban Labor Markets. “Racial bias in motor vehicle searches: Additional theory and evidence,” Contributions to Economic Analysis and Policy (2004) 3, 1-21 (with D. Dharmapala). It is impossible for words to do justice to his legacy. “Public school choice and integration: Evidence from Durham, NC,” Social Science Research (2009) 38, 78-85 (with B. Bifulco, H. Ladd). “Is the median voter decisive? Professor of Financial Economics, MIT Sloan School of … Stephen A. Ross (1944-2017) Over the course of his remarkable career, Stephen A. “Schools and housing markets: An examination of changes in school segregation and performance,” The Economic Journal (2004) 114, F425-F440 (with J. Clapp). Department of Economics. New commitment to WRI Ross Center for Sustainable Cities brings total gift to $100 million. The Pennsylvania State University . “Mortgage lending in Chicago and Los Angeles: A paired testing study of the pre-application process,” Journal of Urban Economics (2008) 63(3), 902-919 (with M. Turner, E. Godfrey, R. Smith). Best known as the originator of arbitrage pricing theory and as the codiscoverer of risk-neutral pricing and the binomial model for pricing derivatives, he is the coauthor of the best-selling textbook series in finance, Corporate Finance. by Stephen A Ross Franco Modigliani Professor of Financial Economics, Randolph W Westerfield Robert R Dockson Deans Chair in Bus Admin, et al. WASHINGTON (December 7, 2020) — WRI is pleased to announce that business leader and philanthropist Stephen M. Ross has committed $63.5 million to support WRI Ross Center for Sustainable Cities, bringing his total contribution to the program to $100 million, to make cities … I think he passed away before the committee picked him. In his research he uses experimental, theoretical and empirical methods to answer questions in behavioral economics and behavioral operations management. Stephen L. Ross is a professor of economics at the University of Connecticut. Abstract: The Modigliani-Miller theorem on the irrelevancy of financial structure implicitly assumes that the market possesses full information about the activities of firms. JOURNAL OF ECONOMIC THEORY 13, 341-360 (1976) The Arbitrage Theory of Capital Asset Pricing STEPHEN A. ROSS* Departments of Economics and Finance, University of Pennsylvania, The Wharton School, Philadelphia, Pennsylvania 19174 Received March 19, 1973; revised May 19, 1976 The purpose of this paper is to examine rigorously the arbitrage model of capital asset pricing developed in Ross … “Evidence and Actions on Mortgage Market Disparities: Research, Fair lending Enforcement and Consumer Protection” (with M. Courchane). In The Handbook of Regional and Urban Economics, Volume 3: Applied Urban Economics (Eds. His overall impact extends much beyond his exceptional research and includes his influence as a colleague, mentor and teacher of numerous students. New commitment to WRI Ross Center for Sustainable Cities brings total gift to $100 million. “Now you see it, now you don’t: Why some homes are hidden from black buyers,” Review of Economics and Statistics (2003) 85, 854-873 (with J. Ondrich, J. Yinger). Stephen Ross is currently Professor of Law at the University of Illinois. Stephen Leider is a Professor of Technology and Operations. [8], Ross chaired the theses for the following economists: Anat Admati, Jonathan Berk, John Y. Campbell, Philip H. Dybvig, William N. Goetzmann, Mark Grinblatt, Leonid Kogan, Stavros Panageas, Paul Pfleiderer, Chester Spatt.[9]. Stephen A. Ross February 3, 1944 - March 3, 2017. | Feb 11 2015 3.8 out of 5 stars 24 Loose Leaf Ross, Stephen A. Neoclassical finance. He also edits the Urban and Real Estate Economics working paper announcement service for New Papers in Economics (NEP). “Place of work and place of residence: Informal hiring networks and labor market outcomes,” Journal of Political Economy (2008) 116, 1150-1196 (with P. Bayer, G. Topa). Department of Economics . “Housing discrimination in metropolitan America: Explaining changes between 1989 and 2000,” Social Problems (2005) 52, 152-180 (with M. Turner). (Steve) Ross made path-breaking research contributions across many areas of finance and economics. Stephen A. Ross Professor of Economics and Finance University of Pennsylvania The Modigliani-Miller theorem on the irrelevancy of financial struc- ture implicitly assumes that the market possesses full information about the activities offirms.