January 17, 2003

UCLA Professor Receives Nicholas Molodovsky Award for Excellence in Financial Theory and Practice

January 17, 2003 — Dr. Richard Roll, Japan Alumni Chair in International Finance and professor of finance at The Anderson School at UCLA, is the winner of the highly regarded Nicholas Molodovsky Award for his significant influence on financial theory and practice.

The award is given annually by the Association for Investment Management Research (AIMR), to a researcher who has had significant influence on financial thought and practice. AIMR is an international, nonprofit organization of more than 100,000 investment practitioners and educators in over 100 countries. It is chartered by financial analysts to advance the interests of the global investment community, by establishing and maintaining the highest standards of professional excellence and integrity.

"The field of financial economics continues to evolve as a scientific discipline," said Professor Roll. "It is now highly quantitative and recent trends include more emphasis on psychology as a tool, more study of the fine structure of markets and more attention to international aspects."

A leader in his field of study, Professor Roll has made a significant impact on investment theory and on the practice of portfolio management. He is best known for research about modern portfolio theory, particularly his critique of the capital asset pricing model, and his collaboration on an alternative model, the arbitrage pricing theory. Professor Roll was ranked among the top 10 finance scholars in a recent survey for number of citations to his work over the past quarter century.

Professor Roll is a principal of several portfolio management firms that employ modern financial theory as a guide to investment management. Receiving frequent requests to lecture to financial industry groups, Roll has also been a consultant for many corporations, law firms and government agencies. He served as a vice president of Goldman Sachs, where he founded and directed the mortgage securities research group. A past president and fellow of the American Finance Association, he is also a fellow of the Econometric Society and the Financial Management Association.

Roll has published two books and more than 70 articles in technical journals. His most recent paper he co-authored is titled "The End of Class Warfare: An Examination of Income Disparity." Another interesting article he co-authored is titled "Why Many Developing Countries Just Aren't."

His 1968 doctoral thesis won the Irving Fisher Prize as the best American dissertation in economics. Roll is also the recipient of the Graham and Dodd Award for financial writing (twice) and the Leo Melamed Award for the best financial research by an American business school professor. He is past president of the American Finance Association and is a fellow of the Econometric Society. Professor Roll is currently or has been an associate editor of 11 different journals in finance and economics.

Professor Roll received a Ph.D. (economics, finance, statistics) in 1969 from The University of Chicago, an M.B.A. (business) in 1963 from the University of Washington and a B.A.E. (aeronautical engineering) in 1961 from Auburn University.

About The Association for Investment Management and Research

The Association for Investment Management and Research® is best known as the governing body for the rigorous Chartered Financial Analyst® curriculum and examination program. AIMR's mission is to "advance the interests of the global investment community by establishing and maintaining the highest standards of professional excellence and integrity." AIMR's membership includes 116 local professional societies in 38 countries. Headquartered in Charlottesville, Virginia, AIMR also has offices in London and Hong Kong.

About The Anderson School at UCLA

The Anderson School at UCLA is perennially ranked among the top-tier business schools in the world. Award winning faculty renowned for their research and teaching, highly selective students, successful alumni and world-class facilities combine to provide an extraordinary learning opportunity. Established in 1935, The Anderson School provides management education to more than 1,300 students enrolled in full-time, part-time and executive MBA programs and academic master's and Ph.D. programs.

The Anderson School's faculty includes outstanding educators and researchers who share their scholarship and expertise in such fundamental areas as finance, marketing, accounting, business economics, decisions, operations and technology management, human resources and organizational behavior, information systems, strategy and policy.

Recognizing that the school offers unparalleled expertise in management education, the world's business community turns to The Anderson School at UCLA as a center of influence for the ideas, innovations, strategies and talent that will shape the future.

Contact Information

Media Relations, (310) 206-7707, media.relations@anderson.ucla.edu

Media Relations