The Fama-Miller Center was founded to promote and enhance academic research in finance at the University of Chicago Booth School of Business.

The Fama-Miller Center was founded to promote and enhance academic research in finance at the University of Chicago Booth School of Business. We build on a deep and distinguished tradition represented by the seminal contributions and intellectual and personal leadership provided by Gene Fama and Merton Miller. The center's mission is to maintain and advance this legacy.

The nature of finance research has changed dramatically over the last few decades. In part, the world we study has changed. We have seen an explosion of new markets, instruments, and financial institutions. We have seen rapid changes in the nature of and access to information. New corporate structures and funding mechanisms have emerged, and regulation has expanded and shifted. In part, the nature of the research business itself has changed. The profession is much larger and more specialized. The internet and vastly expanding data have changed how we work. And, of course, ideas have advanced.

These developments have sparked a broad and diverse set of research programs, requiring new levels of support and collaboration. In this evolving world of finance research, the model of individual faculty acting alone, even if well funded, is no longer adequate. The institutional structure and resources provided by a center will be crucial to achieving our goals. These are public goods that individual faculty cannot provide.

Research Highlights

Fama Nobel Lecture Explains Asset Pricing

The Nobel laureate Eugene F. Fama, Robert R. McCormick Distinguished Service Professor of Finance, delivered his Prize Lecture, “Two Pillars of Asset Pricing,” on Sunday at Stockholm University. The other Prize Lectures in Economic Sciences were given by Lars Peter Hansen of the University of Chicago and Robert J. Shiller of Yale University. Watch video »


Fama Wins the Nobel Prize

Eugene F. Fama was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013, along with Lars Peter Hansen of the University of Chicago and Robert J. Schiller of Yale, for their empirical analysis of asset prices. Read more »