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.

Nobel laureate Eugene F. Fama is the Robert R. McCormick Distinguished Service Professor of Finance.
Winner of the 2013 Nobel Prize in economics, Eugene F. Fama transformed the way finance is viewed and conducted. He is widely recognized as the "father of modern empirical finance."
Merton Miller, Nobel laureate
Merton Miller shared the 1990 Nobel Prize in economics with two other US economists. Miller was recognized for "his fundamental contributions to the theory of corporate finance."

Research Highlights

Douglas Diamond Wins Onassis Prize in Finance

Douglas Diamond, Chicago Booth Professor and former Fama-Miller Center co-director, is awarded the Onassis Price in Finance. The Onassis Prizes are awarded to the world’s foremost academics in the fields of finance, international trade and shipping, to honour outstanding academic achievements that have had international significance. Learn more>

Economic Rockstar: Eugene Fama

Eugene F. Fama discusses Efficient Market, Hypothesis, the Feds Fund Rate, Bitcoin, and Daily Routines with Frank Conway, founder of Economic Rockstar podcast.
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The Fama Porfolio

The Fama-Miller Center recently hosted an event to celebrate the publication of “The Fama Portfolio,” an edited collection of papers written by Eugene Fama, along with introductory essays by many of his colleagues. This was an opportunity to not only celebrate his works, but also present the book to Professor Fama. The event also included a panel discussion on asset pricing with John Cochrane, Tobias Moskowitz, Kenneth French, Eugene Fama, and William Schwert. Watch video> / View Photos>

Fiduciary Investors Symposium at Chicago Booth

Eugene F. Fama, Robert R. McCormick Distinguished Service Professor of Finance at the Chicago Booth School of Business, speaks to Top1000funds.com editor Amanda White and John Skjervem, chief investment officer of Oregon State Treasury, about active management, academic progress, the three-factor model, and efficient markets. Watch video »

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 »