Morgan Stanley and the American Finance Association announced the establishment of a new bi-annual finance award for career achievements and leadership in financial economics research.

The Morgan Stanley – American Finance Association Award for Excellence in Finance will be presented for the first time in January 2008, along with a US$200,000 gift that will be made to an institution of the award recipient’s choice to support financial research.

“We are delighted to be teaming up with the American Finance Association to establish this award,” said Joseph Langsam, managing director at Morgan Stanley. “We believe it will be the premier prize devoted exclusively to the field of finance.”

Morgan Stanley plans to host the first presentation ceremony in 2008 at its headquarters in New York. The AFA announced the establishment of the award to its members at its annual general
meeting in Chicago on Saturday, January 6.

Richard Green, president of the AFA said, “What is particularly gratifying about this award is that we not only get to honor a leading scholar but we also get to fund important research in the field of financial economics.”