He is a past president of the American Finance Association, Western Finance Association and the Society for Financial Studies, as well as a scientific adviser at the Sveriges Riksbank, the central bank of Sweden.
Following its third centennial in 1968, the Bank instituted the annual Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, which is awarded with the Nobel Prizes at the Prize Award Ceremony in Stockholm, on 10 December, the anniversary of Nobel's death.
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