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Sergio Mayordomo, Professor at the University of Navarra, Spain
María Rodríguez-Moreno, Professor at the University of Navarra, Spain
Americans Eugene F. Fama (University of Chicago), Lars Peter Hansen (University of Chicago) and Robert J. Shiller (Yale University) have been awarded the award Nobel Prize of Economics 2013 due to their influential work of research in the field of asset evaluation . Their contribution has been B from both academic and internship perspectives. This double impact is a challenge for all researcher, as it involves crossing the barrier of academia to connect with the "real world".
Since the 1960s, Fama demonstrated that stock prices were extremely difficult to predict in the short deadline. This turned out not to be incompatible with the more notorious contribution of Shiller, who documented in the early 1980s that prices could be predicted over medium and long horizons deadline. Hansen, for his part, developed a statistical method for the analysis of these theories concerning the evaluation of assets that allows explaining the behavior of their prices.
In terms of its dimension internship, Professor Fama's results contributed to changing market practices and to the emergence of the so-called "index funds" whose performance challenged the value of active management funds. Professor Shiller is known for his work on financial bubbles, behavioral finance and housing prices. One of Shiller's best-sellers, "Animal Spirits", describes his views on finance. In addition, he created the well-known S&P/Case-Shiller house price index together with Karl Case. Professor Hansen's contribution lies in the development and application of the "generalized method of moments" to evaluation models without the need for unrealistic assumptions.
Although Shiller's own reaction when he was informed of the Nobel Prize was one of disbelief, the truth is that it is a well-deserved award for the three laureates.