Fama-Miller Center for Research in Finance

Fama-Miller Center for Research in Finance
Name	Fama-Miller Center for Research in Finance
Formation	2000s
Founder	Eugene Fama; Merton Miller
Type	Research center
Headquarters	University of Chicago Booth School of Business
Location	Chicago, Illinois
Leader title	Director
Leader name	Kenneth French
Parent organization	University of Chicago

Contents

Fama-Miller Center for Research in Finance is a scholarly research center located at the University of Chicago Booth School of Business that focuses on empirical and theoretical finance research. The center builds on intellectual legacies associated with Nobel laureates Eugene Fama and Merton Miller and maintains active engagement with academic institutions such as Harvard University, Massachusetts Institute of Technology, and London School of Economics. It serves as a nexus for collaboration among scholars from Princeton University, Stanford University, Columbia University, and international organizations including the Bank for International Settlements and the International Monetary Fund.

History

The center traces its intellectual roots to work by Eugene Fama and Merton Miller that intersected with research traditions at the University of Chicago and debates involving scholars from the Nobel Prize circles, James Tobin, Robert Lucas Jr., and Fischer Black. Early institutional development involved partnerships with departments at Booth School of Business, interactions with research networks tied to National Bureau of Economic Research and Cowles Foundation, and influence from empirical programs associated with Kenneth French and Raghuram Rajan. Over time the center attracted visiting researchers from Yale University, University of California, Berkeley, New York University, and policy practitioners from Federal Reserve System districts and the Securities and Exchange Commission.

The center's stated mission emphasizes rigorous inquiry inspired by the work of Eugene Fama and Merton Miller and aligns with objectives shared by research institutes such as Cato Institute and Brookings Institution in promoting policy-relevant analysis. Objectives include fostering collaborations with scholars from University of Pennsylvania, Duke University, University of Michigan, and promoting methods developed in conjunction with work by Harry Markowitz, Kenneth Arrow, and John Cox. The center seeks to disseminate research to audiences associated with International Monetary Fund, World Bank, Organisation for Economic Co-operation and Development, and market participants at New York Stock Exchange and Chicago Mercantile Exchange.

Research programs span asset pricing, corporate finance, and market microstructure drawing on literatures shaped by Fama–French three-factor model, Capital Asset Pricing Model, and contributions from Michael Jensen and Eugene Fama. Initiatives include empirical studies comparable to projects at National Bureau of Economic Research, theoretical work in the tradition of Kenneth Arrow and Robert C. Merton, and interdisciplinary collaborations involving scholars from Department of Economics, University of Chicago and centers such as Harvard Kennedy School programs. The center runs targeted initiatives on topics studied by Cliff Asness, John Cochrane, Raghuram Rajan, and Luigi Zingales, and engages in comparative research with contributors from European Central Bank and Bank of England research teams.

Core faculty and affiliates include scholars with appointments in institutions like University of Chicago Booth School of Business, Harvard Business School, MIT Sloan School of Management, and visiting fellows from Princeton University. Notable affiliated researchers mirror networks involving Eugene Fama, Kenneth French, Merton Miller, Cliff Asness, John Campbell, Andrei Shleifer, and Jeremy Stein. The center hosts postdoctoral fellows and research associates drawn from doctoral programs at University of California, Berkeley, London Business School, INSEAD, and collaborates with practitioners from BlackRock, Goldman Sachs, Morgan Stanley, and regulatory experts from Federal Reserve Bank of New York.

The center organizes seminars, speaker series, and annual conferences that bring together participants from National Bureau of Economic Research, American Finance Association, European Finance Association, and policy forums hosted by International Monetary Fund. Workshops have featured presentations by scholars associated with Harvard University, Stanford University, Columbia Business School, and guest commentators from Securities and Exchange Commission and the Commodity Futures Trading Commission. The conference program often co-sponsors sessions with Chicago Booth initiatives and international meetings at venues such as London School of Economics and University of Oxford.

The center publishes working papers, discussion papers, and policy briefs linked to broader dissemination channels used by National Bureau of Economic Research, Social Science Research Network, and academic journals such as Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. Working papers often cite empirical traditions established by Eugene Fama, Kenneth French, Merton Miller, and methodological influences from Harry Markowitz and John Hull. Selected outputs have been presented at meetings of the American Economic Association and have influenced regulatory deliberations at the Federal Reserve and European Securities and Markets Authority.

Funding sources include endowments, philanthropic gifts, and research grants from foundations and institutions like Guggenheim Foundation, Rockefeller Foundation, Alfred P. Sloan Foundation, and competitive awards involving National Science Foundation and corporate sponsorship from firms such as Goldman Sachs and JPMorgan Chase. Governance involves oversight by faculty committees drawn from University of Chicago Booth School of Business, advisory boards with members from Harvard Business School, MIT Sloan, and policy advisors formerly affiliated with Federal Reserve Board and International Monetary Fund.