The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the Journal of Finance, was first published in 1946.
Mission
The purpose of the association is to:
Act as a mutual association of persons with an interest in finance
Improve the public understanding of financial problems
Provide for the exchange of financial ideas through the distribution of the Journal of Finance and other media
Conduct other activities appropriate for a non-profit, professional society in the field of finance
Membership
As of 2022, the association has over 12,000 members.[citation needed] A variety of membership options exist and membership is open to anyone.
A number of members are also distinguished in the Society of Fellows of the Association. These are members who have made significant contributions to the field of finance.
Administration
The administration of the association is overseen by both officers and a board of directors. All of these positions are held by faculty at various universities. The board of directors rotates over time and assists in key decisions and policies.
In January 2000, the Board of Directors of the American Finance Association instituted a Society of Fellows of the Association. The purpose of the society is to recognize those members who have made a distinguished contribution to the field of finance.
Since Fellows are selected by the membership for their contributions to the field of finance, and since this is the principal criterion for election as president, all living past presidents and all future presidents of the association are designated as Fellows. The list of AFA Fellows[10] contains all past presidents and the Fellows selected since that date.
Each year, the Nominating Committee, chaired by the current president, solicits names from the membership and nominates a slate of no more than five candidates from which current Fellows elect a maximum of two new Fellows. Polling of the current Fellows is carried out by the immediate past-president prior to the next annual meeting.
Prizes and awards
Fischer Black Prize
Biennially, the association awards the Fischer Black Prize at its annual meeting. The award, named in honor of economist Fischer Black, recognizes an outstanding young academic whose original research has made a significant contribution to the field of finance.
Annually, the association awards the Dimensional Fund Advisors Prizes[11] (prizes prior to 2019 were sponsored by Amundi Pioneer, Amundi Smith Breeden, and Smith Breeden) for the top three papers in the Journal of Finance in any area other than corporate finance at its annual meeting.
Morgan Stanley-AFA Award for Excellence in Finance
The Morgan Stanley-American Finance Association Award for Excellence in Finance[12] was a bi-annual finance award granted based on an individual's career achievements in outstanding thought leadership in the field of financial economics. The Award began in 2008 and continued for 5 bi-annual periods.
^Oltheten, Elisabeth; Theoharakis, Vasilis; Travlos, Nickolaos G. (2005-03-01). "Faculty Perceptions and Readership Patterns of Finance Journals: A Global View". Journal of Financial and Quantitative Analysis. 40 (1): 223–239. doi:10.1017/S0022109000001800. ISSN1756-6916.
^Borokhovich, Kenneth A.; Bricker, Robert J.; Simkins, Betty J. (1994-06-01). "Journal Communication and Influence in Financial Research". The Journal of Finance. 49 (2): 713–725. doi:10.1111/j.1540-6261.1994.tb05159.x. ISSN1540-6261.
