CFA Institute Research Foundation Presents the 2025 James R. Vertin Research Award to Professor Stephen Brown, Emeritus Professor of Finance at Monash Business School and at the Stern School of Business, New York University
The CFA Institute Research Foundation is pleased to announce that Professor Stephen Brown, Emeritus Professor of Finance at Monash University in Australia and at the Stern School of Business at New York University has been named the recipient of the 2025 James R. Vertin Award.
The award recognizes individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. This award was established in 1996 to honor James R. Vertin for his leadership and excellence in research and education.
Professor Brown served as Executive Editor of the Financial Analysts Journal, published by CFA Institute, and he currently sits on the Advisory Council. Previously, he served as a managing editor of The Journal of Financial and Quantitative Analysis. He was a founding editor of the Review of Financial Studies and has served on the editorial board of The Journal of Finance and other journals. He has published numerous articles and five books on finance and economics related areas, including Quantitative Methods for Financial Analysis, which was commissioned by CFA Institute. Professor Brown graduated from Monash University in Australia and studied at the University of Chicago. He is an active member of CFA Society Australia.
Jeffrey Bailey, CFA, Chair, CFA Institute Research Foundation, states:
“Stephen J. Brown’s pioneering research reflects the Research Foundation’s mission to publish independent, high-quality insights that elevate the investment profession and benefit society.”
William Goetzmann, Editor, Financial Analysts Journal, comments:
“Stephen Brown is one of the true thought leaders in empirical finance. His mentorship is the reason why I am in this profession. Brown and Warner’s work demonstrated what mattered and what did not in event studies, and how to actually use them for meaningful statistical inference. He embodies the spirit of the Vertin Award in every possible dimension.”
Margaret Franklin, CFA, President and CEO of CFA Institute adds:
“Stephen J. Brown’s pioneering work has transformed the way finance is studied and practiced. As a former Executive Editor of the Financial Analysts Journal, he exemplifies the rigor and impact that the Vertin Award celebrates.”
About CFA Institute
As the global association of investment professionals, CFA Institute sets the standards for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across more than 160 markets, CFA Institute has 9 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn.
About the CFA Institute Research Foundation
The CFA Institute Research Foundation provides independent, high-quality research that helps investment management professionals effectively fulfill their duties with prudence, loyalty, and care. Research Foundation publications reflect the views of the author(s) and do not represent the official views of CFA Institute, the CFA Institute Research Foundation or the publication’s editorial staff.