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Award for India-born academic

Washington Jan. 11. India-born Raghuram Rajan, Professor of Finance at the University of Chicago, has been awarded the newly-instituted Fischer Black Prize by a premier academic organisation on financial economics.

Mr. Rajan was selected by the American Finance Association, for being ``the most outstanding financial economist under age 40,'' a statement from the organisation said. His work examines the role of institutions in finance and their effect on economic growth, it said.

In more than 50 papers and articles and a forthcoming book, Mr. Rajan has made ``path-breaking contributions to our knowledge of financial institutions, the workings of the modern corporation and the causes and consequences of the development of the financial sector across countries,'' it said. — PTI

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