New York, NY, March 15, 2011 – Columbia Business School is proud to announce that Stephen Penman, George O. May Professor of Accounting, was awarded the Roger F. Murray Prize by the Institute for Quantitative Research in Finance (Q-Group). The Q-Group aims to contribute to the development and understanding of new quantitative techniques to improve the operation of the global financial marketplace. Professor Penman was awarded second prize for the presentation of his paper, "Returns to Buying Earnings and Book Value: Accounting for Growth and Risk." The prize is named in honor of Roger F. Murray, an economist who frequently advised members of Congress and business leaders during the 1950's and 60's. Roger F. Murray made significant contributions at Columbia Business School – he led the Security Analysis class first started by Benjamin Graham, who is considered to be a pioneer in value investing. Roger F. Murray was also the editor of the 5th edition of Security Analysis, the premier textbook on value investing that was written by Columbia Business School professors David Dodd and Benjamin Graham.
Prior to his appointment at Columbia in 1999, Professor Penman was the L.H. Penney Professor in the Walter A. Haas School of Business at the University of California at Berkeley. His research is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has conducted seminars on fundamental analysis and equity evaluation for academic and professional audiences. He is an editor of the Review of Accounting Studies and is on the editorial board of the Schmalenbach Business Review. His new book, Accounting for Value, has just been published by the Columbia University Press under the Columbia Business School Imprint.
Past Roger F. Murray Prize recipients include: K. J. Martijn Cremers, Associate Professor of Finance, Yale School of Management, Olivia S. Mitchell, The Wharton School, University of Pennsylvania, and other faculty from leading business schools and universities.
About The Institute for Quantitative Research in Finance®
The Institute for Quantitative Research in Finance®, also known as "The Q-Group,"® was founded in 1966 and incorporated in 2001. The purpose of the Institute is to help the investment community create and implement structured solutions to financial and investment problems. The Q-Group® endeavors to contribute to the development and understanding of new quantitative techniques to improve the operation of the global financial marketplace.
About Columbia Business School
Led by Dean R. Glenn Hubbard, the Russell L. Carson Professor of Finance and Economics, Columbia Business School seeks to provide a truly global business education that lasts and evolves over a lifetime, preparing students for strong leadership in any industry. The School's cutting-edge curriculum bridges pioneering academic theory with industry practice, imparting not only functional skills, but the entrepreneurial mindset required to recognize and capture opportunity in a competitive business environment. Beyond academic rigor and teaching excellence, the School offers programs that are designed to give students practical experience making decisions in real-world environments. The strength of its ideas, the breadth and accessibility of its alumni network, and the extent of its connections to New York City combine to make Columbia Business School one of the most innovative and dynamic business communities in the world. The School offers MBA and Executive MBA (EMBA) degrees, as well as nondegree executive education programs. For more information, visit www.gsb.columbia.edu.