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.
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, 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.
An alumini of IIT-Delhi, Rajan holds an MBA from IIM-Ahmedabad and a Ph.D. from the Massachusetts Institute of Technology. He teaches at the Graduate School of Business, Chicago University.