Lasse H. Pedersen


Lasse H. Pedersen, winner of the 11th edition of the Bernácer Prize

The Committee Members of the Germán Bernácer Prize, Dr. Vitor Constancio (Chair), Prof. Juan J. Dolado (Secretary), Prof. Francesco Giavazzi, Prof. Jordi Galí, Prof. Edward C. Prescott, Prof. Eduardo Schwartz, Dr. José Viñals and Prof. Charles Wyplosz have the pleasure of announcing that:

“The 11th edition of the Germán Bernácer Prize has been awarded to Prof. Lasse Heje Pedersen (Copenhagen Business School and NYU Stern School of Business) for his original research contributions on how the interaction between market liquidity risk and funding liquidity risk can create a liquidity spiral and systemic financial crises.

Lasse Heje Pedersen (Denamark) is a finance professor at Copenhagen Business School and NYU Stern School of Business and a principal at AQR Capital Management. He got his Bachelor and Master degrees in Mathematics and Economics at the University of Copenhagen and in 2001 he obtained his PhD in Economics from Stanford University. In 2015 he was included in the list  of the world's most influential Scientific Minds (Thompson Reuters List) and his book Efficiently Inefficient - How Smart Money Invests & Market Prices Are Determined has made Business News Networks’ list of top financial reads of 2015. In that year he also received the EliteForsk award given by the Ministry of Higher Education and Science, the motivation for this award was the following:

"Lasse Heje Pedersen’s research focus on how financial frictions affect the price of financial assets. This is a field of research which has become increasingly interesting after the financial crisis and which has had extensive consequences for the economy and for society. Lasse Heje Pedersen is one of the world’s leading experts in this area. He has for instance shown how liquidity spirals occur and his research has been mentioned several times in connection with the motivation for the Nobel Prize."

His research focuses on asset pricing and liquidity risk and he has published highly cited papers in leading journals like American Economic Review, Econometrica , Journal of Financial Economics, Review of Economic Studies, etc.

The award ceremony took place in Madrid on June 28th, 2012.

Lase H. Pedersen's Webpage: