Professor Radu Tunaru at Kent Business School (KBS) has sent his warmest congratulations to Yale University’s Professor Robert Shiller – winner of the 2013 Nobel Prize for Economics.
Professor Tunaru, who is a specialist in Structured Finance and Director of the University’s Centre for Quantitative Finance (CeQuFin) research, has co-authored three papers with Professor Shiller. One of these papers, Property Derivatives for Managing European Real-Estate Risk, also co-authored by Professor Frank Fabozzi, received a Best Paper Award from the European Finance Management Journal in 2011.
Professor Tunaru said: ‘I was absolutely delighted to hear that Robert Shiller had won the Nobel Prize. I have worked with him since 2009 and envisage continuing this line of research on applications of property derivatives to risk management of real-estate risk.’
Professor Tunaru described the outcomes of their collaboration as ‘a viable solution to the problem of stabilisation of financial systems exposed to real-estate risk’.
Alongside the University of Chicago’s Eugene Fama (the ‘father of modern finance’) and Lars Peter Hansen, Professor Shiller received the Prize for his contribution to ’empirical analysis of asset prices’.