It is awarded to a financial scientist for a body of work that demonstrates significant original research that is relevant to finance practice.
The prize is awarded biennially at the American Finance Association's Annual Meeting.
[2] The award honors Fischer Black, a former General Partner at Goldman Sachs and Professor at the Massachusetts Institute of Technology.
Among Black's notable research accomplishments was the development (with Myron Scholes) of the Black–Scholes option pricing model.
[1] In years where no such candidate meets the rigorous standards, as was the case in 2005, no award is presented.