Securities and Exchange Commission (SEC) economist Giulio Girardi received this week The Financial Analyst Journal’s 2016 Graham and Dodd Award for a paper on credit default swaps.
Girardi, branch chief in the SEC’s Division of Economic and Risk Analysis’s (DERA) Office of Risk Assessment, was honored for his paper, “Interconnectedness in the CDS Market.”
In the paper, he assesses the stability of the credit default swap market and potential contagion among market participants. The paper was co-authored by former SEC Chief Economist Craig Lewis and Mila Sherman, a former DERA visiting scholar.
“On behalf of the SEC, and as a fellow economist, it is my pleasure to congratulate Dr. Giulio Girardi and his co-authors on receiving The Financial Analyst Journal’s Graham and Dodd Top Award,” SEC Acting Chairman Michael Piwowar said. “His research and analysis on the potential for systemic risk in the credit default swap market has provided the public with valuable insights and is a testament to the high quality of economic research that our staff produces to advance the SEC’s mission.”
The Graham and Dodd Awards were created in 1960 to recognize excellence in research and financial writing. It is named after Benjamin Graham and David Dodd, noted financial scholars who are credited as the fathers of value investing.
Past recipients of the Graham and Dodd Award include numerous distinguished economists, including William Sharpe, Andrew Lo, and Peter Bernstein.
“I am happy to congratulate my colleague Dr. Girardi as his name is added to a distinguished list that includes Nobel laureates and other luminaries in the finance profession,” SEC Acting Chief Economist Scott Bauguess said. “Dr. Girardi’s award is an excellent example of how DERA, through its tremendous growth and maturation since the financial crisis, has been able to recruit and retain some of the brightest minds in the profession.”