CSOM's Kane Shares National Association of Business Honor

CSOM's Kane Shares National Association of Business Honor

Cleary Professor of Finance Edward J. Kane has been named one of three co-winners of the National Association for Business Economics' Adam Smith Award in recognition of his work as a "shadow regulator" of the nation's banking system.


Cleary Professor Edward Kane
Photo by Lee Pellegrini
Kane received the Smith Award at the NABE's annual meeting in Washington, DC, on Sept. 30.

"Ed Kane did path-breaking work on the Savings and Loan crisis and how to design laws and regulations that provide incentive compatibility so that unintended consequences are minimized," said NABE president Harvey Rosenblum.

Kane shares the Smith Award, NABE's most prestigious honor, with Emory University Harland Professor of Finance George Benston and George Kaufman, John F. Smith Professor of Business Finance at Loyola University in Chicago.

The decision for a shared award is a first for NABE according to Rosenblum. "The choice of three people whose research defined a new area of economics follows the precedent established by the Nobel committee, which often gives shared recognition to people whose work has advanced the science," Rosenblum said.

"They have studied the importance of the health of the banking and financial systems and its impact on the overall economy," Rosenblum said, "in particular, getting the regulatory and supervisory policies right so as to foster a strong and resilient financial system as an underpinning to a strong economy."

-Reid Oslin

 

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