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SEC Economist Receives Award for Academic Work on Market Insights


Washington D.C., March 6, 2017 —

Securities and Exchange Commission economist Dr. Giulio Girardi today received the CFA Institute Financial Analysts Journal®’s Graham and Dodd Top Award for 2016.  Dr. Girardi is a Branch Chief in the SEC’s Division of Economic and Risk Analysis’s (DERA) Office of Risk Assessment.  

Dr. Girardi’s award-winning paper, “Interconnectedness in the CDS Market,” helps assess the stability of the credit default swap market and potential contagion among market participants. He co-authored the paper with former SEC Chief Economist Craig Lewis and former DERA visiting scholar Mila Sherman.  Past recipients of the Graham and Dodd Award include numerous distinguished economists, including Nobel laureates. 

“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,” said SEC Acting Chairman Michael Piwowar. “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.”

“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,” said SEC Acting Chief Economist Scott Bauguess.  “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.”

About the SEC’s Division of Economic and Risk Analysis

DERA was created in September 2009 to integrate financial economics and rigorous data analytics into the core mission of the SEC.  The division is involved across the entire range of SEC activities, including policy-making, rulemaking, enforcement, and examination.  As the agency's "think tank," DERA relies on a variety of academic disciplines, quantitative and non-quantitative approaches, and knowledge of market institutions and practices to help the Commission approach complex matters in a fresh light.  DERA also assists in the Commission's efforts to identify, analyze, and respond to risks and trends, including those associated with new financial products and strategies.  Through the range and nature of its activities, DERA serves the critical function of promoting collaborative efforts throughout the agency and breaking through silos that might otherwise limit the impact of the agency's institutional expertise.  More information is available here.

About the Graham and Dodd Award (from The Financial Analyst Journal’s website)

The Graham and Dodd Awards were created in 1960 to recognize excellence in research and financial writing and to honor Benjamin Graham and David L. Dodd for their enduring contributions to the field of investment analysis.  More information is available here.

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