fischer black prize is a memorial prize awarded in honor of fischer black that rewards individual financial research. the prize was established in 2002 and first awarded in 2003. it is awarded to a financial scientist for a body of work that demonstrates significant original research that is relevant to finance practice. eligible scholars must either be below 40 years in age, or under age 45 but not have been awarded a ph.d. (or equivalent) by age 35. the prize is awarded biennially at the american finance association's annual meeting. this award to honor a leading young finance scholar is analogous to the john bates clark medal in economics and the fields medal in mathematics.