L. Prather 1943 John D. Clark 1944 No President 1945 No President 1946 Harry G. Guthman 1947 Lewis A. Froman 1948 Benjamin H. Beckhart 1949 Neil H. Jacoby 1950 Howard R. Bowen 1951 Raymond J. Saulnier 1952 Edward E. Edwards 1953 Roland I. Robinson 1954 Garfield V. Cox 1955 Norris O. Johnson 1956 Miller Upton 1957 Marshall D. Ketchum 1958 Lester V. Chandler 1959 James J. O'Leary 1960 Paul M. Van Arsdell 1961 Arthur M. Weimer 1962 Bion B. Howard 1963 George T. Conklin Jr. 1964 Roger F. Murray 1965 George Garvy 1966 J. Fred Weston 1967 Robert V. Roosa 1968 Harry C. Sauvain 1969 Walter E. Hoadley 1970 Lawrence S. Ritter 1971 Joseph A. Pechman 1972 Irwin Friend 1973 Sherman J. Maisel 1974 John Lintner 1975 Myron J. Gordon 1976 Merton H. Miller 1977 Alexander A. Robichek 1978 Burton G. Malkiel 1979 Edward J. Kane 1980 William F. Sharpe 1981 Franco Modigliani 1982 Harry M. Markowitz 1983 Stewart C. Myers 1984 James C. Van Horne 1985 Fischer Black 1986 Robert C. Merton 1987 Richard Roll 1988 Stephen A. Ross 1989 Michael J. Brennan 1990 Myron S. Scholes 1991 Robert H. Litzenberger 1992 Michael C. Jensen 1993 Mark Rubinstein 1994 Sanford J. Grossman 1995 Martin J. Gruber 1996 Eduardo S. Schwartz 1997 Hayne E. Leland 1998 Edwin J. Elton 1999 Hans R. Stoll 2000 Franklin Allen 2001 George M. Constantinides 2002 Maureen O'Hara 2003 Douglas W. Diamond 2004 René M. Stulz 2005 John Y. Campbell 2006 Richard C. Green 2007 Kenneth R. French 2008 Jeremy C. Stein 2009 J. Darrell Duffie 2010 John H. Cochrane 2011 Raghuram G. Rajan 2012 Sheridan Titman 2013 Robert Stambaugh 2014 Luigi G. Zingales 2015 Patrick Bolton 2016 Campbell Harvey 2017 David Scharfstein 2018 Peter DeMarzo 2019 David Hirshleifer 2020 Kenneth Singleton 2021 John Graham 2022 Laura Starks 2023 Markus Brunnermeier Fellows of the American Finance Association In January 2000, the Board of Directors of the American Finance Association instituted a Society of Fellows of the Association. The purpose of the society is to recognize those members who have made a distinguished contribution to the field of finance. Since Fellows are selected by the membership for their contributions to the field of finance, and since this is the principal criterion for election as president, all living past presidents and all future presidents of the association are designated as Fellows. The list of AFA Fellows contains