 The Research Papers in Economics project ranks him among the world's most influential economists, featuring him among the top 5% of authors.He was awarded the inaugural 2003 Fischer Black Prize, given biennially by the American Finance Association to the best finance researcher under the age of 40, for his "path-breaking contributions to our knowledge of financial institutions, the workings of the modern corporation, and the causes and consequences of the development of the financial sector across countries.