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SOM Gets $1.2 Million Gift
Anonymous bequest will benefit research in financial economic
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Business New Haven
4/2/2001
By: M.C.B.
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The Yale School of Management (SOM) has received two gifts totaling $1.2 million for its International Center for Finance (ICF) to help fund collecting research and publication in financial market history.
The grants come from an anonymous donation which will underwrite development of a historical database of U.S. and global stock market prices, the publication of a volume on financial innovation, and the launching of a research collection of historical financial securities.
SOM officials say that he database and collection will be used by economists, historians and financial scholars in studying the development of the international capital markets.
According to Deputy ICF Director K. Geert Rouwenhorst, the gift combines an outright grant of $950,000 plus a $250,000 “challenge grant,” which would match the dollar amounts of other subsequent donors who are interested in the history of financial instruments and in supporting the center's work.
Founded in the autumn of 1999, the International Center for Finance was created as an interdisciplinary home for active research in financial economics. Two major components of the ICF's agenda are the long-term study of global financial market development and the evolution of financial instruments and contracts.
“We are sincerely grateful for the generosity of the donor,” said William N. Goetzmann, ICF director and SOM professor of finance. “This gift will allow the center to create key resources for research into the development and functioning of the world capital markets.”
Home to leading scholars in financial economics, the center houses a collection of historical data research on the New York and London stock exchanges as well as essays on financial innovation aimed at creating a repository for historical data from the U.S. and international capital markets and making these databases electronically available for research by financial scholars.
The entire record of the London Exchange, the leading global financial market, exists in hard copy for the period from 1871 to 1930, the peak of the colonial era. To support sophisticated research, these data must be transformed into an electronic database that can be manipulated and analyzed. The database will provide critical insight on market movement over the long-term and on how political events affect the global bond markets.
The center will work on creating electronic (pdf) files of the entire London securities markets over this period. The project has the potential to become the definitive empirical database used by financial scholars studying international markets, SOM officials say.
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