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Step 2: Nobel Laureates

listed on the NYSE from 1926 to the present. In January 1964, Lorie and Fisher published their findings in The Journal of Business, The University of Chicago’s Press. Their research paper proclaimed that the average compounded rate of return on NYSE common stocks from 1926 to 1960 was 9%. For the first time in history, an average rate of return was quantified. The front page of The New York Times financial section heralded the pair’s results. In 1977, Lorie and Fisher published a book on their subsequent research at CRSP, titled A Half Century of Returns on Stocks & Bonds 26. The CRSP database has made the University of Chicago’s Booth School of Business the premier institution for financial and stock market research, boasting 28 out of 74 Nobel Laureates in Economics who have either attended or taught at the university as of 2014. The CRSP database plays such a pivotal role in portfolio construction that Rex Sinquefield, co-founder of Dimensional Fund Advisors, said this about its creation: “If I had to rank events, I would say this one is probably slightly more significant than the creation of the universe.”27 Celebrating its 54th anniversary in 2014, CRSP is now the leading provider of historical stock market data to over 500 institutions around the world.

The Nobel Prize In Economics Since 1969, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to honor contributions in the fields of economic policy, development economics, international trade, and the use of financial resources. The groundbreaking accomplishments of

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