Posthumous Recognition
The Nobel Prize is not given posthumously, so it was not awarded to Black in 1997 when his co-author Myron Scholes received the honor for their landmark work on option pricing along with Robert C. Merton, another pioneer in the development of valuation of stock options. In the announcement of the award that year, the Nobel committee prominently mentioned Black's key role.
Black has also received recognition as the co-author of the Black–Derman–Toy interest rate derivatives model, which was developed for in-house use by Goldman Sachs in the 1980s but eventually published.
Read more about this topic: Fischer Black
Famous quotes containing the words posthumous and/or recognition:
“Fashion, though in a strange way, represents all manly virtue. It is virtue gone to seed: it is a kind of posthumous honor. It does not often caress the great, but the children of the great: it is a hall of the Past.”
—Ralph Waldo Emerson (1803–1882)
“The recognition of Russia on November 16, 1933, started forces which were to have considerable influence in the attempt to collectivize the United States.”
—Herbert Hoover (1874–1964)