This is the complete text of the acceptance speech delivered by John Y. Campbell, one of the winners of the 1997 Paul A. Samuelson Award. This award ceremony took place during the ASSA Annual Conference, which was held in Chicago on this year.
Professor Campbell, along with Andrew Lo, and A. Craig MacKinlay, won for their book entitled The Econometrics of Financial Markets (Princeton University Press, 1997). Professor Campbell noted that the book was written in the hope that they could show how financial economics has evolved from a theoretical, qualitative discipline that provides essential inputs into the decisions that every investor must make.
