The Wharton School of the University of Pennsylvania’s Jacobs Levy Equity Management Center for Quantitative Financial Research recently awarded the Wharton-Jacobs Levy Prize for Quantitative Financial Innovation to the late Stephen A. Ross.

Dr. Ross, who taught at Penn in the 1970s, was best known for the development of the arbitrage pricing theory (mid-1970s). He died on March 3, 2017 at the age of 73.

The prize recognized Dr. Ross, a former Penn economics faculty member with a secondary appointment in Wharton’s finance department, for his work in the area of multi-factor asset pricing, which was introduced in his 1976 Journal of Economic Theory paper “The Arbitrage Theory of Capital Asset Pricing.”

“Steve Ross was a groundbreaking theorist,” Geoffrey Garrett, dean of the Wharton School, said. “It is an honor to celebrate his contributions to the field of investment management, specifically his pivotal work on APT (arbitrage pricing theory), with this year’s Wharton-Jacobs Levy Prize.”