If a quant outsider constructs a very influential model, I could see that ending up in a Nobel, especially if it goes through a conventional publication process. I think though quants are generally kept very busy with non-academic things.
For finance in particular, my impression is that quants that make good discoveries keep them to themselves, because that’s how they make money! After a while, some academic notices the same thing, formalizes it, and then publishes, and then the opportunity is gone.
For finance in particular, my impression is that quants that make good discoveries keep them to themselves, because that’s how they make money! After a while, some academic notices the same thing, formalizes it, and then publishes, and then the opportunity is gone.
There is a saying: In finance, if you get results you trade and if you don’t, you publish :-/
There are exceptions, of course—Asness comes to mind.