EFA Awards
The Annual Meeting Prizes
- EFA Best Conference Paper Prize (€3,000) which is the highest distinction awarded to an academic paper presented during the EFA Annual Meeting.
- EFA Best Paper Prize in Responsible Finance (€3,000) which is to promote research on the important role that finance plays in societal progress and how a competitive and inclusive financial system can contribute to economic development. Topics include (but are not limited): role of finance in society; environmental, social & governance (ESG) investing; impact investing; sustainable finance; climate change and finance; stakeholders vs. shareholders and value creation; Long-term investment, human capital and innovation; role of the government and financial system on firm creation and growth; corporate governance; corporate social responsibility (CSR).
- The Engelbert Dockner Memorial Prize for the Best Paper by Young Researchers (€3,000) which will award the best paper presented at the conference by a young researcher with a prize in memory of Engelbert Dockner (EFA President in 2016).
- EFA Doctoral Tutorial Best Paper Prize (€1,500) for the best paper presented at the EFA Doctoral Tutorial.
The Review of Finance Awards
- Pagano and Zechner Prize (€5,000) awarded to the best non-investments paper published in the journal of the European Finance Association, the Review of Finance. The prize-winning paper is selected by the Editorial Board of the journal.
- IQAM Prize (€5,000) (known as the Spängler-IQAM Prize prior to 2021) awarded for the best paper on investment published in the journal of the European Finance Association, the Review of Finance. The prize-winning paper is selected by the Editorial Board of the journal.
- Review of Finance Distinguished Referee Awards presented to three scholars who have provided outstanding refereeing service to the Review of Finance, as voted by the Editors of the journal.
EFA 2023 Winners
EFA Best Conference Paper Prize
- Best Conference Paper 2023
Reducing Carbon using Regulatory and Financial Market Tools
by Franklin Allen, Adelina Barbalau, and Federica Zeni
[JURY: Hans Degryse (KU Leuven), Christine Parlour (UC Berkeley), He Zhiguo (University of Chicago)]
The Engelbert Dockner Memorial Prize
- Best Conference Paper by a Young Researcher 2023
The Dollar, US Fiscal Capacity and the US Safety Puzzle
by Sun Yong Kim
[JURY: Thierry Foucault (HEC Paris), Nadya Malenko (University of Michigan), Kelly Shue, Yale School of Management)]
EFA Doctoral Tutorial Prizes
- Best EFA Doctoral Tutorial Paper 2023 (joint winner)
Arm’s-length creditor rights and firm investment
by Martin Kornejew (University of Bonn)
- Best EFA Doctoral Tutorial Paper 2023 (joint winner)
Cracks in the Boards: the Opportunity Cost of Governance Homogeneity
by Helene Maghin (KU Leuven)
[JURY: 020 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School)]
Review of Finance Awards
IQAM Prize
- Best Paper on Investments published in the Review of Finance 2023
How Does Human Capital Affect Investing? Evidence from University Endowments
by Matteo Binfarè, Gregory Brown, Robert Harris, Christian Lundblad
[Review of Finance, Volume 27, Issue 1, February 2023, Pages 143–188.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance 2023
The Divergence of ESG Ratings
by Florian Berg, Julian F. Kölbel, Roberto Rigobon
[Review of Finance, Volume 26, Issue 6, November 2022, Pages 1315–1344.]
Distinguished Referee Awards
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance 2023
- Caroline Flammer
- Dimitriy Muravyev
- Daniel Weagly
EFA 2022 Winners
EFA Best Conference Paper Prize
- Best Conference Paper 2022
Dynamics of Subjective Risk Premia
by Stefan Nagel and Zhengyang Xu
[JURY: Mariassunta Giannetti (Stockholm School of Economics), Stijn Van Nieuwerburgh (Columbia University Graduate School of Business), Bruno Biais (Toulouse School of Economics)]
EFA Best Paper Prize in Responsible Finance
- Best Conference Paper in Responsible Finance 2022
Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies
by Ishita Sen, Sangmin Oh, and Ana-Maria Tenekedjieva.
[JURY: Marcin Kacperczyk (Imperial College London), Per Stromberg (Stockholm School of Economics), Kelly Shue (Yale University)]
The Engelbert Dockner Memorial Prize
- Best Conference Paper by a Young Researcher 2022
The Crowding Out Effect of Local Government Debt: Micro- and Macro-Estimates
by Noémie Pinardon-Touati
[JURY: Mireia Giné (IESE Business School), Albert J. Menkveld (Vrije Universiteit Amsterdam), Tobias Berg (Frankfurt School of Finance & Management)]
EFA Doctoral Tutorial Prize
- Best EFA Doctoral Tutorial Paper 2022
The Adoption of Artificial Intelligence by Venture Capitalists
by Maxime Bonelli (HEC Paris)
[JURY: 2020 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School)]
Review of Finance Awards
IQAM Prize
- Best Paper on Investments published in the Review of Finance 2022
How Much Does Size Erode Mutual Fund Performance?
by Jonathan Reuter and Eric Zitzewitz
[Review of Finance, Volume 25, Issue 5, September 2021, Pages 1395–1432.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance 2022
Going Bankrupt in China
by Bo Li and Jacopo Ponticelli
[Review of Finance, Volume 26, Issue 3, May 2022, Pages 449–486.]
Distinguished Referee Awards
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance 2022
- Claire Yurong Hong
- Diane Pierret
- Zacharias Sautner
EFA 2021 Winners
EFA Best Conference Paper Prize
- Best Conference Paper 2021
Open Banking: Credit Market Competition When Borrowers Own the Data
by Zhiguo He, Jing Huang and Jidong Zhou
[JURY: Viral Acharya (New York University Stern School of Business), Mariano M. Croce (Bocconi University), Wei Jiang (Columbia Business School).]
EFA Best Paper Prize in Responsible Finance
- Best Conference Paper in Responsible Finance 2021
Green Asset Pricing
by by Ghassane Benmir, Ivan Jaccard and Gauthier Vermandel.
[JURY: Claudia Custodio (Imperial College London), Harrison Hong (Columbia University), Steven Ongena (University of Zurich)]
The Engelbert Dockner Memorial Prize
- Best Conference Paper by a Young Researcher 2021
What Is the Impact of Mutual Funds’ ESG Preferences on Portfolio Firms?
by Maxime Couvert
[JURY: Daniel Ferreira (London School of Economics and Political Science), Florian Nagle (Bocconi University), Isil Erel (Ohio State University)]
EFA Doctoral Tutorial Prize
- Best EFA Doctoral Tutorial Paper 2021
The Gender Investment Gap over the Life-Cycle
by Annika Bacher (European University Institute (EUI))
[JURY: 2020 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School)]
Review of Finance Awards
IQAM Prize
- Best Paper on Investments published in the Review of Finance 2021
What Do Short Sellers Know?
by Ekkehart Boehmer, Charles M. Jones, Juan (Julie) Wu, Xiaoyan Zhang
[Review of Finance, Volume 24, Issue 6, November 2020, Pages 1203–1235,.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance 2021
The Externalities of Corruption: Evidence from Entrepreneurial Firms in China
by Mariassunta Giannetti, Guanmin Liao, Jiaxing You, Xiaoyun Yu
[Review of Finance, Volume 25, Issue 3, May 2021, Pages 629–667.]
Distinguished Referee Awards
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance 2021
- Jaewon Choi
- Espen Eckbo
- Ansgar Walther
EFA 2020 Winners
EFA Best Conference Paper Prize
- Best Conference Paper 2020
Does credit affect stock trading? Evidence from the South Sea Bubble
by Fabio Braggion, Rik Frehen and Emiel Jerphanion.
[JURY: Francis Longstaff (UCLA); Antoinette Schoar (MIT); Ilya Strebulaev (Stanford University).]
EFA Best Paper Prize in Responsible Finance
- Best Conference Paper in Responsible Finance 2020
A Theory of Socially Responsible Investment
by Martin Oehmke and Marcus Opp.
[JURY: Franklin Allen (Imperial College London); Miguel Ferreira (Nova School of Business and Economics)); Kjell Nyborg (University of Zurich & SFI).]
The Engelbert Dockner Memorial Prize
- Best Conference Paper by a Young Researcher 2020
Follow the Money
by Marco Grotteria.
[JURY: Zhi Da (University of Notre Dame); Michelle Lowry (Drexel University); Josef Zechner (WU Vienna).]
EFA Doctoral Tutorial Prize
- Best EFA Doctoral Tutorial Paper 2020
Endogenous Risk-Exposure and Systemic Instability
by Chong Shu (Marshall School of Business, University of Southern California)
[JURY: 2020 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School)]
Review of Finance Awards
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance 2020
One Central Bank to Rule Them All
by Francesca Brusa, Pavel Savor and Mungo Wilson.
[Review of Finance, Volume 24, Issue 2, March 2020, Pages 263-304.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance 2020
Are US Industries Becoming More Concentrated?
by Gustavo Grullon, Yelena Larkin and Roni Michaely.
[Review of Finance, Volume 23, Issue 4, July 2019, Pages 697–743.]
Distinguished Referee Awards
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance 2020
- Andrei Goncalves
- Sabrina Howell
- Guillaume Vuillemey
EFA 2019 Winners
EFA Best Conference Paper Prize
- Best Conference Paper
Regulatory Limits to Risk Management
by Ishita Sen.
[JURY: Stefan Nagel (Chicago Booth); Toni Whited (University of Michigan); David Thesmar (MIT Sloan).]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Financing Experimentation
by Tong Liu.
[JURY: Itay Goldstein (Wharton); Ralph Koijen (Chicago Booth); Daniel Paravisini (London School of Economics).]
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance
Which Factors?
by Kewei Hou, Haitao Mo, Chen Xue, Lu Zhang.
[Review of Finance, Volume 23, Issue 1, February 2019, Pages 1–35.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance
Complex Mortgages
by Gene Amromin, Jennifer Huang, Clemens Sialm, Edward Zhong.
[Review of Finance, Volume 22, Issue 6, October 2018, Pages 1975–2007.]
Review of Finance (RF) Distinguished Referee Awards 2019
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance
- Anna Cieslak
- Robert Marquez
- William Mullins
Nasdaq Educational Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
Big Broad Banks: How does Cross Selling Affect Lending?
by Yingjie Qi.
[JURY: 2019 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School) – along with the invited Faculty & Sponsors.]
EFA 2018 Winners
EFA Best Conference Paper Prize
- Best Conference Paper
Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry
by Patrick J. Dennis, Kristopher Gerardi and Carola Schenone.
[JURY: Alex Edmans (London Business School); Alexi Savov (NYU Stern); Laura Starks (The University of Texas at Austin).]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Credit Access and Household Well-being: Evidence from Payday Lending
by Jaeyoon Lee.
[JURY: Thierry Foucault (HEC Paris); Philip Strahan (Boston College); Heather Tookes (Yale University).]
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance
What Are the Best Liquidity Proxies for Global Research?
by Kingsley Y. L. Fong, Craig W. Holden and Charles A. Trzcinka.
[Review of Finance, Volume 21, Issue 4, 1 July 2017, Pages 1355–1401.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance
The Capital Structure of Nations
by Patrick Bolton and Haizhou Huang.
[Review of Finance, Volume 22, Issue 1, February 2018, Pages 45–82.]
Review of Finance (RF) Distinguished Referee Awards 2018
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance
- Francesco Franzoni
- Evgeny Lyandres
- David Schoenherr
Nasdaq Educational Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
Global Supply-Chain Networks and Corporate Social Responsibility
by Christoph M. Schiller.
[JURY: 2018 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School) – along with the invited Faculty & Sponsors.]
EFA 2017 Winners
EFA Best Conference Paper Prize
- Best Conference Paper
Inference on Risk Premia in the Presence of Omitted Factors
by Stefano Giglio (Yale School of Management) and Dacheng Xiu (University of Chicago).
[JURY: Andrea Buraschi (Imperial College London); Hans Degryse (KU Leuven); Toni M. Whited (University of Michigan).]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Front Page News: The Effect of News Consumption on Financial Markets
by Anastassia Fedyk (Harvard University).
[JURY: Rüdiger Fahlenbrach (École polytechnique fédérale de Lausanne & Swiss Finance Institute); Steven Ongena (University of Zurich & Swiss Finance Institute); Stefan Ruenzi (University of Mannheim).]
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance
Investing in Disappearing Anomalies
by Christopher Jones (USC Marshall) and Lukasz Pomorski (AQR Capital Management).
[Review of Finance, Volume 21, Issue 1, March 2017, Pages 237-267.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance
Corporate Governance and Blockchains
by David Yermack (NYU Stern).
[Review of Finance, Volume 21, Issue 1, March 2017, Pages 7-31.]
Review of Finance (RF) Distinguished Referee Awards 2017
- Awarded by the RF Editors for outstanding refereeing service to the Review of Finance
- Taylor Begley (Washington University in St. Louis)
- Jonathan Cohn (The University of Texas at Austin)
- Cary Frydman (USC Marshall)
Nasdaq Educational Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
From Local to Global: Offshoring and Asset Prices
by Lorenzo Bretscher (London School of Economics).
[JURY: 2017 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School) – along with the invited Faculty & Sponsors.]
EFA 2016 Winners
EFA Best Conference Paper Prize
- Best Conference Paper
Capital Requirements and Asset Prices
by Georgy Chabakauri and Brandon Yueyang Han.
[JURY: Michel Habib (University of Zurich & Swiss Finance Institute); Kjell G. Nyborg (University of Zurich & Swiss Finance Institute); Richard Priestley (BI Norwegian Business School).]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Government as Customer of Last Resort: The Stabilizing Effect of Government Purchases of Firms
by Jim Goldman.
[JURY: Kjell G. Nyborg (University of Zurich & Swiss Finance Institute); Per Östberg (University of Zurich & Swiss Finance Institute); Dagfinn Rime (BI Norwegian Business School).]
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance
How Much Can Financial Literacy Help?
by Luigi Guiso and Eliana Viviano.
[Review of Finance (2015), 19 (4):1347-1382.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance
Exporting Sovereign Stress:
Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis
by Alexander Popov and Neeltje Van Horen.
[Review of Finance (2015), 19 (5):1825-1866.]
Nasdaq Educational Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment In the Airline Industry
by Sehoon Kim.
[JURY: 2016 EFA-DT Co-Chairs – Gyöngyi Lóránth (University of Vienna), Frans de Roon (Tilburg University), & Esther Eiling (University of Amsterdam) – along with the invited Faculty & Sponsors.]
EFA 2015 Winners
EFA Best Conference Paper Prize
- Best Conference Paper
Crime, Punishment and the Halo Effect of Corporate Social Responsibility
by Harrison Hong and Inessa Liskovich.
[JURY: Christian Laux, Neal Stoughton, Josef Zechner (all from WU Vienna.]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
[sponsored by ZZ Vermögensverwaltung]
Spurious Factors in Linear Asset Pricing Models
by Svetlana Bryzgalova.
[JURY: Gyöngyi Lóránth (University of Vienna); Kristian Miltersen (Copenhagen Business School); Raghavendra Rau (University of Cambridge); Frans de Roon (Tilburg University).]
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance
Do Firms Buy Their Stock at Bargain Prices? Evidence from Actual Stock Repurchase Disclosures
by Azi Ben-Rephael, Jacob Oded, Avi Wohl.
[Review of Finance 2014, vol. 18 (4): 1299-1340.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance
Predatory Short Selling
by Markus K. Brunnermeier and Martin Oehmke.
[Review of Finance 2014, vol. 18 (6): 2153-2195.]
Nasdaq Educational Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
The Job Rating Game: The Effects of Revolving Doors on Analyst Incentives
by Elisabeth Kempf (Tilburg University).
[JURY: 2015 EFA-DT Co-Chairs – Frans de Roon (Tilburg University) & Gyöngyi Lóránth (University of Vienna) – along with the invited Faculty & Sponsors.]
EFA 2014 Winners
UBS Best Conference Paper Prize
- Best Conference Paper
Nominal Rigidities and Asset Pricing
by Michael Weber (University of California at Berkley).
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Nominal Rigidities and Asset Pricing
by Michael Weber (University of California at Berkley).
Spängler IQAM Prize
- Best Paper on Investments published in the Review of Finance
Investing in a Global World
by Jeffrey A. Busse, Amit Goyal, Sunil Wahal.
[Review of Finance 2014, vol. 18 (2): 561-590.]
Pagano & Zechner Prize
- Best non-Investments Paper published in the Review of Finance [prize shared between two papers]
- The Speed of Information Revelation and Eventual Price Quality in Markets with Insiders: Comparing Two Theories
by Peter Bossaerts, Cary Frydman, and John Ledyard.
[Review of Finance 2014, vol. 18 (1): 1-22.] - Are Small Businesses Worthy of Financial Aid? Evidence from a French Targeted Credit Program
by Laurent Bach.
[Review of Finance 2014, vol. 18 (3): 877-919.]
- The Speed of Information Revelation and Eventual Price Quality in Markets with Insiders: Comparing Two Theories
NASDAQ OMX Education Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
Price Improvement in Dark Markets
by Michael Brolley (University of Toronto).
- RUNNER-UP [invited to the CQA Fall Meeting, September 2014]:
Infrequent Rebalancing and Short-Term Return Predictability
by Vincent Bogousslavsky (EPFL, Swiss Finance Institute).
- RUNNER-UP [invited to the CQA Fall Meeting, September 2014]:
EFA 2013 Winners
SAC Capital Advisors, L.P. Prize
- Best Conference Paper
Do Lending Relationships Affect Corporate Financial Policies?
by Hadiye Aslan (University of Houston).
[JURY: Andrew Karolyi (Cornell University); Marc Lipson (University of Virginia); Robert Marquez (UC Davis); Henri Servaes (LBS); Pradeep Yadav (University of Oklahoma).]
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
Why Do University Endowments Invest So Much In Risky Assets?
by Thomas Gilbert and Christopher M. Hrdlicka (University of Washington).
[JURY: David Chambers (Cambridge University); Elroy Dimson (London Business School); William N. Goetzmann (Yale University).]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Director Connections in the Mutual Fund Industry
by Paul Calluzzo (Rutgers University).
[JURY: Frans de Roon (Tilburg University); Avri Ravid (Yeshiva University); Pedro Santa Clara (Nova School of Business and Economics).]
Spängler IQAM Prize
- Best Paper Published in the Review of Finance
Bottom-Up Corporate Governance
by Augustin Landier (TSE), Julien Sauvagnat (TSE), David Sraer (Princeton ), David Thesmar (HEC & CEPR).
[Review of Finance 2013, vol. 17 (1): 161-201.]
NASDAQ OMX Education Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
Slow Capital, Fast Prices: Funding Liquidity Shocks and Stock Price Reactions
by Stefan Gissler (University of Pompeu Fabra).
[JURY: 2013 EFA-DT Co-Chairs – Loriana Pelizzon (Universita Ca’Foscari, Venice) & Frans de Roon (Tilburg University) – along with the invited Faculty & Sponsors.]
EFA 2012 Winners
SAC Capital Advisors, L.P. Prize
- Best Conference Paper [prize shared between two papers]
[JURY: Ingrid Werner (Ohio State University); Pradeep Yadav (University of Oklahoma); Jan Pieter Krahnen (Frankfurt Goethe University); David Lando (Copenhagen Business School); Kristian R. Miltersen (Copenhagen Business School); Carsten Sørensen (Copenhagen Business School).]- Flight to Where? Evidence from Bank Investments During the Financial Crisis
by Thomas Hildebrand, Jörg Rocholl, Alexander Schulz. - Does Family Control Matter? International Evidence from the 2008-2009 Financial Crisis
by Karl Lins, Paolo Volpin, and Hannes Wagner.
- Flight to Where? Evidence from Bank Investments During the Financial Crisis
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
Activist Investors and Performance in Venture Capital and Private Equity Funds
by Adair Morse (University of Chicago).
[JURY: David Chambers (Cambridge University); Elroy Dimson (London Business School); William N. Goetzmann (Yale University).]
DONG Energy Prize
- Best Paper on Energy and Commodities
Investor Beliefs and State Price Densities in the Crude Oil Market
by Xuhui (Nick) Pan.
[JURY: Duane Seppi (Carnegie Mellon University); Peter Lyk-Jensen (DONG Energy); Kristian R. Miltersen (Copenhagen Business School).]
EFA Best Doctoral Student Conference Paper Prize
- Best Conference Paper by a Doctoral Student
Does Local Access To Finance Matter? Evidence from U.S. Oil and Natural Gas Shale Booms
by Erik Gilje.
[JURY: Rajna Gibson (University of Geneva); Frans de Roon (Tilburg University); Raghavendra Rau (University of Cambridge).]
Spängler IQAM Prize
- Best Paper Published in the Review of Finance
Information Precision, Information Asymmetry, and the Cost of Capital
by Richard A. Lambert, Christian Leuz, Robert E. Verrecchia.
[Review of Finance 2012, vol. 16 (1): 1-29.]
- RUNNER-UP:
Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
by Huafeng (Jason) Chen, Marcin Kacperczyk, and Hernán Ortiz-Molina.
[Review of Finance 2012, vol. 16 (2): 347-383.]
- RUNNER-UP:
NASDAQ OMX Education Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper [prize shared between two papers]
- Do SEC Detections Defer Insider Trading? Evidence from Earnings Announcements
by Jasmin Gider (University of Bonn). - Need for Speed: An empirical analysis of hard and soft information in a high frequency world
by Sarah Zhang (Karlsruhe Institute of Technology).
[This paper was also awarded the 2012 CQA Prize.]
- Do SEC Detections Defer Insider Trading? Evidence from Earnings Announcements
EFA 2011 Winners
SAC Capital Advisors, L.P. Prize
- Best Conference Paper
An Asset Pricing Approach to Liquidity Effects in Corporate Bond Markets
by Dion Bongaerts (Erasmus University Rotterdam), Frank de Jong and Joost Driessen (Tilburg University)
Swedish House of Finance Prize
- Best Conference Paper by a Doctoral Student
Communication and Decision-Making in Corporate Boards
by Nadya Malenko (Boston College)
Nordea Prize
- Best Paper on Corporate Finance
Cyclicality of Credit Supply: Firm Level Evidence
by Bo Becker and Victoria Ivashina (Harvard University)
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
Model Uncertainty for Long-term Investors
by Bart Diris (Erasmus University Rotterdam)
Spängler IQAM Prize
- Best Paper Published in the Review of Finance
Operating Leverage
by Robert Novy-Marx
[Review of Finance 2011, vol. 16 (1): 103-134.]
- RUNNERS-UP:
- Inside Debt
by Alex Edmans and Qi Liu
2011) 15 (1): 75-102.
[Review of Finance 2011, vol. 15 (1): 75-102.] - Fear of the Unknown: Familiarity and Economic Decisions
by H. Henry Cao, Bing Han, David Hirshleifer, Harold H. Zhang
[Review of Finance 2011, vol. 15 (1): 173-206.]
- Inside Debt
- RUNNERS-UP:
NASDAQ OMX Education Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper [prize shared between two papers]
- NASDAQ OMX Prize
CEO Optimism and Incentive Compensation
by Clemens Otto (London Business School)
- CQA Prize
Rollover Risk and Corporate Bond Spreads
by Patricio Valenzuela (European University Institute)
- NASDAQ OMX Prize
EFA 2010 Winners
GSI (Goldman Sachs International) Prize
- Best Conference Paper
Credit Default Swaps and the Empty Creditor Problem
by Martin Oehmke and Patrick Bolton (Columbia Business School)
EFA (European Finance Association) Prize
- Best Conference Paper by a Doctoral Student
Managerial Compensation in the Financial Industry
by Felix Suntheim (Universita Bocconi)
LECG (Law & Economics Consulting Group) Prize
- Best Paper on Corporate Finance
Labor and Capital: Is Debt a Bargaining Tool?
by Eleni Simintzi, Vikrant Vig, Paolo Volpin (London Business School)
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
Finding Bernie Madoff: Detecting Fraud by Investment Managers
by Stephen G. Dimmock (Nanyang Technological University) and William C. Gerken (Auburn University)
Deutsche Bank Prize
- Best Paper on Financial Economics Published in the Review of Finance
Corporate Governance Externalities
by Viral Acharya and Paolo Volpin (Stern School of Business)
NASDAQ OMX Education Foundation Prize + CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
The Term Structure of Risk Premia during the Financial Crisis: Evidence from a New Calibration Approach Based on CDS Spreads
by Tobias Berg (Munich University of Technology)
EFA 2009 Winners
LECG (Law & Economics Consulting Group) Prizes
- Best Conference Paper [prize shared between two papers]
- Securitization, Transparency and Liquidity
by Marco Pagano (University of Naples) and Paolo F. Volpin (London Business School)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1337898]
- Is Shareholders’ Strategic Default Behavior Priced? Evidence from the International Cross-Section of Stocks
by Giovanni Favara (HEC University of Lausanne); Enrique J. Schroth (University of Lausanne); Philip Valta (Swiss Finance Institute)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1343166]
- Securitization, Transparency and Liquidity
- Best Conference Paper by a Doctoral Student
How Does Illiquidity Affect Delegated Portfolio Choice?
by Luis Goncalves-Pinto (University of Southern California)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1483742]
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
by Martijn Cremers (Yale School of Management); Antti Petajisto (Yale School of Management); Eric Zitzewitz (Dartmouth College)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1108856]
Viz Risk Management Prize
- Best Paper on Energy Markets, Securities and Prices
Limits to Arbitrage and Hedging: Evidence from Commodity Markets
by Viral V. Acharya (London Business School): Tarun Ramadorai (University of Oxford); Lars A. Lochstoer (Columbia University)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1105546]
Argentum Prize
- Best Symposium Paper on Private Equity and Funds of Private Equity
Informational Hold-Up and Performance Persistence in Venture Capital
by Yael V. Hochberg (Northwestern University); Alexander Ljungqvist (New York University); Annette Vissing-Jorgensen (Northwestern University)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1260496]
GSAM (Goldman Sachs Asset Management) Quant Prize
- Best Paper Published in the Review of Finance [prize shared between two papers]
- Resolving Macroeconomic Uncertainty in Stock and Bond Markets
by Alessandro Beber (University of Amsterdam) and Michael W. Brandt (Duke University)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1328780]
- Do Shareholders Vote Strategically? Voting Behaviour, Proposal Screening, and Majority Rules
by Ernst G. Maug (University of Mannheim) and Kristian Rydqvist (Binghamton University)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1328781]
- Resolving Macroeconomic Uncertainty in Stock and Bond Markets
CQA (Chicago Quantitative Alliance) Prize + NASDAQ OMX Education Foundation Prize
- Best EFA Doctoral Tutorial Paper
Options Implied Dividend Yield and Market Returns
by Benjamin Golez (Pompeu Fabra University)
EFA 2008 Winners
Eurobank EFG Prize
- Best Conference Paper
Did Securitization Lead to Lax Screening? Evidence from Subprime Loans
by Benjamin J. Keys (University of Michigan); Tanmoy Mukherjee (Sorin Capital Management); Amit Seru (University of Chicago); Vikrant Vig (London Business School)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1093137]
LECG (Law & Economics Consulting Group) Prize
- Best Paper on Corporate Finance
Superstars or Superlemons? Top Executive Pay and Corporate Acquisitions
by Antonio Falato (US Federal Reserve Board)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=968152]
Commonfund Prize
- Best Symposium Paper on Foundation and Endowment Asset Management
Portfolio Choice, Background Risk, and University Endowment Funds
by Stephen G. Dimmock (Michigan State University)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=921910]
GSAM (Goldman Sachs Asset Management) Quant Prize
- Best Paper Published in the Review of Finance
A Dynamic Model of Optimal Capital Structure
by Sheridan Titman (University of Texas at Austin) and Sergey Tsyplakov (University of South Carolina)
[SSRN link: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1159305]
CQA (Chicago Quantitative Alliance) Prize + LECG (Law & Economics Consulting Group) Prize
- Best EFA Doctoral Tutorial Paper / Best PhD Paper on Investments
Financial Strength and Product Market Behaviors: The Real Effect of Corporate Cash Holdings
by Laurent Frésard (University of Neuchâtel)
EFA 2007 Winners
Barclays Global Investors Prizes
- Best Conference Paper [prize shared between two papers]
- Trade Credit Defaults and Liquidity Provision By Firms
by Reint Gropp (Goethe University Frankfurt) and Frédéric Boissay (European Central Bank)
- Control Motivations and Capital Structure Decisions
by Andrew Ellul (Indiana University Bloomington, Kelley School of Business)
- Trade Credit Defaults and Liquidity Provision By Firms
- Best Paper on Asset Pricing
The Small World of Investing: Board Connections and Mutual Fund Returns
by Andrea Frazzini (University of Chicago Graduate School of Business); Christopher J. Malloy (London Business School); Lauren Cohen (Yale School of Management)
- Best Paper by a Doctoral Student
Does Search Friction Really Matter? Evidence from the Corporate Bond Market
by Chotibhak (Pab) Jotikasthira (Indiana University, Bloomington, IL)
LECG (Law & Economics Consulting Group) Prize
- Best Paper on Corporate Finance and Governance
To Be Or Not to Be (Public)
by Sreedhar T. Bharath and Amy K. Dittmar (University of Michigan at Ann Arbor, Stephen M. Ross School of Business)
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
Investing in Hedge Funds when Returns are Predictable
by Doron Avramov (University of Maryland); Robert Kosowski (Imperial College London); Narayan Y. Naik (London Business School); Melvyn Teo (Singapore Management University)
GSAM (Goldman Sachs Asset Management) Quant Prize
- Best Paper Published in the Review of Finance
The Financial Accelerator: Evidence from International Housing Markets
by Heitor Almeida (New York University); Murillo Campello (University of Illinois at Urbana-Champaign); Crocker Liu (New York University)
CQA (Chicago Quantitative Alliance) Prize
- Best EFA Doctoral Tutorial Paper
Dependence Modeling of Joint Extremes via Copulas: A Dynamic Portfolio Allocation Perspective
by Denitsa Stefanova (HEC, Montreal)
EFA 2006 Winners
Barclays Global Investors Prizes
- Best Conference Paper
Technological Revolutions and Stock Prices
by Lubos Pastor Pietro Veronesi (Graduate School of Business, University of Chicago)
- Best Paper on Asset Allocation
The Market for 401(k) Plans: Conflicts of Interest and Mutual Fund Asset Allocation
by Lauren Cohen (Yale School of Management) and Breno Schmidt (University of Southern California)
- Best Paper by a Doctoral Student
Does the Rolodex Matter? Corporate Elite's Small World and the Effectiveness of Boards of Directors
by Bang Nguyen-Dang (HEC, Paris)
LECG (Law & Economics Consulting Group) Prize
- Best Paper on Behavioural Finance
Portfolio Choice and Menu Exposure
by Anders Karlsson (Stockholm University); Massimo Massa (INSEAD); Andrei Simonov (Stockholm School of Economics)
Commonfund Prize
- Best Paper on Foundation and Endowment Asset Management
The Price of Sin: The Effects of Social Norms and Markets
by Harrison Hong (Princeton University) and Marcin Kacperczyk (University of British Columbia)
Man Investment Prize
- Best Hedge Fund Paper [prize shared between two papers]
- Risk and Return in Convertible Arbitrage: Evidence from the Convertible Bond Market
by Vikas Agarwal and Yee Cheng Loon (Georgia State University); William H. Fung and Narayan Y. Naik (London Business School) - A Portrait of Hedge Fund Investors: Flows, Performance and Smart Money
by Guillermo Baquero and Marno Verbeek (Erasmus University, Netherlands)
- Risk and Return in Convertible Arbitrage: Evidence from the Convertible Bond Market
GSAM (Goldman Sachs Asset Management) Quant Prize
- Best Paper published in the Review of Finance [prize shared between two papers]
- Competition in Lending: Theory and Experiments
by Elena Nikolaeva Asparouhova (University of Utah) - Do Investor Sophistication and Trading Experience Eliminate Behavioral Biases in Financial Markets?
by Lei Feng (Bear Stearns and Co., USA) and Mark S. Seasholes (University of Berkeley)
- Competition in Lending: Theory and Experiments
Inquire Prize
- Best EFA Doctoral Tutorial Paper [prize shared between two papers]
- Of Bail-Outs and Bankruptcies: A Study of Distressed Debt Restructurings in Germany
by Philipp Jostarndt (University of Munich, Said Business School) - Optimal Monetary Policy and the Term Structure of Interest Rates
by Francisco Palomino (Carnegie Mellon University)
- Of Bail-Outs and Bankruptcies: A Study of Distressed Debt Restructurings in Germany
EFA 2005 Winners
Barclays Global Investors Prizes
- Best Conference Paper
All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors
by Brad M. Barber (University of California at Davis) and Terrance Odean (University of California at Berkeley)
[SSRN link: http://papers.ssrn.com/Sol3/papers.cfm?abstract_id=460660]
- Best Paper on Corporate Governance
Diversification and Ownership Concentration
by Bruno Parigi (University of Padua) and Loriana Pelizzon (University of Venice)
[SSRN link: http://papers.ssrn.com/Sol3/papers.cfm?abstract_id=676911]
- Best Paper by a Doctoral Student
Do Investors Reinvest Dividends and Tender Offer Proceeds?
by Elias Rantapuska (Helsinki School of Economics)
[SSRN link: http://papers.ssrn.com/Sol3/papers.cfm?abstract_id=675981]
GSAM (Goldman Sachs Asset Management) Quant Prize
- Best Paper published in the Review of Finance
Rationing in IPOs
by Christine A. Parlour (Carnegie Mellon University, Tepper School of Business) and Uday Rajan (University of Michigan, Stephen M. Ross School of Business)
Inquire Prize
- Best EFA Doctoral Tutorial Paper
Difference in Interim Performance and Risk Taking
by Dmitry Makarov (London Business School)
EFA 2004 Winners
Barclays Global Investors Prizes
- Best Conference Paper
The Many Facets of Privately Negotiated Stock Repurchases
by Urs Peyer (INSEAD) and Theo Vermaelen (INSEAD)
- Best Symposium Paper
Managerial Opportunism and Earnings Manipulation: Evidence from Defined Benefit Pension Plans
by Daniel Bergstresser (Harvard Business School), Mihir Desai (Harvard Business School), Joshua Rauh (MIT)
- Best Paper by a Doctoral Student
Illiquidity Spillovers: Theory and Evidence from European Telecom Bond Issuance
by Yigal Newman (Dimensional Fund Advisors, Inc.)
GSAM (Goldman Sachs Asset Management) Quant Prize
- Best Paper Published in the Review of Finance
Basic Principles of Asset Pricing Theory: Evidence from Large-Scale Experimental Financial Markets
by Peter Bossaerts and Charles Plott (California State University)
Inquire Prize
- Best EFA Doctoral Tutorial Paper [prize shared between two papers]
- How Important is Asymmetric Variance for International Asset Pricing?
by Stefano Mazzotta (McGill University) - Calibration of Structural Credit Risk Models: Implied Sensitivities and Liquidity Discounts
by Soren Willemann (Aarhus School of Business)
- How Important is Asymmetric Variance for International Asset Pricing?
EFA 2003 Winners
Barclays Global Investors Prizes
- Best Conference Paper
Predatory Trading
by Markus K. Brunnermeiery (Princeton University) and Lasse Heje Pedersen (New York University)
- Best Symposium Paper [prize shared between two papers]
- The Effect of Macroeconomic News on Beliefs and Preferences: Evidence from the Options Market
by Alessandro Beber (University of Trento) and Michael W. Brandt (Wharton School, University of Pennsylvania) - A Portfolio Perspective on Option Pricing Anomalies
by Joost Driessen (University of Amsterdam) and Pascal Maenhout (INSEAD)
- The Effect of Macroeconomic News on Beliefs and Preferences: Evidence from the Options Market
- Best Paper by a Doctoral Student
Information,Trading and Product Market Interactions: Cross-Sectional Implications of Insider Trading
by Heather Tookes (Cornell University)
NYSE (New York Stock Exchange) Prize
- Best Paper on Market Microstructure [prize shared between two papers]
- Trading Costs of Public Investors with Voluntary and Obligatory Market-Making: Evidence from Market Reforms
by Narayan Y Naik (London Business School) and Pradeep K Yadav (Lancaster University) - Liquidity and Bond Market Spreads
by William RM Perraudin (Birkberk College, Bank of England and CEPR), Alex P Taylor (University of Cambridge)
- Trading Costs of Public Investors with Voluntary and Obligatory Market-Making: Evidence from Market Reforms
Fauchier Partners Prizes
- Best Papers on Hedge Funds
- Prize 1
Flows and Performance in the Hedge Fund Industry
Vikas Agarwal and Naveen D Daniel (Georgia State University), Narayan Y Naik (London Business School)
- Prize 2
Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance
by Guillermo Baquero (Erasmus University), Jenke ter Horst (Tilburg University), Marno Verbeek (Erasmus University)
- Prize 3
Fees on Fees in Funds of Funds
by Stephen Brown (New York University), William Goetzmann (Yale University), Bing Liang (University of Massachusetts)
- Prize 1
EFA 2002 Winners
Barclays Global Investors Prizes
- Best Conference Paper
An examination of Heterogeneous Beliefs with a Short Sale Constraint
by Michael F. Gallmeyer and Burton Hollifield
- Best Symposium Paper
The Tax (Dis)Advantage of a Firm Issuing Options on its Own Stock
by Robert McDonald
- Best Paper by a Doctoral Student
Diversification Discount or Premium? New Evidence from BITS Establishment-level Data
by Belén Villalonga
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