EFA
blank
blank



EFA is an international
non-profit association
managed by EIASM

 
© EFA 
EFA Best Paper Awards

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). 
    [Nominating Committee: 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).
    [Nominating Committee: David Chambers (Cambridge University); Elroy Dimson (London Business School); William N. Goetzmann (Yale School of Management).] 
     

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).
    [Nominating Committee: 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 University), and David Thesmar (HEC and CEPR).
    [Review of Finance 2012 (17), pp. 161-201.] 

NASDAQ OMX Education Foundation Prize
+ CQA (Chicago Quantitative Alliance) Prize

  • Best EFA / EIASM Doctoral Tutorial Paper
    Slow Capital, Fast Prices: Funding Liquidity Shocks and Stock Price Reactions
    by Stefan Gissler (University of Pompeu Fabra).

EFA 2012 WINNERS

SAC Capital Advisors, L.P. Prize

  • Best Conference Paper [prize shared between two papers]
    • Flight to Where? Evidence from Bank Investments During the Financial Crisis
      by Thomas Hildebrand, Jörg Rocholl, and Alexander Schulz.
    • Does Family Control Matter? International Evidence from the 2008-2009 Financial Crisis
      by Karl Lins, Paolo Volpin, and Hannes Wagner.

[Nominating Committee: Ingrid Werner (The 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).]

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).
    [Nominating Committee: David Chambers (Cambridge University); Elroy Dimson (London Business School); William N. Goetzmann (Yale School of Management).]

DONG Energy Prize

  • Best Paper on Energy and Commodities
    Investor Beliefs and State Price Densities in the Crude Oil Market
    by Xuhui (Nick) Pan.
    [Nominating Committee: 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.
    [Nominating Committee: 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, and Robert E. Verrecchia.
    [Review of Finance 2011 (16), pp. 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.
     

NASDAQ OMX Education Foundation Prize
+ CQA (Chicago Quantitative Alliance) Prize

  • Best EFA / EIASM Doctoral Tutorial 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.]

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 (both at 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 (both at 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 
     
  • RUNNERS-UP:
    • Inside Debt
      by Alex Edmans and Qi Liu
    • Fear of the Unknown: Familiarity and Economic Decisions
      by H. Henry Cao, Bing Han, David Hirshleifer and Harold H. Zhang

NASDAQ OMX Education Foundation Prize
+ CQA (Chicago Quantitative Alliance) Prize

  • Best EFA / EIASM Doctoral Tutorial 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)

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 (both at the 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 and Paolo Volpin (all at the 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 (both at Stern School of Business)

NASDAQ OMX Education Foundation Prize
+ CQA (Chicago Quantitative Alliance) Prize

  • Best EFA / EIASM 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

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

CQA (Chicago Quantitative Alliance) Prize 
+ NASDAQ OMX Education Foundation Prize

  • Best EFA / EIASM 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

Commonfund Prize

GSAM (Goldman Sachs Asset Management) Quant Prize

CQA (Chicago Quantitative Alliance) Prize
+ LECG (Law & Economics Consulting Group) Prize

  • Best EFA / EIASM 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)
       
  • 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 (both at 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 / EIASM 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 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)

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)

Inquire Prize

  • Best EFA / EIASM 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)

EFA 2005 WINNERS

Barclays Global Investors Prizes

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 / EIASM 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) and 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 / EIASM 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)

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)
       
  • 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 Papers on Market Microstructure
    • 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) and Alex P Taylor (University of Cambridge)

Fauchier Partners Prizes

  • Best Papers on Hedge Funds
    • Prize 1
      Flows and Performance in the Hedge Fund Industry
      Vikas Agarwal, Naveen D Daniel (both at Georgia State University) and 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) and Marno Verbeek (Erasmus University)
    • Prize 3
      Fees on Fees in Funds of Funds
      by Stephen Brown (New York University), William Goetzmann (Yale University) and Bing Liang (University of Massachusetts)

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