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, 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 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 16, 2012, 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 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 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
- Best Paper Published in the Review of Finance [prize shared between two papers]
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
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