EFA

European Finance Association

Awards

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.
  • 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 ZechnerPrize (€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.
  • IQAMPrize (€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 Awardspresented  to three scholars who have provided outstanding refereeing service to the Review of Finance, as voted by the Editors of the journal.

Thank You for Attending the EFA 2025 Annual Meeting

On behalf of the EFA 2025 team, thank you to everyone who contributed to this year’s conference — including the program committees, presenters, discussants, session chairs, participants, partners, and staff.

We appreciated the thoughtful presentations, discussions, and engagement throughout the event. Your contributions sparked meaningful conversations, new connections, and ideas that will continue to shape our community long after the conference.

We’re grateful for your participation and hope you found the conference informative and worthwhile.

See you next year in Ghent!

EFA 2025 Winners 

EFA 2025 Best Conference Paper Prize

The Engelbert Dockner Memorial Prize for the Best Paper by Young Researchers 

2025 Pagano and Zechner Prize

2025 IQAM Prize

2025 Review of Finance Distinguished Referee Awards

  • 2025 Review of Finance Distinguished Referee Awards
  • Scott Cederburg
  • Lawrence Jin
  • Todd Keister

EFA Doctoral Tutorial Best Paper Prize

  • EFA Doctoral Tutorial Best Paper Prize
    Sythetic Dollar Funding 
    by Umag Khetan

 

EFA 2024 Winners

EFA Honorary Award 2024 

  • Matti Keloharju Past President 
    to distinguished member of the EFA for their outstanding contribution to the association

EFA Best Conference Paper Prize

  • Best Conference Paper 2024
    Admissible Surplus Dynamics and the Government Debt Puzzle
    by Pierre Collin-Dufresne, Julien Hugonnier, and Elena Perazzi
  • [JURY: Frederico Belo, INSEAD, Laurent Calvet, SKEMA Business School, Claudia Custodio, Imperial College London]

The Engelbert Dockner Memorial Prize

  • Best Conference Paper by a Young Researcher 2024
    The Ghost in the Machine: Generating Beliefs with Large Language Models
    by Leland Bybee
    [JURY: Veronika Pool, Vanderbilt University, Lukas Schmid, USC Marshall School of Business, Margarita Tsoutsoura, Washington University in St. Louis]

EFA Doctoral Tutorial Prizes

  • Best EFA Doctoral Tutorial Paper 2024 
    The Flattening Demand Curve
    by Alireza Aghaee Shahrbabaki (Bocconi University)
    [JURY: 024 EFA-DT Co-Chairs – Esther Eiling (University of Amsterdam), & Kristian Miltersen (Copenhagen Business School)]

 

Review of Finance Awards

IQAM Prize

Pagano & Zechner Prize

Distinguished Referee Awards 

  • Awarded by the RF Editors for outstanding refereeing service to the Review of Finance 2024
    • Baolian Wang – University of Florida
    • Jack Bao – University of Delaware
    • Jaromir Nosal – Boston College

EFA 2023 Winners

EFA Best Conference Paper Prize

The Engelbert Dockner Memorial Prize

EFA Doctoral Tutorial Prizes

Review of Finance Awards

IQAM Prize

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

The Engelbert Dockner Memorial Prize

 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

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

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

 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

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

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.]

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).

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.

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.]

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.]

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.]

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)

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

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 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 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 (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)

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 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 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)

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 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)

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)

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