Congratulations to the winners of the SFS Cavalcade Asia-Pacific 2025 awards:

Arthur Warga Award for Best Paper in Fixed Income: “Anatomy of the Treasury Market: Who Moves Yields?” by Manav Chaudhary, Zhiyu Fu, and Haonan Zhou

Best Paper in Asset Pricing: “Rethinking Exchange Rate Exposure in Equity Markets Through International Trade Networks” by Seo Ha Kim and Sungjune Pyun

Best Paper in Corporate Finance: “Code-Washing: Evidence From Open-Source Blockchain Startups” by Ofir Gefen, Daniel Rabetti, Yannan Sun, and Che Zhang