“Size-Based Regulation and Bank Fragility: Evidence from the Wells Fargo Asset Cap” by Tianyue Ruan and Siddharth Vij

The winners of the annual RFS Awards were announced at SFS Cavalcade North America 2026. We are pleased to share the winners:

Michael J. Brennan Best Paper Award
“In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle”
Antonio Coppola
Prize: $10,000

Michael J. Brennan Best Paper Runner Up
“Gold’s value as an investment”
Urban J. Jermann
Prize: $5000

Referee of the Year
Marco Giacoletti
Prize: $1000

Distinguished Referees
Julia Fonseca, Peter Maxted, Magdalena Rola-Janicka, Sang Byung Seo, Enrique Schroth, Qifei Zhu

Rising Scholar Award, sponsored by The Bureau
“The Fed and the Secular Decline in Interest Rates”
Sebastian Hillenbrand
Prize: $5000

Congratulations to all our award winners!