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Michael J. Brennan Best Paper Award

2024 Winner, $10,000
How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI
Sean Cao, Wei Jiang, Baozhong Yang and Alan Zhang

2024 Runner Up, $5000
“Dollar and Exports”
Valentina Bruno and Hyun Song Shin

2023 Winner, $10,000
“The Cross-Section of Bank Value”
Mark Egan, Stefan Lewellen, and Adi Sunderam

2023 Runner Up, $5000
“Methodological Variation in Empirical Corporate Finance”
Todd Mitton

2022 Winner, $10,000
“CAPM-Based Company (Mis)valuations”
Olivier Dessaint, Jacques Olivier, Clemens A Otto, and David Thesmar

2022 Runner Up, $5000
“Climate Change and Long-Run Discount Rates: Evidence from Real Estate”
Stefano Giglio, Matteo Maggiori, Krishna Rao, Johannes Stroebel, and Andreas Weber

2021 Winner, $10,000
“Pricing Uncertainty Induced by Climate Change”
Michael Barnett, William Brock, and Lars Peter Hansen

2021 Runner Up (tie), $5000 ($2500 per paper)

“On the Rise of FinTechs: Credit Scoring Using Digital Footprints”
Tobias Berg, Valentin Burg, Ana Gombović, and Manju Puri

“Monetary Transmission through Shadow Banks”
Kairong Xiao

2020 Winner, $10,000
“Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs”
David O. Lucca, Taylor Nadauld, and Karen Shen

2020 Runner Up, $5000
“The Value of Offshore Secrets: Evidence from the Panama Papers”
James O’Donovan, Hannes F. Wagner, and Stefan Zeume

2019 Winner, $20,000
“The Labor Market Effects of Credit Market Information”
Marieke Bos, Emily Breza, and Andres Liberman

2019 Runner Up, $5000
“Does Algorithmic Trading Reduce Information Acquisition?”
Brian M. Weller

2018 Winner, $20,000
“Does Hedging Affect Firm Value? Evidence from a Natural Experiment”
Erik Gilje and Jérôme Taillard

2018 Runner Up, $5000
“The Freedom of Information Act and the Race Toward Information Acquisition”
Antonio Gargano, Alberto Rossi, and Russ Wermers

2017 Winner, $20,000
“Who Facilitated Misreporting in Securitized Loans?”
John M. Griffin and Gonzalo Maturana

2017 Runner Up, $5000
“Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class”
Manuel Adelino, Antoinette Schoar, and Felipe Severino

2016 Winner, $20,000
“The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes”
Alon Brav, Wei Jiang, and Hyunseob Kim

2016 Runner Up, $5000
“Shadow Banking and Bank Capital Regulation”
Guillaume Plantin

2015 Winner, $20,000, sponsored by Research Affiliates
“High-Frequency Trading and Price Discovery”
Jonathan Brogaard, Terrence Hendershott, and Ryan Riordan

2015 Runner Up, $5000, sponsored by Research Affiliates
“Financial Market Dislocations”
Paolo Pasquariello

2014 Winner, $20,000, sponsored by Research Affiliates
“Managers with and without Style: Evidence Using Exogenous Variation”
Charles J. Hadlock, Joshua R. Pierce, and C. Edward Fee

2014 Runner Up, $5000, sponsored by Research Affiliates
“Short Selling and the Price Discovery Process”
Juan (Julie) Wu and Ekkehart Boehmer

2013 (tie)
“Journalists and the Stock Market”
Casey Dougal, Joseph Engelberg, Diego García, and Christopher A. Parsons

“Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act”
Michael Faulkender and Mitchell Petersen

2012 Winner, sponsored by BlackRock
“Margin-based Asset Pricing and Deviations from the Law of One Price”
Nicolae Gârleanu and Lasse Heje Pedersen

2012 Runner Up, sponsored by BlackRock
“Large Shareholder Diversification and Corporate Risk-Taking”
Mara Faccio, Maria-Teresa Marchica, and Roberto Mura

2011 Winner, sponsored by BlackRock
“New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index”
Charles J. Hadlock and Joshua R. Pierce

2011 Runner Up, sponsored by BlackRock
“Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households”
Jie Gan

2010 Winner, sponsored by BlackRock
“The Economics of Fraudulent Accounting”
Simi Kedia and Thomas Philippon

2010 Runner Up, sponsored by BlackRock
“Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”
Mitchell A. Petersen

2009 Winner, sponsored by BlackRock
“A Comprehensive Look at The Empirical Performance of Equity Premium Prediction”
Ivo Welch and Amit Goyal

2009 Runner Up, sponsored by BlackRock
“Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations”
Mihir Desai, C. Fritz Foley, and Kristin Forbes

2008 Winner, sponsored by BlackRock
“Portfolio Performance Manipulation and Manipulation-proof Performance Measures”
Matthew Spiegel, William N. Goetzmann, Jonathan E. Ingersoll Jr., and Ivo Welch

2008 Runner Up, sponsored by BlackRock
“Agency and Optimal Investment Dynamics”
Peter M. DeMarzo and Michael J. Fishman

2007 Winner, sponsored by BlackRock
“Corporate Finance and the Monetary Transmission Mechanism”
Patrick Bolton and Xavier Freixas

2007 Runner Up, sponsored by BlackRock
“Does the Source of Capital Affect Capital Structure”
Michael Faulkender and Mitchell A. Petersen

2006 Winner, sponsored by BlackRock
“The Pooling and Tranching of Securities: A Model of Informed Intermediation”
Peter M. DeMarzo

2006 Runner Up, sponsored by BlackRock
“Information Leakage and Market Efficiency”
Markus K. Brunnermeier

2005 Winner, sponsored by BlackRock
“Losing Money on Arbitrage: Optimal Dynamic Portfolio Choice in Markets with Arbitrage Opportunities”
Jun Liu and Francis A. Longstaff

2005 Runner Up, sponsored by BlackRock
“Confronting Information Asymmetries: Evidence from Real Estate Markets”
Mark J. Garmaise and Tobias J. Moskowitz

2004 Winner, sponsored by BlackRock
“Informal Financial Networks: Theory and Evidence”
Mark J. Garmaise and Tobias J. Moskowitz

2004 Runner Up, sponsored by BlackRock
“Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem”
Hui Ou-Yang

2003 Winner, sponsored by BlackRock
“Competing Theories of Financial Anomalies”
Alon Brav and J.B. Heaton

2003 Runner Up, sponsored by BlackRock
“An Isomorphism between Asset Pricing Models with and without Linear Habit Formation”
Mark Schroder and Costis Skiadas

2002 Winner, sponsored by BlackRock
“Learning to Be Overconfident”
Simon Gervais and Terrance Odean

2002 Runner Up, sponsored by BlackRock
“Optimal Consumption and Investment with Capital Gains Taxes”
Robert M. Dammon, Chester S. Spatt, and Harold H. Zhang

2001 Winner, sponsored by BlackRock
“Toeholds, Bid Jumps, and Expected Payoffs in Takeovers”
Sandra Betton and B. Espen Eckbo

2001 Runner Up, sponsored by BlackRock
“Forcing Firms to Talk: Financial Disclosure Regulation and Externalities”
Anat Admati and Paul Pfleiderer

2000 Winner, sponsored by BlackRock
“Stock Market Overreaction to Bad News in Good Times: A Rational Expectations Equilibrium Model”
Pietro Veronesi

1999 Winner, sponsored by BlackRock
“Conflict of Interest and the Credibility of Underwriter Analyst Recommendations”
Roni Michaely and Kent Womack

1998 Winner
“An Anatomy of Trading Strategies”
Jennifer Conrad and Gautam Kaul

1997 Winner
“Trade Credit: Theories and Evidence”
Mitchell Petersen and Raghuram Rajan

1996 Winner
“Testing Continuous-Time Models of the Spot Interest Rate”
Yacine Ait-Sahalia

1995 Winner
“A Critique of Size-Related Anomalies”
Jonathan Berk

1994 Winner
“Transactions, Volume, and Volatility”
Charles Jones, Gautam Kaul, and Marc Lipson

1993 Winner
“Asymmetric Information and Options”
Kerry Back

1992 Winner (tie)
“On the Estimation of Beta-Pricing Models”
Jay Shanken

“Survivorship Bias in Performance Studies”
Stephen Brown, William Goetzmann, Roger Ibbotson, and Stephen Ross

1991 Winner
“The Effect of Information Releases on the Pricing and Timing of Equity Issues”
Robert Korajczyk, Deborah Lucas, and Robert McDonald

1990 Winner
“Data-snooping Biases in Tests of Financial Asset Pricing Models”
Andew Lo and A. Craig MacKinlay

1989 Winner
“Requiem for a Market: An Analysis of the Rise and Fall of a Financial Futures ”
Elizabeth Johnston and John McConnell