Prizes and Awards

Smith Breeden Prizes

The Smith Breeden Prizes are awarded annually for the top three papers in The Journal of Finance in any area other than corporate finance. The winning papers are chosen by the Associate Editors of The Journal of Finance. The papers eligible for the prizes for a given year are all those that appeared in the first five issues of that year and in the December issue from the previous year.

The Smith Breeden prizes are generously funded by Smith Breeden Associates Inc. The Smith Breeden prize for the best paper in The Journal of Finance is $10,000 and the two prizes for distinguished papers are $5,000 each. The Journal of Finance and the American Finance Association are grateful to Smith Breeden Associates Inc. for continuing to support the prizes and providing additional funding to increase the size of the awards.

Smith Breeden Prize Winners since 1989

Brattle Prizes in Corporate Finance

The Brattle Prizes are awarded annually for outstanding papers on corporate finance. The winning papers are chosen by the Associate Editors of The Journal of Finance. The papers eligible for the prizes for a given year are all those that appeared in the first five issues of that year and in the December issue from the previous year. The prizes are awarded at the AFA's annual meeting by a representative of The Brattle Group, Inc. The amounts of the prizes are $10,000 for first prize and $5,000 each for two distinguished papers. These amounts may change from time to time.

Brattle Prize Winners since 1999

Smith Breeden Prize Winners since 1989
Click on the title to view an abstract of the paper

Year	Winner	Authors	Title	Issue
2007
2007	First Prize	Paul C. Tetlock	Giving Content to Investor Sentiment: The Role of Media in the Stock Market	June
2007	Distinguished Paper	Lauren Cohen, Karl B. Diether, and Christopher J. Malloy	Supply and Demand Shifts in the Shorting Market	October
2007	Distinguished Paper	Andrew W. Lo and Jiang Wang	Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model	December 2006
2006
2006	First Prize	Leonid Kogan, Stephen A. Ross, Jiang Wang, and Mark M. Westerfield	The Price Impact and Survival of Irrational Traders	February
2006	Distinguished Paper	Mark Loewenstein and Gregory A. Willard	The Limits of Investor Behavior	February
2006	Distinguished Paper	Gur Huberman and Wei Jiang	Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds	April
2005
2005	First Prize	Joshua D. Coval and Tyler Shumway	Do Behavioral Biases Affect Prices?	February
2005	First Prize	Lu Zhang	The Value Premium	February
2005	Distinguished Paper	Murray Carlson, Adlai Fisher, and Ron Giammarino	Corporate Investment and Asset Price Dynamics: Implications for the Cross-Section of Returns	December 04
2004
2004	First Prize	Markus K. Brunnermeier and Stefan Nagel	Hedge Funds and the Technology Bubble	October
2004	Distinguished Paper	Andrea L. Eisfeldt	Endogenous Liquidity in Asset Markets	February
2004	Distinguished Paper	Ravi Bansal and Amir Yaron	Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles	August
2003
2003	First Prize	Luboš Pástor and Pietro Veronesi	Stock Valuation and Learning about Profitability	October
2003	Distinguished Paper	Eli Ofek and Matthew Richardson	DotCom Mania: The Rise and Fall of Internet Stock Prices	June
2003	Distinguished Paper	Maureen O'Hara	Presidential Address: Liquidity and Price Discovery	August
2002
2002	First Prize	Mark Mitchell, Todd Pulvino and Erik Stafford	Limited Arbitrage in Equity Markets	April
2002	Distinguished Paper	Timothy C. Johnson	Rational Momentum Effects	April
2002	Distinguished Paper	David Easley, Soeren Hvidkjaer and Maureen O'Hara	Is Information Risk a Determinant of Asset Returns?	October
2001
2001	First Prize	John Y. Campbell Martin Lettau Burton G. Malkiel Yexiao Xu	Have Individual Stocks Become More Volatile: An Empirical Exploration of Idiosyncratic Risk	February
2001	Distinguished Paper	Mark Grinblatt Matti Keloharju	What Makes Investors Trade?	April
2001	Distinguished Paper	Bengt Holmström Jean Tirole	LAPM: A Liquidity-Based Asset Pricing Model	October
2000
2000	First Prize	Joshua D. Coval and Tobias J. Moskowitz	Home Bias at Home: Local Equity Preference in Domestic Portfolios	December 1999
2000	Distinguished Paper	Qiang Dai and Kenneth J. Singelton	Specification Analysis of Affine Term Structure Models	October
2000	Distinguished Paper	Katrina Ellis, Roni Michaely and Maureen O'Hara	When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket	June
1999
1999	First Prize	Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam	Investor Psychology and Security Market Under - and Overreaction	December
1999	Distinguished Paper	Jonathan B. Berk, Richard C. Green, and Vasant Naik	Optimal Investment, Growth Options, and Security Returns	October
1999	Distinguished Paper	Philippe Jorion and William N. Goetzmann	Global Stock Markets in the Twentieth Century	June
1998
1998	First Prize	Gregor Andrade and Steven N. Kaplan	How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed	October
1998	Distinguished Paper	Todd C. Pulvino	Do Asset Fire-Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions	June
1998	Distinguished Paper	Alon Brav and Paul A.Gompers	Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies	December
1997
1997	First Prize	Kent Daniel and Sheridan Titman	Evidence on the Characteristics of the Cross Sectional Variation in Stock Returns	March
1997	Distinguished Paper	Owen Lamont	Cash Flow and Investment: Evidence from Internal Capital Markets	March
1997	Distinguished Paper	Darrell Duffie and Kenneth J. Singleton	An Econometric Model of the Term Structure of Interest-Rate Swap Yields	September
1996
1996	First Prize (tie)	Shmuel Kandel and Robert F. Stambaugh	On the Predictability of Stock Returns: An Asset-Allocation Perspective	June
1996	First Prize (tie)	Peter Tufano	Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry	September
1996	Distinguished Paper	Keith C. Brown, W.V. Harlow, and Laura Starks	Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry	March
1995
1995	First Prize	William G. Christie and Paul Schultz	Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?	December
1995	Distinguished Paper	Josef Lakonishok, Andrei Shleifer, and Robert W. Vishny	Contrarian Investment, Extrapolation, and Risk	December
1995	Distinguished Paper	Judith A. Chevalier	Do LBO Supermarkets Charge more? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing	September
1994
1994	First Prize	Mitchell A. Petersen and Raghuram G. Rajan	The Benefits of Lending Relationships: Evidence from Small Business Data	March
1994	Distinguished Paper	Lawrence R. Glosten	Is the Electronic Open Limit Order Book Inevitable	September
1994	Distinguished Paper	William L. Megginson, Robert C. Nash, and Matthias van Randenborgh	The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis	June
1993
1993	First Prize	Lisa K. Meulbroek	An Empirical Analysis of Illegal Insider Trading	December
1993	Distinguished Paper	John Y. Campbell and John Ammer	What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns	March
1993	Distinguished Paper	Lucy F. Ackert and Brian F. Smith	Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders	September
1992
1992	First Prize	Eugene F. Fama and Kenneth R. French	The Cross-Section of Expected Stock Returns	June
1992	Distinguished Paper	Laurie Simon Bagwell	Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity	March
1992	Distinguished Paper	Raghuram G. Rajan	Insiders and Outsiders: The Choice Between Informed and Arm's Length Debt	September
1992	Distinguished Paper	Ivo Welch	Sequential Sales, Learning, and Cascades	June
1991
1991	First Prize	Jay R. Ritter	The Long-Run Performance of Initial Public Offerings	March
1991	Distinguished Paper	Robert Gertner and David Scharfstein	A Theory of Workouts and the Effects of Reorganization Law	September
1991	Distinguished Paper	Campbell R. Harvey	The World Price of Covariance Risk	March
1990
1990	First Prize	David A. Hsieh and Merton H. Miller	Margin Regulation and Stock Market Volatility	March
1990	Distinguished Paper	Milton Harris and Artur Raviv	Capital Structure and the Informational Role of Debt	June
1990	Distinguished Paper	Deborah J. Lucas and Robert L. McDonald	Equity Issues and Stock Price Dynamics	September
1990	Distinguished Paper	G. William Schwert	Why Does Stock Market Volatility Change Over Time?	December
1989
1989	First Prize	Paul Asquith, David W. Mullins, Jr., and Eric D. Wolff	Original Issue High yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls	September
1989	Distinguished Paper	Michael J. Fishman	Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions	March
1989	Distinguished Paper	Marshall E. Blume, A. Craig MacKinlay, and Bruce Terker	Order Imbalances and Stock Price Movements on October 19 and 20, 1987	September

Brattle Prize Winners since 1999
Click on the title to view an abstract of the paper

Year	Winners	Authors	Title	Issue
2006
2007	First Prize Paper	Ilya A. Strebulaev	Do Tests of Capital Structure Theory Mean What They Say?	August
2007	Distinguished Paper	Christopher A. Hennessy and Toni M. Whited	How Costly Is External Financing? Evidence from a Structural Estimation	August
2007	Distinguished Paper	Amir Sufi	Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans	April
2006
2006	First Prize Paper	Joshua D. Rauh	Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans	February
2006	Distinguished Paper	Mark T. Leary and Michael R. Roberts	Do Firms Rebalance Their Capital Structures?	December 05
2006	Distinguished Paper	Aydogan Alti	How Persistent Is the Impact of Market Timing on Capital Structure?	August
2005
2005	First Prize Paper	Christopher A. Hennessy and Toni M. Whited	Debt Dynamics	June
2005	Distinguished Paper	Marianne P. Bitler, Tobias J. Moskowitz, and Annette Vissing-Jørgensen	Testing Agency Theory with Entrepreneur Effort and Wealth	April
2004
2004	First Prize Paper	Belen Villalonga	Diversification Discount or Premium? New Evidence from the Business Information Tracking Series	April
2004	Distinguished Paper	Christopher A. Hennessy	Tobin's Q, Debt Overhang, and Investment	August
2003
2003	First Prize Paper	Antoinette Schoar	Effects of Corporate Diversification on Productivity	December 2002
2003	Distinguished Paper	Aydogan Alti	How Sensitive is Investment to Cash Flow When Financing is Frictionless?	April
2002
2002	First Prize Paper	Malcolm Baker and Jeffrey Wurgler	Market Timing and Capital Structure	February
2002	Distinguished Paper	Anil K. Kashyap, Raghuram Rajan and Jeremy C. Stein	Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking	February
2001
2001	First Prize	Per Strömberg	Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests	December 2000
2001	Distinguished Paper	Douglas Diamond Raghuram Rajan	A Theory of Bank Capital	December 2000
2000
2000	First Prize	John R. Graham	How Big Are the Tax Benefits of Debt?	October
2000	Distinguished Paper	Raghuram Rajan, Henri Servaes and Luigi Zingales	The Cost of Diversity: The Diversification Discount and Inefficient Investment	February
1999
1999	First Prize	Clifford G. Holderness, Randall S.Kroszner, and Dennis P.Sheehan	Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression	April
1999	Distinguished Paper	Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer	Corporate Ownership Around the World	April