Prizes - The American Finance Association

Dimensional Fund Advisors Prizes

The Dimensional Fund Advisors 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 Dimensional Fund Advisors Prizes are generously funded by Dimensional Fund Advisors. The Dimensional Fund Advisors Prize for the best paper in The Journal of Finance is $25,000 and the two prizes for distinguished papers are $10,000 each. The Journal of Finance and the American Finance Association are grateful to Dimensional for supporting these prizes.

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Brattle Group Prizes in Corporate Finance

The Brattle Group 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 $25,000 for first prize and $10,000 each for two distinguished papers. The Journal of Finance and the American Finance Association are grateful to The Brattle Group, Inc. for continuing to support the prizes and providing additional funding to increase the size of the awards..

Administration of the Brattle Group Prize is the responsibility of the Editor of The Journal of Finance and is carried out in conjunction with the selection of the Dimensional Fund Advisors Prizes. Associate Editors vote for the best three corporate finance papers (for the Brattle Group Prizes) and the best three other papers (for the Dimensional Fund Advisors Prizes). The papers receiving the most votes in their categories receive the prizes; however, a paper may not win in both categories. If a paper should be selected in both the Brattle and Dimensional Fund Advisors categories, the editor can call for a second round of voting in which papers are allocated by him or her to one category.

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Dimensional Fund Advisors Prize Winners since 1989:

Prizes prior to 2019 were sponsored by Amundi Pioneer, Amundi Smith Breeden, and Smith Breeden

2023

First Prize to Nicolas Crouzet, Janice Eberly for Rents and Intangible Capital: A Q+ Framework in the August issue.
Distinguished Paper to Theis Ingerslev Jensen, Bryan Kelly, Lasse Heje Pedersen for Is There a Replication Crisis in Finance? in the October issue.
Distinguished Paper to Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu, Rengming Xie for Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets in the October issue.

2022

First Prize to Valentin Haddad and Tyler Muir for Do Intermediaries Matter for Aggregate Asset Prices? in the December 2021 issue.
Distinguished Paper to Sina Ehsani and Juhani Linnainmaa for Factor Momentum and the Momentum Factor in the June issue.
Distinguished Paper to Andrés Schneider for Risk-Sharing and the Term Structure of Interest Rates in the August issue.

2021

First Prize to Andriy Shkilko and Konstantin Sokolov for Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity, and Trading Costs in the December 2020 issue.
Distinguished Paper to Marco Di Maggio, Amir Kermani, and Kaveh Majlesi for Stock Market Returns and Consumption in the December 2020 issue.
Distinguished Paper to Kent Daniel, Lorenzo Garlappi, and Kairong Xiao for Monetary Policy and Reaching for Income in the June issue.

2020

First Prize to Simcha Barkai for Declining Labor and Capital Shares in the October issue.
Distinguished Paper to Rawley Heimer, Kristian Ove R. Myrseth, and Raphael S. Schoenle for YOLO: Mortality Beliefs and Household Finance Puzzles in the December 2019 issue.
Distinguished Paper to Mohammadreza Bolandnazar, Robert J. Jackson, Jr., Wei Jiang, and Joshua Mitts for Trading Against the Random Expiration of Private Information: A Natural Experiment in the February issue.

2019

First Prize to Samuel M. Hartzmark and David H. Solomon for The Dividend Disconnect in the October issue.
Distinguished Paper to Jules H. van Binsbergen and Christian C. Opp for Real Anomalies in the August issue.
Distinguished Paper to Ian W. R. Martin and Christian Wagner for What Is the Expected Return on a Stock? in the August issue.

2018

First Prize to Wenxin Du, Alexander Tepper, and Adrien Verdelhan for Deviations from Covered Interest Rate Parity in the June issue.
Distinguished Paper to Itamar Drechsler, Alexi Savov, and Philipp Schnabl for A Model of Monetary Policy and Risk Premia in the February 2018 issue.
Distinguished Paper to Petri Jylha for Margin Requirements and the Security Market Line in the June issue.

2017

First Prize to Darrell Duffie, Piotr Dworczak, and Haoxiang Zhu for Benchmarks in Search Markets in the October issue.
Distinguished Paper to Jaroslav Borovička, Lars Peter Hansen, and José A. Scheinkman for Misspecified Recovery in the December 2016 issue.
Distinguished Paper to Stephen Foerster, Juhani T. Linnainmaa, Brian T. Melzer, and Alessandro Previtero for Retail Financial Advice: Does One Size Fit All? in the August issue.

2016

First Prize to R. David McLean and Jeffrey Pontiff for Does Academic Research Destroy Stock Return Predictability? in the February issue.
Distinguished Paper to Peter Koudijs for The Boats That Did Not Sail: Asset Price Volatility in a Natural Experiment in the June issue.
Distinguished Paper to Pavel Savor and Mungo Wilson for Earnings Announcements and Systematic Risk in the February issue.

2015

First Prize to David O. Lucca and Emanuel Moench for The Pre-FOMC Announcement Drift in the February issue.
Distinguished Paper to Tobias Adrian, Erkko Etula, and Tyler Muir for Financial Intermediaries and the Cross-Section of Asset Returns in the December 2014 issue.
Distinguished Paper to Pierre Collin-Dufresne and Vyacheslav Fos for Do Prices Reveal the Presence of Informed Trading? in the August issue.

2014

First Prize to Leonid Kogan and Dimitris Papanikolaou for Growth Opportunities, Technology Shocks, and Asset Prices in the April issue.
Distinguished Paper to Ralph S.J. Koijen for The Cross-Section of Managerial Ability, Incentives, and Risk Preferences in the June issue.
Distinguished Paper to Matthias Fleckenstein, Francis A. Longstaff, and Hanno Lustig for The TIPS-Treasury Bond Puzzle in the October issue.

2013

First Prize to Andrea L. Eisfeldt and Dimitris Papanikolaou for Organization Capital and the Cross-Section of Expected Returns in the August issue.
Distinguished Paper to Itamar Drechsler for Uncertainty, Time-Varying Fear, and Asset Prices in the October issue.
Distinguished Paper to Pierre Collin-Dufresne, Robert S. Goldstein and Fan Yang for On the Relative Pricing of Long-Maturity Index Options and Collateralized Debt Obligations in the December 2012 issue.

2012

First Prize to Zhiguo He and Wei Xiong for Rollover Risk and Credit Risk in the April issue.
First Prize to Nicolae Gârleanu, Stavros Panageas, and Jianfeng Yu for Technological Growth and Asset Pricing in the August issue.
Distinguished Paper to Ľuboš Pástor and Pietro Veronesi for Uncertainty about Government Policy and Stock Prices in the August issue.

2011

First Prize to Robert Novy-Marx and Joshua Rauh for Public Pension Promises: How Big Are They and What Are They Worth? in the August issue.
Distinguished Paper to Alexi Savov for Asset Pricing with Garbage in the February issue.
Distinguished Paper to Hui Chen for Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure in the December issue.

2010

First Prize to Joao F. Gomes and Lukas Schmid for Levered Returns in the April issue.
Distinguished Paper to Joel Peress for Product Market Competition, Insider Trading, and Stock Market Efficiency in the February issue.
Distinguished Paper to Lauren Cohen, Andrea Frazinni, and Christopher Malloy for Sell-Side School Ties in the August issue.
Distinguished Paper to Richard C. Green, Dan Li, and Norman Schürhoff for Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall? in the October issue.

2009

First Prize to Péter Kondor for Risk in Dynamic Arbitrage: The Price Effects of Convergence Trading in the April issue.
Distinguished Paper to Luigi Guiso, Paola Sapienza, and Luigi Zingales for Trusting the Stock Market in the December 2008 issue.
Distinguished Paper to Lily Fang and Joel Peress for Media Coverage and the Cross-section of Stock Returns in the October issue.

2008

First Prize to Ricardo J. Caballero and Arvind Krishnamurthy for Collective Risk Management in a Flight to Quality Episode in the October issue.
Distinguished Paper to Lauren Cohen and Andrea Frazzini for Economic Links and Predictable Returns in the August issue.
Distinguished Paper to Rui Albuquerque and Neng Wang for Agency Conflicts, Investment, and Asset Pricing in the February issue.

2007

First Prize to Paul C. Tetlock for Giving Content to Investor Sentiment: The Role of Media in the Stock Market in the June issue.
Distinguished Paper to Lauren Cohen, Karl B. Diether, and Christopher J. Malloy for Supply and Demand Shifts in the Shorting Market in the October issue.
Distinguished Paper to Andrew W. Lo and Jiang Wang for Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model in the December 2006 issue.

2006

First Prize to Leonid Kogan, Stephen A. Ross, Jiang Wang, and Mark M. Westerfield for The Price Impact and Survival of Irrational Traders in the February issue.
Distinguished Paper to Mark Loewenstein and Gregory A. Willard for The Limits of Investor Behavior in the February issue.
Distinguished Paper to Gur Huberman and Wei Jiang for Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds in the April issue.

2005

First Prize to Joshua D. Coval and Tyler Shumway for Do Behavioral Biases Affect Prices? in the February issue.
First Prize to Lu Zhang for The Value Premium in the February issue.
Distinguished Paper to Murray Carlson, Adlai Fisher, and Ron Giammarino for Corporate Investment and Asset Price Dynamics: Implications for the Cross-Section of Returns in the December 2004 issue.

2004

First Prize to Markus K. Brunnermeier and Stefan Nagel for Hedge Funds and the Technology Bubble in the October issue.
Distinguished Paper to Andrea L. Eisfeldt for Endogenous Liquidity in Asset Markets in the February issue.
Distinguished Paper to Ravi Bansal and Amir Yaron for Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles in the August issue.

2003

First Prize to Luboš Pástor and Pietro Veronesi for Stock Valuation and Learning about Profitability in the October issue.
Distinguished Paper to Eli Ofek and Matthew Richardson for DotCom Mania: The Rise and Fall of Internet Stock Prices in the June issue.
Distinguished Paper to Maureen O’Hara for Presidential Address: Liquidity and Price Discovery in the August issue.

2002

First Prize to Mark Mitchell, Todd Pulvino and Erik Stafford for Limited Arbitrage in Equity Markets in the April issue.
Distinguished Paper to Timothy C. Johnson for Rational Momentum Effects in the April issue.
Distinguished Paper to David Easley, Soeren Hvidkjaer and Maureen O’Hara for Is Information Risk a Determinant of Asset Returns? in the October issue.

2001

First Prize to John Y. Campbell, Martin Lettau, Burton G. Malkiel and Yexiao Xu for Have Individual Stocks Become More Volatile: An Empirical Exploration of Idiosyncratic Risk in the February issue.
Distinguished Paper to Mark Grinblatt and Matti Keloharju for What Makes Investors Trade? in the April issue.
Distinguished Paper to Bengt Holmström and Jean Tirole for LAPM: A Liquidity-Based Asset Pricing Model in the October issue.

2000

First Prize to Joshua D. Coval and Tobias J. Moskowitz for Home Bias at Home: Local Equity Preference in Domestic Portfolios in the December 1999 issue.
Distinguished Paper to Qiang Dai and Kenneth J. Singelton for Specification Analysis of Affine Term Structure Models in the October issue.
Distinguished Paper to Katrina Ellis, Roni Michaely and Maureen O’Hara for When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket in the June issue.

1999

First Prize to Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam for Investor Psychology and Security Market Under – and Overreaction in the December issue.
Distinguished Paper to Jonathan B. Berk, Richard C. Green, and Vasant Naik for Optimal Investment, Growth Options, and Security Returns in the October issue.
Distinguished Paper to Philippe Jorion and William N. Goetzmann for Global Stock Markets in the Twentieth Century in the June issue.

1998

First Prize to Gregor Andrade and Steven N. Kaplan for How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed in the October issue.
Distinguished Paper to Todd C. Pulvino for Do Asset Fire-Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions in the June issue.
Distinguished Paper to Alon Brav and Paul A.Gompers for Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies in the December issue.

1997

First Prize to Kent Daniel and Sheridan Titman for Evidence on the Characteristics of the Cross Sectional Variation in Stock Returns in the March issue.
Distinguished Paper to Owen Lamont forCash Flow and Investment: Evidence from Internal Capital Markets in the March issue.
Distinguished Paper to Darrell Duffie and Kenneth J. Singleton for An Econometric Model of the Term Structure of Interest-Rate Swap Yields in the September issue.

1996

First Prize (tie) to Shmuel Kandel and Robert F. Stambaugh for On the Predictability of Stock Returns: An Asset-Allocation Perspective in the June issue.
First Prize (tie) to Peter Tufano for Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry in the September issue.
Distinguished Paper to Keith C. Brown, W.V. Harlow, and Laura Starks for Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry in the March issue.

1995

First Prize to William G. Christie and Paul Schultz for Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes? in the December issue.
Distinguished Paper to Josef Lakonishok, Andrei Shleifer, and Robert W. Vishny for Contrarian Investment, Extrapolation, and Risk in the December issue.
Distinguished Paper to Judith A. Chevalier for Do LBO Supermarkets Charge more? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing in the September issue.

1994

First Prize to Mitchell A. Petersen and Raghuram G. Rajan for The Benefits of Lending Relationships: Evidence from Small Business Data in the March issue.
Distinguished Paper to Lawrence R. Glosten forIs the Electronic Open Limit Order Book Inevitable? in the September issue.
Distinguished Paper to William L. Megginson, Robert C. Nash, and Matthias van Randenborgh for The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis in the June issue.

1993

First Prize to Lisa K. Meulbroek for An Empirical Analysis of Illegal Insider Trading in the December issue.
Distinguished Paper to John Y. Campbell and John Ammer for What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns in the March issue.
Distinguished Paper to Lucy F. Ackert and Brian F. Smith forStock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders in the September issue.

1992

First Prize to Eugene F. Fama and Kenneth R. French for The Cross-Section of Expected Stock Returns in the June issue.
Distinguished Paper to Laurie Simon Bagwell for Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity in the March issue.
Distinguished Paper to Raghuram G. Rajan for Insiders and Outsiders: The Choice Between Informed and Arm’s Length Debt in the September issue.
Distinguished Paper to Ivo Welch for Sequential Sales, Learning, and Cascades in the June issue.

1991

First Prize to Jay R. Ritter for The Long-Run Performance of Initial Public Offerings in the March issue.
Distinguished Paper to Robert Gertner and David Scharfstein for A Theory of Workouts and the Effects of Reorganization Law in the September issue.
Distinguished Paper to Campbell R. Harvey for The World Price of Covariance Risk in the March issue.

1990

First Prize to David A. Hsieh and Merton H. Miller for Margin Regulation and Stock Market Volatility in the March issue.
Distinguished Paper to Milton Harris and Artur Raviv for Capital Structure and the Informational Role of Debt in the June issue.
Distinguished Paper to Deborah J. Lucas and Robert L. McDonald for Equity Issues and Stock Price Dynamics in the September issue.
Distinguished Paper to G. William Schwert for Why Does Stock Market Volatility Change Over Time? in the December 1989 issue.

1989

First Prize to Paul Asquith, David W. Mullins, Jr., and Eric D. Wolff for Original Issue High yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls in the September issue.
Distinguished Paper to Michael J. Fishman for Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions in the March issue.
Distinguished Paper to Marshall E. Blume, A. Craig MacKinlay, and Bruce Terker for Order Imbalances and Stock Price Movements on October 19 and 20, 1987 in the September issue.

Brattle Group Prize Winners since 1999