Brattle Prize

The Brattle Prize is an annual prize given to authors with the best corporate finance research papers published in the Journal of Finance.

Details

Each year the associate editors of the Journal of Finance award five papers for excellence. The two best finance papers in the subfield of corporate finance and the three best other papers from among all those papers that appeared in the first five issues of that year and in the December issue from the previous year are awarded prizes at the annual American Finance Association in January of the following year. Currently the Brattle prizes are $10,000 for first place and $5,000 for second, but these amounts may change from time to time. Although the prize is awarded by the Brattle Group the administration of the Brattle Prize is the responsibility of the Editor of The Journal of Finance and is carried out in conjunction with the selection of the Smith Breeden Prizes. Associate Editors vote for the best two corporate finance papers (for the Brattle Prizes) and the best three other papers (for the Smith-Breeden Prizes). The papers receiving the most votes in their categories receive the prizes; however, a paper may not win in both categories.[1]

The Journal of Finance is one of the most prestigious and highly cited journals in finance and economics. Each year hundreds of papers are submitted for publication. In 2006, there were 1239 submissions (1037 new manuscripts), 86 articles published, and 8 Brattle Prize nominees from which one first place winning paper and two second place distinguished papers were chosen.[2]

Winners

Paper Author(s) Year Issue
"Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression" Clifford G. Holderness, Randall S. Kroszner, and Dennis P.Sheehan 1999 April 1999
"How Big Are the Tax Benefits of Debt?" John R. Graham 2000 October 2000
"Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests" Per Strömberg 2001 December 2000
"Market Timing and Capital Structure" Malcolm Baker and Jeffrey Wurgler 2002 February 2002
"Effects of Corporate Diversification on Productivity" Antoinette Schoar 2003 December 2002
"Diversification Discount or Premium? New Evidence from the Business Information Tracking Series" Belen Villalonga 2004 April 2004
"Debt Dynamics" Christopher A. Hennessy and Toni M. Whited 2005 June 2005
"Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans" Joshua D. Rauh 2006 February 2006
"Do Tests of Capital Structure Theory Mean What They Say?" Ilya A. Strebulaev 2007 August 2007
"The Risk-Adjusted Cost of Financial Distress" Heitor Almeida and Thomas Philippon 2008 December 2007
"Why Are Buyouts Levered? The Financial Structure of Private Equity Funds" Ulf Axelson, Per Strömberg, and Michael S. Weisbach 2009 August 2009
"Information and Incentives Inside the Firm: Evidence from Loan Officer Rotation" Andrew Hertzberg, José M. Liberti, and Daniel Paravisini 2010 June 2010
"Bankruptcy and Collateral Channel" Efraim Benmelech and Nittai K. Bergman 2011 April 2011
"Information Disclosure, Cognitive Biases, and Payday Borrowing" Marianne Bertrand and Adair Morse 2012 December 2012
"Risk Management and Firm Value: Evidence from Weather Derivatives" Francisco Pérez-González and Hayong Yun 2013 October 2013
"A Theory of Debt Maturity: The Long and Short of Debt Overhang" Douglas W. Diamond and Zhiguo He 2014 April 2015
"Does Going Public Affect Innovation?" Shai Bernstein 2015 August 2016
"Asymmetric Information about Collateral Values" Johannes Stroebel 2016 June 2017
"Financial Contracting and Organizational Form: Evidence from the Regulation of Trade Credit" Emily Breza and Andres Liberman 2017 February 2017
"Homeowner Borrowing and Housing Collateral: New Evidence from Expiring Price Controls" Anthony A. DeFusco 2018 April 2018
"Foreclosure Contagion and the Neighborhood Spillover Effects of Mortgage Defaults" Arpit Gupta 2019 October 2019

Distinguished Papers

Paper Author(s) Year Issue
The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value Vicente Cuñat, Mireia Gine, and Maria Gouadelupe 2012 October 2012
The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market Philipp Schnabl 2012 June 2012
The Maturity Rat Race Markus Brunnermeier and Martin Oehmke 2013 April 2013
Taxes, Theft, and Firm Performance Maxim Mironov 2013 August 2013
Fire Sales in a Model of Complexity Ricardo J. Caballero and Alp Simsek 2014 December 2014
Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts Ulf Axelson, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach 2014 December 2014
A Comparative-Advantage approach to Government Debt Maturity Robin Greenwood, Samuel G. Hanson, and Jeremy C. Stein 2015 August 2015
Wall Street Occupations Ulf Axelson and Philip Bond 2015 October 2015
An Information-Based Theory of Time-Varying Liquidity Brendan Daley and Brett Green 2016 April 2016
Trade Credit and Industry Dynamics: Evidence from Trucking Firms Jean-Noel Barrot 2016 October 2016
Mortgage Debt Overhang: Reduced Investment by Homeowners at Risk of Default Brian T. Melzer 2017 April 2017
Housing Collateral and Entrepreneurship Martin Schmalz, David Sraer, and David Thesmar 2017 January 2017
Efficiently Inefficient Markets for Assets and Asset Management Nicolae Gârleanu and Lasse Heje Pedersen 2018 August 2018
The Paradox of Financial Fire Sales: The Role of Arbitrage Capital in Determining Liquidity James Dow and Jungsuk Han 2018 August 2018
Political Connections and Allocative Distortions David Schoenherr 2019 April 2019
Proxy Advisory Firms: The Economics of Selling Information to Voters Andrey Malenko and Nadya Malenko 2019 Oct 2019

See also

Notes

  1. "Prizes and Awards". American Finance Association. Archived from the original on 2007-08-11. Retrieved 2007-09-10.
  2. Harvey, Cam (2007-03-13). "Journal of Finance Editor's Report". American Finance Association. Archived from the original on 2007-08-12. Retrieved 2007-09-10.

References


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