Awards

Sponsors

Cornerstone Research

Sponsorship History

Michael J. Brennan Best Paper Award
Society for Financial Studies, 2013, 2016-2017
Research Affiliates, 2014-2015
BlackRock, 1999-2012

Rising Scholar Award (formerly Young Researcher Prize/Rising Researcher Prize)
Society for Financial Studies 2009-2013, 2016-2017
Research Affiliates, 2014-2015
JPMorgan, 2007-2008

Referee of the Year Award & Distinguished Referees 
Cornerstone Research 2010-2017
Society for Financial Studies, 2001-2009

Award History

2017

Distinguished Referee Award 

Michelle Lowry
Philipp Schnabl
Clemens Sialm

Michael J. Brennan Best Paper Award Winner

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

Michael J. Brennan Best Paper Award Runner Up

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

Referee of the Year

Thierry Foucault
Prize: $1000

Rising Scholar Award

“Do Firms Engage in Risk Shifting?”
Erik Gilje
Prize: $5000

2016

Distinguished Referee Award 

Kenneth Ahern
Ing-Haw Cheng
Ran Duchin
Charles Hadlock
Victoria Ivashina
Justin Murfin
Alexi Savov
Denis Sosyura

Michael J. Brennan Best Paper Award Winner

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

Michael J. Brennan Best Paper Award Runner Up

“Shadow Banking and Bank Capital Regulation”
Guillaume Plantin
Prize: $5000

Referee of the Year 

Amiyatosh Purnanandam
Prize: $1000

Rising Scholar Award 

“Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections”
Pat Akey
Prize: $5000

2015

Distinguished Referee Award 

Zhi Da
Doron Levit
Andrey Malenko
Gregory Nini
Adi Sunderam
Sheri Tice
Liyan Yang

Michael J. Brennan Best Paper Award Winner

“High-Frequency Trading and Price Discovery”
Jonathan Brogaard, Terrence Hendershott, and Ryan Riordan
Prize: $20,000

Michael J. Brennan Best Paper Award Runner Up

“Financial Market Dislocations”
Paolo Pasquariello
Prize: $5000

Referee of the Year 

Paolo Pasquariello
Prize: $1000

Rising Scholar Award 

“Capital Account Opening and Wage Inequality”
Mauricio Larrain
Prize: $5000

2014

Distinguished Referee Award 

Laurent Fresard
Todd Gormley
Wei Jiang
Justin Murfin
Allan Timmermann
Heather Tookes
Mark Westerfield

Michael J. Brennan Best Paper Award Winner

“Managers with and without Style: Evidence Using Exogenous Variation”
Charles J. Hadlock, Joshua R. Pierce, and C. Edward Fee
Prize: $20,000

Michael J. Brennan Best Paper Award Runner Up

“Short Selling and the Price Discovery Process”
Juan (Julie) Wu and Ekkehart Boehmer
Prize: $5000

Referee of the Year 

Gerard Hoberg
Prize: $1000

Rising Scholar Award 

“The Growth and Limits of Arbitrage: Evidence from Short Interest”
Samuel G. Hanson and Adi Sunderam
Prize: $5000

2013

Distinguished Referee Award

Sandy Klasa
Oguzhan Ozbas
Woojin Kim
Mark Huson
Stuart Gillan
Hui Chen
Martin Oehmke
Taylor Nadauld

Michael J. Brennan Best Paper Award Winners (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

Referee of the Year

Marcin Kacperczyk

Young Researcher Prize

“Finding a Good Price in Opaque Over-the-Counter Markets”
Haoxiang Zhu

2012

Distinguished Referee Award

Sreedhar Bharath
Peter Christoffersen
Rudiger Fahlenbrach
John Griffin
Berk Sensoy
Isil Erel
Simi Kedia
Ralph Koijen
Pedro Matos

Michael J. Brennan Best Paper Award Winner

“Margin-based Asset Pricing and Deviations from the Law of One Price”
Nicolae Gârleanu and Lasse Heje Pedersen

Michael J. Brennan Best Paper Award Runner Up

“Large Shareholder Diversification and Corporate Risk-Taking”
Mara Faccio, Maria-Teresa Marchica, and Roberto Mura

Referee of the Year Award

Robin Greenwood

Young Researcher Prize

“The Real Consequences of Market Segmentation”
Sergey Chernenko and Adi Sunderam

2011

Distinguished Referee Award

Darren Kisgen
Luca Benzoni
Lubos Pastor
Eitan Goldman
Ekkehart Boehmer
Malcolm Baker
Murillo Campello
Peter Christoffersen
Tarun Chordia

Michael J. Brennan Best Paper Award Winner

“New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index”
Charles J. Hadlock and Joshua R. Pierce

Michael J. Brennan Best Paper Award Runner Up

“Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households”
Jie Gan

Referee of the Year Award

Philip Strahan

Young Researcher Prize 

“Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting”
Ashwini K. Agrawal

2010

Distinguished Referee Award

Stijn Van Nieuwerburgh
Murillo Campello
Rajesh Aggarwal
Nicolas Bollen
Lu Zhang
Massimo Massa
Martijn Cremers
Clemens Sialm

Michael J. Brennan Best Paper Award Winner

“The Economics of Fraudulent Accounting”
Simi Kedia and Thomas Philippon

Michael J. Brennan Best Paper Award Runner Up

“Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”
Mitchell A. Petersen

Referee of the Year Award 

Heitor Almeida

Young Researcher Prize 

“Learning from Prices and the Dispersion in Beliefs”
Snehal Banerjee

2009

Distinguished Referee Award

Viral Acharya
Gurdip Bakshi
Alex Edmans
Francisco Gomes
Robin Greenwood
Massimo Massa
Lu Zhang

Michael J. Brennan Best Paper Award Winner

“A Comprehensive Look at The Empirical Performance of Equity Premium Prediction”
Ivo Welch and Amit Goyal

Michael J. Brennan Best Paper Award Runner Up

“Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations”
Mihir Desai, C. Fritz Foley, and Kristin Forbes

Referee of the Year Award

Francisco Gomes

Young Researcher Prize 

“Performance-Sensitive Debt”
Gustavo Manso, Bruno Strulovici, and Alexei Tchistyi

2008

Michael J. Brennan Best Paper Award Winner

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

Michael J. Brennan Best Paper Award Runner Up

“Agency and Optimal Investment Dynamics”
Peter M. DeMarzo and Michael J. Fishman

Referee of the Year Award

Stefan Nagel

Young Researcher Prize
“The Choice of Corporate Liquidity and Corporate Governance”

Hayong Yun

2007

Michael J. Brennan Best Paper Award Winner

“Corporate Finance and the Monetary Transmission Mechanism”
Patrick Bolton and Xavier Freixas

Michael J. Brennan Best Paper Award Runner Up

“Does the Source of Capital Affect Capital Structure”
Michael Faulkender and Mitchell A. Petersen

Referee of the Year Award

Gurdip Bakshi

Young Researcher Prize

“Bank Lines of Credit in Corporate Finance: An Empirical Analysis”
Amir Sufi

2006

Michael J. Brennan Best Paper Award Winner

“The Pooling and Tranching of Securities: A Model of Informed Intermediation”
Peter M. DeMarzo

Michael J. Brennan Best Paper Award Runner Up

“Information Leakage and Market Efficiency”
Markus K. Brunnermeier

Referee of the Year Award 

Francis A. Longstaff and Allen M. Poteshman

2005

Michael J. Brennan Best Paper Award Winner

“Losing Money on Arbitrage: Optimal Dynamic Portfolio Choice in Markets with Arbitrage Opportunities”
Jun Liu and Francis A. Longstaff

Michael J. Brennan Best Paper Award Runner Up

“Confronting Information Asymmetries: Evidence from Real Estate Markets”
Mark J. Garmaise and Tobias J. Moskowitz

Referee of the Year Award

Matthias Kahl and Michael Roberts

2004

Michael J. Brennan Best Paper Award Winner

“Informal Financial Networks: Theory and Evidence”
Mark J. Garmaise and Tobias J. Moskowitz

Michael J. Brennan Best Paper Award Runner Up

“Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem”
Hui Ou-Yang

Referee of the Year Award 

Simon Gervais

2003

Michael J. Brennan Best Paper Award Winner

“Competing Theories of Financial Anomalies”
Alon Brav and J.B. Heaton

Michael J. Brennan Best Paper Award Runner Up

“An Isomorphism between Asset Pricing Models with and without Linear Habit Formation”
Mark Schroder and Costis Skiadas

Referee of the Year Award 

Viral Acharya and Sergei Sarkissian

2002

Michael J. Brennan Best Paper Award Winner

“Learning to Be Overconfident”
Simon Gervais and Terrance Odean

Michael J. Brennan Best Paper Award Runner Up

“Optimal Consumption and Investment with Capital Gains Taxes”
Robert M. Dammon, Chester S. Spatt, and Harold H. Zhang

Referee of the Year Award 

Bruno Biais and Diego Garcia

2001

Michael J. Brennan Best Paper Award Winner

“Toeholds, Bid Jumps, and Expected Payoffs in Takeovers”
Sandra Betton and B. Espen Eckbo

Michael J. Brennan Best Paper Award Runner Up

“Forcing Firms to Talk: Financial Disclosure Regulation and Externalities”
Anat Admati and Paul Pfleiderer

Referee of the Year Award 

N.R. Prabhala

2000

Michael J. Brennan Best Paper Award Winner

“Stock Market Overreaction to Bad News in Good Times: A Rational Expectations Equilibrium Model”
Pietro Veronesi

1999

Michael J. Brennan Best Paper Award Winner

“Conflict of Interest and the Credibility of Underwriter Analyst Recommendations”
Roni Michaely and Kent Womack

1998

Michael J. Brennan Best Paper Award Winner

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

1997

Michael J. Brennan Best Paper Award Winner

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

1996

Michael J. Brennan Best Paper Award Winner

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

1995

Michael J. Brennan Best Paper Award Winner

“A Critique of Size-Related Anomalies”
Jonathan Berk

1994

Michael J. Brennan Best Paper Award Winner

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

1993

Michael J. Brennan Best Paper Award Winner

“Asymmetric Information and Options”
Kerry Back

1992

Michael J. Brennan Best Paper Award Winners

“On the Estimation of Beta-Pricing Models”
Jay Shanken

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

1991

Michael J. Brennan Best Paper Award Winner

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

1990

Michael J. Brennan Best Paper Award Winner

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

1989

Michael J. Brennan Best Paper Award Winner

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

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