Winners of the RFS Awards

The winners of the annual RFS Awards were announced at the Awards Reception on May 23 as part of the SFS Cavalcade. We are pleased to share the winners:

Michael J. Brennan Best Paper Award
“CAPM-Based Company (Mis)valuations”
Olivier Dessaint, Jacques Olivier, Clemens A Otto, and David Thesmar
Prize: $10,000

Michael J. Brennan Best Paper Runner Up
“Climate Change and Long-Run Discount Rates: Evidence from Real Estate”
Stefano Giglio, Matteo Maggiori, Krishna Rao, Johannes Stroebel, and Andreas Weber
Prize: $5000

Referee of the Year sponsored by Cornerstone Research
Joan Farre-Mensa
Prize: $1000

Distinguished Referees sponsored by Cornerstone Research
Julia Fonseca
Francesco Franzoni
Boris Vallee
Mihail Velikov

Rising Scholar Award
“Incentivizing Financial Regulators”
Joseph Kalmenovitz
Prize: $5000

Hillcrest Best Paper Award in Behavioral Finance sponsored by Hillcrest Asset Management
“Information Dispersion Across Employees and Stock Returns”
Ashwini Agrawal, Isaac Hacamo, Zhongchen Hu
Prize: $5000

Congratulations to all our award winners!

RFS Editor Manju Puri Testified Before the House Committee on Small Business

RFS Editor Manju Puri testified before the Committee on Small Business, U.S. House of Representatives, in a review of the Paycheck Protection Program on March 16, 2022. Her testimony was based on her research paper “Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program.” Her research suggests that small banks are more agile at disbursing PPP. Firms with small bank relationships were likely to gain early PPP access and face less crowding out by larger firms in getting PPP funds sooner.

You can see her written testimony at

You can watch her testimony at the hearing at