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 and Distinguished Papers
Table of winning papers[3]
| 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 |
Table of Distinguished Papers
| Paper | Author(s) | Year | Issue |
|---|---|---|---|
| Housing Collateral and Entrepreneurship | Martin Schmalz, David Sraer, and David Thesmar | 2017 | January 2017 |
| Mortgage Debt Overhang: Reduced Investment by Homeowners at Risk of Default | Brian T. Melzer | 2017 | April 2017 |
| Trade Credit and Industry Dynamics: Evidence from Trucking Firms | Jean-Noel Barrot | 2016 | October 2016 |
| An Information-Based Theory of Time-Varying Liquidity | Brendan Daley and Brett Green | 2016 | April 2016 |
| Wall Street Occupations | Ulf Axelson and Philip Bond | 2015 | October 2015 |
| A Comparative-Advantage approach to Government Debt Maturity | Robin Greenwood, Samuel G. Hanson, and Jeremy C. Stein | 2015 | August 2015 |
| 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 |
| Fire Sales in a Model of Complexity | Ricardo J. Caballero and Alp Simsek | 2014 | December 2014 |
| Taxes, Theft, and Firm Performance | Maxim Mironov | 2013 | August 2013 |
| The Maturity Rat Race | Markus Brunnermeier and Martin Oehmke | 2013 | April 2013 |
| The International Transmission of Bank Liquidity Shocks: Evidence from an Emerging Market | Philipp Schnabl | 2012 | June 2012 |
| The Vote Is Cast: The Effect of Corporate Governance on Shareholder Value | Vicente Cuñat, Mireia Gine, and Maria Gouadelupe | 2012 | October 2012 |
Notes
- ↑ "Prizes and Awards". American Finance Association. Archived from the original on 2007-08-11. Retrieved 2007-09-10.
- ↑ Harvey, Cam (2007-03-13). "Journal of Finance Editor's Report". American Finance Association. Retrieved 2007-09-10.
- ↑ "Brattle Group Prize Winners since 1999". American Finance Association. Retrieved 12 January 2013.