Best Dissertation in International Finance
The Indiana University (IU) Center for International Business Education and Research (CIBER) and the Financial Management Association International are sponsoring a competition for the best dissertation in international finance. The winning dissertation will receive an award of $2,500.

2007 CIBER Award for Best Dissertation in International Finance

Three Essays on Emerging Capital Markets

Iuliana Ismailescu, University of Massachusetts Amherst

2006 CIBER Award for Best Dissertation in International Finance

The Comovement of Asset Returns

Koen Inghelbrecht, Ghent University

2004 CIBER Award for Best Dissertation in International Finance

Can Foreign Portfolio Investment Bridge the Smaller Firm Financing Gap Around the World?

April Knill, University of Maryland

2003 CIBER Award for Best Dissertation in International Finance

Liberalization, Corporate Governance, and Privatization
Omrane Guedhami, Laval University

2001 FMA European Conference Competitive Paper Awards
Best Papers

Corporate Financial Policies and Performance Prior to Currency Crises

Arturo Bris, Yale School of Management
Yrjo Koskinen, Stockholm School of Economics
Vicente Pons, Yale School of Management

George Benston, Emory University
Jocelyn Evans, Georgia State University

Is the International Convergence of Capital Adequacy Regulation Desirable?

Viral Acharya, New York University

Jens Koeke, Centre for European Economic Research

2002 European Conference Competitive Paper Awards

Best Paper in Corporate Finance
Do Underwater Executive Stock Options Still Align Uncertainty? The Effect of Stock Price Movements on Managerial Incentive-Alignment
Li Jin, Harvard Business School
Lisa Meulbroek, Harvard Business School

Best Paper in Investments
Performance, Behavior, and Compensation of Financial Analysts
Xi Li, Vanderbilt University

Best Paper in Risk Management
Hedging and Choice of Currency Denomination in International Syndicated Loan Markets
Neil Esho, Prudential Australian Regulatory Authority
Ian Sharpe, University of New South Wales
Kristian M Weber, University of New South Wales

Best Doctoral Paper
An Empirical Analysis of Venture Capital Exits in Europe and the US
Armin Schwienbacher, University of Namur

2002 FMA Annual Meeting Competitive Paper Awards

Corporate Finance (sponsored by McGraw-Hill/Irwin)
The Quiet Period Goes Out with a Bang
Daniel J Bradley, Clemson University
Bradford D Jordan, University of Kentucky
Jay Ritter, University of Florida

Financial Education (sponsored by Addison-Wesley)
Show Them The Money: Using Graphical Tools in the Introductory Finance Course
Ernest N Biktimirov, Brock University
Linda B Nilson, Clemson University

Financial Institutions and Markets (sponsored by South-Western Thompson)
Competition and Coalition among Underwriters: The Decision to Join a Syndicate
Wei-Ling Song, Drexel University

Investments (sponsored by the American Association of Individual Investors)
Stock Market Uncertainty and Bond Returns: Evidence of Flight-to-Quality
Chris Stivers, University of Georgia
Licheng Sun, University of Georgia

Market Microstructure (sponsored by NASDAQ)
Price Discovery in the E-mini Futures: Is the Tail Wagging the Dog?
Dennis Lasser, Binghamton University
Alexander Kurov, Binghamton University

2003 FMA European Meeting Paper Awards

Sponsored by AIB Capital Markets

Best Paper Awards

The High Volume Return Premium and the Investor Recognition Hypothesis: International Evidence and Determinants
Dong Li, University of Texas Austin
Ron Kaniel, University of Texas Austin
Laura T Starks, University of Texas Austin

The Equity Mix in Executive Compensation: An Investigation of Cross-Country Differences
Stephen Bryan, Wake Forest University
Robert C Nash, Wake Forest University
Ajay Patel, Wake Forest University

Venture Capital and the Corporate Governance in the Newly Public Firm
Yael V Hochberg, Stanford University

2003 FMA Annual Meeting Competitive Paper Awards

Corporate Finance (Sponsored by McGraw-Hill/Irwin)

The Role of Arbitraguers in the Takeover Process
James Hsieh, George Mason University
Ralph A. Walkling, Ohio State University

Financial Markets and Institutions (Sponsored by South-Western, a part of the Thompson Corporation)

Tying Knots: Lending to Win Equity Underwriting Business
Steven Drucker, Stanford University
Manju Puri, Stanford University

Fixed Income Research (Sponsored by the Fixed Income Analysts Society)

Unsolicited Credit Ratings: Theory and Empirical Analysis
Soku Byoun, Baylor University
Yoon Soo Shin, Loyola College in Maryland

Investments (Sponsored by the American Association of Individual Investors)

Mutual Fund Performance with Learning across Funds
Christopher Jones, University of Southern California
Jay Shanken, Emory University

Market Microstructure (Sponsored by NASDAQ)

Trade Size Clustering on the NYSE: An Alternative Test of the Negotiations Hypothesis
Gordon J. Alexander, University of Minnesota
Mark A. Peterson, Southern Illinois University

Institute for Finance Case Research Distinguished Casewriting Award (Sponsored by the Journal of Financial Case Research)

Premier Corporation: Estimating the Cost of Capital for a Closely-Held Firm
Marcelo Eduardo, Mississippi College
Billy C. Moore, Delta State University
Lloyd Roberts, Mississippi College

2004 FMA European Conference Best Paper Award Winners

Dynamic Hedging Incentives, Debt, and Warrants

Christopher Hennessy, UC Berkeley
Yuri Tserlukevich, UC Berkeley

Stephane Chretien, University of Alberta

Laura T Starks, University of Texas
Kelsey D Wei, Binghamton University

Corporate Finance (sponsored by McGraw-Hill/Irwin)
Do Firms Rebalance their Capital Structures?

Mark T Leary, Duke University
Michael R Roberts, Duke University

Investments (sponsored by the American Association of Individual Investors)

Good Times Or Bad Times? Investors’ Uncertainty and Stock Returns

Arzu Ozoguz, INSEAD

Market Microstructure (sponsored by NASDAQ)

Information Cascades: Evidence from a Field Experiment with Market Professionals

Jonathan Alevy, University of Maryland
Michael Stephen Haigh, US CFTC
John List, University of Maryland

So What Do I Get? The Bank's View of Lending Relationships

Sreedhar Bharath, University of Michigan
Sandeep Dahiya, Georgetown University
Anthony Saunders, New York University
Anand Srinivasan, University of Georgia

Liquidity Effects and Volatility Smiles in Interest Rate Option Markets

Prachi Deuskar, New York University
Anurag Gupta, Case Western Reserve University
Marti G. Subrahmanyam, New York University

Best Dissertation in Fixed Income Research (2005 and 2006)

The Bond Market Association and the Financial Management Association International sponsored a competition for the best dissertation proposal in fixed income research. The winning dissertation received an award of $5,000.

2005 Winning Dissertation

Contagion Evidence from the Bond Market

George Theocharides, University of Arizona

2006 Winning Dissertation

Two Essays in the Economics of Fixed Income Securities

Ronald Sverdlove, Rutgers University Newark - New Brunswick

Best Dissertation in Fixed Income Research (2007)

The Securities Industry and Financial Markets Association (formerly the Bond Market Association) and the Financial Management Association International sponsored a competition for the best dissertation proposal in fixed income research. The winning dissertation received an award of $3,000.

2007 Winning Dissertation

Skewness & Co-Skewness in Bond Returns

I-Hsuan Ethan Chiang, Boston College

The Securities Industry and Financial Markets Association (formerly the Bond Market Association) and the Financial Management Association International sponsored a competition for the best dissertation proposal in equity research. The winning dissertation received an award of $3,000.

2007 Winning Dissertation

Market Pricing of Economic Risks and Stock Returns

Yi Tang, Baruch College

Best Dissertation in Investments (2005 and 2006)

The Investment Management Consultants Association (IMCA®), and the Financial Management Association International (FMA) are sponsoring a competition for the best dissertation proposal in topics relevant to Investments and topics related to Investment Consulting. The winning dissertation proposals will receive awards of $5,000 (first place), $2,000 (second place), and $1,000 (third place). Abstracts of the award winning dissertation proposals will appear in the IMCA Journal of Investment Consulting.

2005 Winning Dissertations

First Place
Test of Stock Market Efficiency: Three New Perspectives

Satyajit Chandrashekar, University of Texas

R David McLean, Boston College

Jean-Marie Koffi Yao, University of Paris Pantheon and University of Luxembourg

2006 Winning Dissertations

First Place
Essays on Household Finance and Asset Pricing

Yaxuan Qi, Rutgers University

Second Place
Aggregate Technology Shock and Asset Pricing

Paul Po-Hsuan Hsu, Columbia University

Third Place
Disclosure, Contracting, and Competition in Financial Markets

Ioan Florian Olaru, Northwestern University

Best Dissertation Proposal in Investments (2007)

The Investment Management Consultants Association (IMCA®) and the Financial Management Association International (FMA) are sponsoring a competition for the best dissertation proposal in topics relevant to Investments and topics related to Investment Consulting. The winning dissertation proposal received an award of $3,000. 2007 Winning Dissertation

Optimal House Tenure and Portfolio Choice with Housing as a Hedge Fund

Yu Zhang, Columbia Business School

2005 FMA Annual Meeting Competitive Paper Award Winners

Corporate Finance (Sponsored by McGraw-Hill/Irwin)

Allocating Marginal Cash Flow: Investment, Financing, and Distribution Decision Sensitivities

Todd Pulvino, Northwestern University
Vefa Tarhan, Loyola University Chicago

Runner Up

Are there Synergy Gains in Mergers?

Erik Devos, Ohio University
Srinivasan Krishnamurthy, Binghamton University
Palani-Rajan Kadapakkam, Univ of TX San Antonio

Financial Markets and Institutions (Sponsored by Fannie Mae)

Do Analyst Conflicts Matter? Evidence from Stock Recommendations

Anup Agrawal, University of Alabama
Mark Chen, University of Maryland

Runner Up

The Effect of Bank Mergers on Loan Prices: Evidence from the US

Isil Erel, Massachusetts Institute of Technology

Fixed Income Research (Sponsored by the Fixed Income Analysts Society)

One is Too Little, Two is Too Much - A Look into the Bond Ratings Black Box

Kose John, New York University
S Abraham Ravid, Rutgers University
Natalia Reisel, Rutgers University

Runner Up

Legal and Economic Determinants of Sovereign Credit Ratings

Alexander W Butler, University of Texas at Dallas
Larry Fauver, University of Miami

Investments (Sponsored by the American Association of Individual Investors (AAII))

Information Immobility and the Home Bias Puzzle

Laura Veldkamp, New York University
Stijn Van Nieuwerburgh, New York University

Runner Up

Investor Protection and Asset Pricing

Rui Albuquerque, University of Rochester
Neng Wang, Columbia University

Market Microstructure (tie) (Sponsored by NASDAQ)

A Competing Risk Analysis of Limit-Order Executions and Cancellations on NYSE

Zhaohui Han, Indiana University

The Cross-Section of Expected Trading Activity

Tarun Chordia, Emory University
Sahn-Wook Huh, Brock University
Avanidhar Subrahmanyam, UCLA

Risk Management (Sponsored by The Professional Risk Manager’s International Association (PRMIA))

Managerial Career Concerns and Risk Management

Jouahn Nam, Pace University
Jun Wang, Baruch College
Ge Zhang, University of New Orleans

Runner Up

What Puts Convenience in Convenience Yields?

Bahram Adrangi, University of Portland
Arjun Chatrath, University of Portland
Rohan Christie-David, University of Louisville
William Moore, University of South Carolina

2006 FMA Competitive Paper Awards

Corporate Finance (sponsored by McGraw-Hill/Irwin)
Inside Debt

Alex Edmans, MIT

Financial Markets and Institutions (sponsored by FMA)
Do Venture Capitalists Add Value to Public Firms? Evidence from VC-Led Pipes

Na Dai, University of Kansas

Fixed Income Research (sponsored by the Fixed Income Analysts Society)

Can Structural Models Price Default Risk? Evidence from Bond and Credit Derivative Markets

Jan Ericsson, McGill University and SIFR
Joel Reneby, Stockholm School of Economics
Hao Wang, McGill University

Investments (sponsored by AAII)
Estimating Preferences Toward Risk: Evidence from Dow Jones

Douglas W Blackburn, Indiana University
Andrey D Ukhov, Indiana University

Market Microstructure (sponsored by NASDAQ)
Transparency and Liquidity: A Controlled Experiment on Corporate Bonds

Michael A Goldstein, Babson College
Edith Hotchkiss, Boston College
Erik Sirri, Boston College

Risk Management (sponsored by The Professional Risk Manager's International Association (PRMIA))
Risk Management with Stress Testing: Implications for Portfolio Selection and Asset Pricing

Gordon J Alexander, University of Minnesota
Alexandre M Baptista, George Washington University

Do Entrenched Managers Pay Their Workers More>

Henrick Cronqvist, The Ohio State University
Helena Svaleryd, Research Institute of Industrial Economics
Fredrik Heyman, Trade Union Institute for Economic Research
Jonas Vlachos, Research Institute of Industrial Economics and CEPR
Mattias Nilsson, Worcester Polytechnic Institute

Best Paper in Risk Management (sponsored by the PRMIA Institute)

Intraday Value at Risk (VaR) using Tick-by-Tieck Data with Application to the Toronto Stock Exchange

Georges Dionne, HEC Montreal and CREF
Pierre Duchesne, CREF and Universite de Montreal
Maria Pacurar, HEC Montreal and CREF and Dalhousie University

Best PhD Student Paper

The External Finance Premium and the Macroeconomy: US post-WWII Evidence

Ferre DeGraeve, Ghent University

2005 FMA European Conference Best Paper Awards

Credit Derivatives: Capital Requirements and Strategic Contracting

Antonio Nicolo, University of Padua
Loriana Pelizzon, University of Padua

Do IPO Analysts Issue Unfavorable Recommendations on Non-IPO Forms?

Simona Mola, Purdue University

Best PhD Student Paper

Do Insiders Crowd Out Analyts?

Aaron Gilbert, Auckland University of Technology
Alireza Tourani-Rad, Auckland University of Technology
Tomasz Piotr Wisniewski, Auckland University of Technology

2007 Annual Meeting Competitive Paper Awards

Best Paper in Corporate Finance

Sponsored by McGraw-Hill/Irwin

Stealing from Thieves: Firm Governance and Performance when States are Predatory

Art Durnev, McGill University
Larry Fauver, University of Tennessee

Best Paper in Financial Institutions

Sponsored by the Financial Management Association International

Strategic Disclosure and Stock Returns: Theory and Evidence from US Cross-listing

Shingo Goto, University of South Carolina
Masahiro Watanabe, Rice University
Yan Julian Xu, University of South Carolina

Best Paper in Fixed Income Research

Sponsored by FIASI

Corruption, Political Connections, and Municipal Finance

Alexander W Butler, University of Texas Dallas
Larry Fauver, University of Tennessee
Sandra Mortal, University of Missouri

Best Paper in Investments

Sponsored by AAII

Why Mutual Funds "Underperform"

Vincent Glode, Carnegie Mellon University

Best Paper in Market Microstructure

Sponsored by NASDAQ

Market Maker Inventories and Liqudity

Terrence Hendershott, University of California Berkeley
Pamela C Moulton, Fordham University
Mark Seasholes, University of California Berkeley

Best Paper in Risk Management

Sponsored by PRMIA

Valuing Options when Stockholders face Bankruptcy Risk

Antonio Camara, Oklahoma State University
Betty Simkins, Oklahoma State University

Annual Meeting Competitive Paper Awards

Papers accepted for presentation at the FMA Annual Meeting are eligible to compete for a series of Annual Meeting Competitive Paper Awards in areas such as Business Finance, Investments and Financial Institutions. The submitting author of each paper accepted for presentation is notified of the awards and the submission process and deadline in the letter of program acceptance. The deadline for submission is typically June 15.

Please Note: These awards will be made only, if in the opinion of the Awards Committee, a paper warrants such a decision. The decisions of the Awards Committee are final.

European Conference Competitive Paper Awards

Papers accepted for presentation at the FMA European Conference are eligible to compete for FMA's European Conference Competitive Paper Awards. The European Conference Advisory Committee makes paper acceptance recommendations to the Program Co-Chairs and, based on the Advisory Committee's recommendations, the Program Co-Chairs determine a set of papers that will be included in the Best Paper Awards competition. The Program Co-Chairs appoint Award Review Committees and announce the results at the FMA European Conference.

Please Note: These awards will be made only, if in the opinion of the Awards Committee, a paper warrants such a decision. The decisions of the Awards Committee are final.