Conference Best Paper Awards

Awarded for FMA's international conferences, competitive paper awards are based on a combination of reviewer scores from the initial paper evaluations and recommendations of the respective program's track chairs. This following includes the best papers for the Annual Meeting, Applied Finance ConferenceAsia/Pacific ConferenceEuropean ConferenceHedge Funds, Trading Strategies & Related TopicsLatin American Conference, Napa Conference and other conferences hosted by FMA.

Annual Meeting Best Paper Awards

FMA Annual Meeting Awards typically include "Best Paper" awards in specific disciplines such as Corporate Finance, Investments, International Finance, Risk Management, and Market Microstructure.

2017

Best Paper in Corporate Finance
Award sponsored by Association of International Certified Professional Accountants (AICPA)
For Richer, For Poorer: Banker's Skin-in-the-Game and Risk Taking in New England, 1867 - 1880
Peter Koudijs, Stanford University & NBERLaura Salisbury, York University & NBER

Best Paper in Derivatives
Information Content of Hedge Fund Equity Option Holdings
Juha Joehväärä, University of Oulu
Mikko Kauppila, University of Oulu
Pekka Tolonen, University of Oulu

Best Paper in Financial Markets and Institutions
Costly Information Acquisition in Decentralized Markets: An Experiment
Elena Asparouhova, University of Utah
Peter Bossaerts, University of Melbourne
Wenhao Yang, University of South Carolina

Best Paper in Investments
Award sponsored by the American Association of Individual Investors (AAII)
Salience Theory and Stock Prices: Empirical Evidence
Mathijs Cosemans, Erasmus University Rotterdam
Rik Frehen, Tilburg University

Best Paper in Market Microstructure
Award sponsored by NASDAQ
Option Trading Costs are Lower than you Think
Dmitriy Muravyev, Boston College
Neil D Pearson, University of Illinois Urbana-Champaign

 

2016

Best Paper in Corporate Finance
Death by Committee? An Analysis of Delegation in Corporate Boards
Renee Adams, University of New South Wales; Vanitha Ragunthan, University of Queensland; Robert Tumarkin, University of New South Wales

Best Paper in Derivatives
It's all in the Packaging: The Causal Effect of Index Formation on Financial Market Prices
Justin Balthrop, Rice University

Best Paper in Financial Markets and Institutions
Award sponsored by Elsevier
Does Bank Stakeholder Orientation Enhance Financial Stability? Evidence from a Natural Experiment
Woon Sau Leung, Cardiff University; Wei Song, Swansea University; Jie Chen, Cardiff University

Best Paper in Investments
Award sponsored by American Association of Individual Investors (AAII)
Playing favorites: Conflicts of interest in mutual fund management
Diane Del Guercio, University of Oregon; Egemen Genc, Erasmus University; Hai Tran, Loyola Marymount University

Best Paper in Market Microstructure
Award sponsored by NASDAQ
The Value of Trading Relationships in Turbulent Times
Zhaogang Song, Johns Hopkins University; Marco Di Maggio, Harvard University; Amir Kermani, University of California Berkeley

2015

Best Paper in Corporate Finance
Award sponsored by Elsevier
Do Compensation Consultants Enable Higher CEO Pay? New Evidence from Recent Disclosure Rule Changes
Jenny Chu, University of Cambridge; Jonathan Faasse, University of Cambridge; Raghavendra Rau, University of Cambridge

Best Paper in Derivatives
Award sponsored by Chicago Trading Company
Evaluating Corporate Bonds and Analyzing Market Participants Behaviors with Complex Debt Structure
Tian-Shyr Dai, National Chiao Tung University; Chuan-Ju Wang, University of Taipei; Liang-Chih Liu, National Chiao Tung University

Best Paper in Financial Markets and Institutions
Law and Finance Matter: Lessons from Externally Imposed Courts
James R Brown, Iowa State University; J Anthony Cookson, University of Colorado Boulder; Rawley Zachary Heimer, Federal Reserve Bank of Cleveland

Best Paper in Market Microstructure
Award sponsored by NASDAQ
Is Aggregate Idiosyncratic Risk Priced? Follow the Bid-Ask Bounce
David Lesmond, Tulane University; Yihua Zhao, Tulane University

Best Paper in Investments
Award sponsored by AAII
The Level, Slope and Curve Factor Model for Stocks
Charles Clarke, University of Connecticut

2014

Best Paper in Corporate Finance
Shadow Trading: Do Insiders Exploit Private Information About Stakeholders?
Mihir N Mehta, Temple University & MIT; David M Reeb, National University of Singapore; Wanli Zhao, SIU Carbondale

Best Paper in Derivatives
Award sponsored by Chicago Trading Company
Empirical Evidence on the Importance of Aggregation, Asymmetry,, and Jumps for Volatility Prediction
Diep N Duong, Utica College; Norman Swanson, Rutgers University

Best Paper in Financial Markets & Institutions
Bank Capital and Credit Supply: Evidence from Syndicated Loans
Yongqiang Chu, University of South Carolina; Donghang Zhang, University of South Carolina; Yijia Zhao, University of South Carolina

Best Paper in Investments
Award sponsored by American Association of Individual Investors (AAII)
Information Processing and Non-Bayesian Learning in Financial Markets
Stefanie Schraeder, Université de Lausanne & Swiss Finance Institute

Best Paper in Market Microstructure
Award sponsored by NASDAQ
Order Flow Segmentation and the Role of Dark Pool Trading in the Price Discovery of US Treasury Securities
Giang Nguyen, UNC Chapel Hill; Michael Fleming, Federal Reserve Bank of New York

Applied Finance Conference Best Paper Awards

2017

M&A Rumors: Why Sellers Hate Them
Yan Alperovych, EMLYON Research Centre for Entrepreneurial Finance; Douglas Cumming, York University; Alexander Peter Groh, EMLYON Research Centre for Entrepreneurial Finance

2016

Personal Trading by Employees of Financial Intermediaries
Henk Berkman, University of Auckland; Paul Koch, University of Kansas; P Joakim Westerholm, University of Sydney

2015

Do Long-Term Investors Improve Corporate Decision Making?
Jarrad Harford, University of Washington; Ambrus Kecskés, York University; Sattar Mansi, Virginia Tech

Asia/Pacific Conference Best Paper Awards

2017

Best Paper in Corporate Finance and Financial Institutions
Board Diversity and Director Dissent in Corporate Boards
Seil Kim, Baruch College, CUNY; Seungjoon Oh, Peking University

Best Paper in Investments/Asset Pricing
Manager Sentiment and Stock Returns
Fuwei Jiang, Central University of Finance and Economics; Josh Lee, Florida State University; Xiumin Martin, Washington University in St. Louis; Guofu Zhou, Washington University in St. Louis

2016

Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets
Buhui Qui, University of Sydney; Teng Wang, Federal Reserve Board

The Information Content of Insider Sudden Silence
Claire Yurong Hong, Hong Kong University of Science & Technology; Frank Weikai Li, Hong Kong University of Science & Technology

Intraday Rallies and Crashes: Spillovers of Trading Halts
Bei Cui, University of Hong Kong; Arie E. Gozluklu, University of Warwick

2015

Portfolio Concentration and Performance of Institutional Investors Worldwide
Nicole Choi, University of Wyoming; Mark Fedenia, University of Wisconsin Madison; Hilla Skiba, University of Wyoming; Tatyana Sokolyk, Brock University

Knightian Uncertainty and Capital Structure: Theory and Evidence
Seokwoo Lee, George Mason University

The Freedom of Information Act and the Race Towards Information Acquisition
Award sponsored by the CFA Institute
Antonio Gargano, University of Melbourne; Alberto G Rossi, University of Maryland; Russ Wermers, University of Maryland

2014

Director Skill Sets
Award sponsored by S&P Capital IQ
Renee Adams, University of New South Wales; Ali Akyol, University of Melbourne; Patrick Verwijmeren, Erasmus University Rotterdam

Informed Trading and the Pricing of Good and Bad Private Information in the Cross-Section of Expected Stock Returns
Award sponsored by S&P Capital IQ
Michael Brennan, UCLA; Sahn-Wook Huh, University at Buffalo, SUNY; Avanidhar Subrahmanyam, UCLA

Momentum is Really Momentum: US and International Evidence
Award sponsored by the CFA Institute
Qiang Gong, Southwestern University of Finance and Economics; Ming Liu, International University of Japan; Qiangqiu Liu, University of Hawaii at Manoa

European Conference Best Paper Awards

The European and Asian Conference typically award two - three "Best Paper" awards.

2017

Trust and Debt Contracting: Evidence from the Backdating Scandal
Veljko Fotak, University at Buffalo SUNY; Feng Jiang, University at Buffalo SUNY; Haekwon Lee, University at Buffalo SUNY; Erik Lie, University of Iowa

Option Investor Rationality Revisited: The Role of Exercise Boundary Violations
Robert Battalio, University of Notre Dame; Stephen Figlewski, New York University, Robert Neal, Indiana University

Elevator Pitch Session Best Pitch Award in Behavioral Finance*
Cultural Traits and Corporate Debt Financing
Presented by Mascia Bedendo, Audencia Business School

Elevator Pitch Session Best Pitch Award in Corporate Finance*
Shari'a Law and Economic Growth
Presented by Gabriele Lattanzio, University of Oklahoma

*The unique session format included 5-minute presentations of a maximum of three (3) slides with no discussants. At the end of the session, audience members ranked each presentation to select the "best pitch" award.

2016

Mutual Funds and Mispriced Stocks
Doron Avramov, Hebrew University of Jerusalem; Si Cheng, Queen’s University Belfast; Allaudeen Hameed, National University of Singapore

Employment Protection and Takeovers
Award sponsored by Elite Varainhoito
Olivier Dessaint, Universityof Toronto; Andrey Golubov, University of Toronto; Paolo Volpin, Cass Business School

2015

Best Paper in Corporate Finance and Financial Markets & Institutions
M&A Negotiations and Lawyer Expertise
Christel Karsten, Strategy& Ulrike Malmendier, University of California Berkeley & NBER; Zacharias Sautner, Frankfurt School of Finance & Management

Best Paper in Investments
When Everyone Misses on the Same Side: Debiased Earnings Surprises and Stock Returns
Chin-Han Chiang, Singapore Management University; Wei Dai, Princeton University; Harrison Hong, Princeton University, NBER & CAFR; Jun Tu, Singapore Management University

The Non-Information Cost of Trading and its Relative Importance for the Cost of Capital
Award sponsored by Dynamic Analysis & Management
Kee H Chung, University at Buffalo SUNY;  Sahn-Wook Huh, University at Buffalo SUNY

2014

Nominal Rigidities and Asset Pricing (PhD-Student Best Paper Award)
Michael Weber, University of California - Berkeley

Venture Capital and Career Concerns
Award sponsored by Bayer
Nicholas Crain, Vanderbilt University

Ambiguity, News and Asymmetric Correlations
S Mehmet Ozsoy, Ozyegin University

Hedge Funds, Trading Strategies & Related Topics Best Paper Awards

2017

In for the Long Haul: Activist Hedge Funds and Fragility Risk
Julia Elizabeth Reynolds, Vienna Graduate School of Finance

2015

Dancing with the Activists
Lucian A Bebchuk, Harvard University; Alon Brav, Duke University and NBER; Wei Jiang, Columbia University; Thomas Keusch, Erasmus University and Harvard University

Influencing Control: Jawboning in Risk Arbitrage
Wei Jiang, Columbia Business School; Tao Li, University of Warwick; Danqing Mei, Columbia Business School 

2014

Deleveraging Risk
Scott Richardson, London Business School & AQR Capital Management; Pedro Saffi, University of Cambridge; Kari Sigurdsson, AQR Capital Management

Ownership Crowded with Style: Institutional Investors, Liquidity, and Liquidity Risk
Alessandro Beber, Cass Business School & CEPR; Michael W. Brandt, Duke University & NBER; Mathijs Cosemans, Erasmus University Rotterdam; Michela Verardo, London School of Economics

Latin American Conference Best Paper Awards

2017

Best Paper in Corporate Finance and Financial Institutions
Award sponsored by CFA Institute
What Drives Corporate Inversions? International Evidence
Burcin Col, Pace University; Rose Liao, Rutgers University and Stefan Zeume, University of Michigan

Best Paper in Investments
Award sponsored by CFA Institute
Fundamental Analysis and the Cross-Section of Stock Returns: A Data-Mining Approach
Xuemin (Sterling) Yan, University of Missouri; Lingling Zheng, Renmin University of China

Napa Conference Best Paper Awards

The Napa Conference awards an overall "Best Paper" award based on the rankings of conference attendees.

2017

Strategic Default on Student Loans
Constantine Yannelis, New York University
(Journal of Finance, R&R)

2016 

Excess Volatility: Beyond Discount Rates
Stefano Giglio, University of Chicago and NBER; Bryan Kelly, University of Chicago and NBER

2015

Information Networks: Evidence from Illegal Insider Trading Tips
Kenneth R Ahern, University of Southern California
(Journal of Financial Economics (125, #1))

2014

The Impact of Hedge Funds on Asset Markets
Mathias Kruttli, Oxford University and Oxford-Man Institute of Quantitative Finance; Andrew J. Patton, Duke University; Tarun Ramadorai, Oxford University, Oxford-Man Institute, and CEPR
(Review of Asset Pricing Studies, (5, #2))

 

Best Paper Awards from Other Conferences Hosted by FMA

2016 Conference on Finance and Investment in Creative Ventures