| Jahr | First Prize | Distinguished Paper |
| 2025 |
Sylvain Catherine, Max Miller und Natasha Sarin (Social Security and Trends in Wealth Inequality, Juni)[1] |
- Christopher Schwarz, Brad Barber, Xing Huang, Philippe Jorion und Terrance Odean (Actual Retail Price” of Equity Trades, Oktober)
- Ran Duchin, Janet Gao und Qiping Xu (Sustainability or Greenwashing: Evidence from the Asset Market for Industrial Pollution, April)
|
| 2024 |
Klakow Akepanidtaworn, Rick Di Mascio, Alex Imas und Lawrence D.W. Schmidt (Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors, Dezember) |
- Leland Bybee, Bryan Kelly, Asaf Manela und Dacheng Xiu (Business News and Business Cycles, Oktober)
- Sylvain Catherine, Paolo Sodini und Yapei Zhang (Countercyclical Income Risk and Portfolio Choices: Evidence from Sweden, Juni)
|
| 2023 |
Nicolas Crouzet und Janice C. Eberly (Rents and Intangible Capital: A Q+ Framework, August) |
- Theis Ingerslev Jensen, Bryan Kelly, Lasse Heje Pedersen (Is There a Replication Crisis in Finance?, Oktober)
- Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu, Rengming Xie (Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets, Oktober)
|
| 2022 |
Valentin Haddad und Tyler Muir (Do Intermediaries Matter for Aggregate Asset Prices?, Dezember) |
- Sina Ehsani und Juhani Linnainmaa (Factor Momentum and the Momentum Factor, Juni)
- Andrés Schneider (Risk-Sharing and the Term Structure of Interest Rates, August)
|
| 2021 |
Andriy Shkilko und Konstantin Sokolov (Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity, and Trading Costs, Dezember) |
- Marco Di Maggio, Amir Kermani und Kaveh Majlesi (Stock Market Returns and Consumption, Dezember)
- Kent Daniel, Lorenzo Garlappi und Kairong Xiao (Monetary Policy and Reaching for Income, Juni)
|
| 2020 |
Simcha Barkai (Declining Labor and Capital Shares, Oktober) |
- Rawley Heimer, Kristian Ove R. Myrseth und Raphael S. Schoenle (YOLO: Mortality Beliefs and Household Finance Puzzles, Dezember)
- Mohammadreza Bolandnazar, Robert J. Jackson Jr., Wei Jiang und Joshua Mitts (Trading Against the Random Expiration of Private Information: A Natural Experiment, Februar)
|
| 2019 |
Samuel M. Hartzmark und David H. Solomon (The Dividend Disconnect, Oktober) |
- Jules H. van Binsbergen und Christian C. Opp (Real Anomalies, August)
- Ian W. R. Martin und Christian Wagner (What Is the Expected Return on a Stock?, August)
|
| 2018 |
Wenxin Du, Alexander Tepper und Adrien Verdelhan (Deviations from Covered Interest Rate Parity, Juni) |
- Itamar Drechsler, Alexi Savov und Philipp Schnabl (A Model of Monetary Policy and Risk Premia, Februar)
- Petri Jylha (Margin Requirements and the Security Market Line, Juni)
|
| 2017 |
Darrell Duffie, Piotr Dworczak und Haoxiang Zhu (Benchmarks in Search Markets, Oktober) |
- Jaroslav Borovička, Lars Peter Hansen und José Scheinkman (Misspecified Recovery, Dezember)
- Stephen Foerster, Juhani T. Linnainmaa, Brian T. Melzer und Alessandro Previtero (Retail Financial Advice: Does One Size Fit All?, August)
|
| 2016 |
R. David McLean und Jeffrey Pontiff (Does Academic Research Destroy Stock Return Predictability?, Februar) |
- Peter Koudijs (The Boats That Did Not Sail: Asset Price Volatility in a Natural Experiment, Juni)
- Pavel Savor und Mungo Wilson (Earnings Announcements and Systematic Risk, Februar)
|
| 2015 |
David O. Lucca und Emanuel Moench (The Pre-FOMC Announcement Drift, Februar) |
- Tobias Adrian, Erkko Etula und Tyler Muir (Financial Intermediaries and the Cross-Section of Asset Returns, Dezember)
- Pierre Collin-Dufresne und Vyacheslav Fos (Do Prices Reveal the Presence of Informed Trading?, August)
|
| 2014 |
Leonid Kogan und Dimitris Papanikolaou (Growth Opportunities, Technology Shocks, and Asset Prices, April) |
- Ralph S.J. Koijen (The Cross-Section of Managerial Ability, Incentives, and Risk Preferences, Juni)
- Matthias Fleckenstein, Francis A. Longstaff und Hanno Lustig (The TIPS-Treasury Bond Puzzle, Oktober)
|
| 2013 |
Andrea L. Eisfeldt und Dimitris Papanikolaou (Organization Capital and the Cross-Section of Expected Returns, August) |
- Itamar Drechsler (Uncertainty, Time-Varying Fear, and Asset Prices, Oktober)
- Pierre Collin-Dufresne, Robert S. Goldstein und Fan Yang (On the Relative Pricing of Long-Maturity Index Options and Collateralized Debt Obligations, Dezember)
|
| 2012 |
- Zhiguo He und Wei Xiong (Rollover Risk and Credit Risk, April)
- Nicolae Gârleanu, Stavros Panageas und Jianfeng Yu (Technological Growth and Asset Pricing, August)
|
- Ľuboš Pástor und Pietro Veronesi (Uncertainty about Government Policy and Stock Prices, August)
|
| 2011 |
Robert Novy-Marx und Joshua Rauh (Public Pension Promises: How Big Are They and What Are They Worth?, August) |
- Alexi Savo (Asset Pricing with Garbage, Februar)
- Hui Chen (Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure, Dezember)
|
| 2010 |
Joao F. Gomes und Lukas Schmid (Levered Returns, April) |
- Joel Peress (Product Market Competition, Insider Trading, and Stock Market Efficiency, Februar)
- Lauren Cohen, Andrea Frazinni und Christopher Malloy (Sell-Side School Ties, August)
- Richard C. Green, Dan Li und Norman Schürhoff (Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall?, Oktober)
|
| 2009 |
Péter Kondor (Risk in Dynamic Arbitrage: The Price Effects of Convergence Trading, April) |
- Luigi Guiso, Paola Sapienza und Luigi Zingales (Trusting the Stock Market, Dezember)
- Lily Fang und Joel Peress (Media Coverage and the Cross-section of Stock Returns, Oktober)
|
| 2008 |
Ricardo J. Caballero und Arvind Krishnamurthy (Collective Risk Management in a Flight to Quality Episode, Oktober) |
- Lauren Cohen und Andrea Frazzini (Economic Links and Predictable Returns, August)
- Rui Albuquerque und Neng Wang (Agency Conflicts, Investment, and Asset Pricing, Februar)
|
| 2007 |
Paul C. Tetlock (Giving Content to Investor Sentiment: The Role of Media in the Stock Market, Juni) |
- Lauren Cohen, Karl B. Diether und Christopher J. Malloy (Supply and Demand Shifts in the Shorting Market, Oktober)
- Andrew W. Lo und Jiang Wang (Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model, Dezember)
|
| 2006 |
Leonid Kogan, Stephen Ross, Jiang Wang und Mark M. Westerfield (The Price Impact and Survival of Irrational Traders, Februar) |
- Mark Loewenstein und Gregory A. Willard (The Limits of Investor Behavior, Februar)
- Gur Huberman und Wei Jiang (Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds, April)
|
| 2005 |
- Joshua D. Coval und Tyler Shumway (Do Behavioral Biases Affect Prices?, Februar)
- Lu Zhang (The Value Premium, Februar)
|
- Murray Carlson, Adlai Fisher und Ron Giammarino (Corporate Investment and Asset Price Dynamics: Implications for the Cross-Section of Returns, Dezember)
|
| 2004 |
Markus K. Brunnermeier und Stefan Nagel (Hedge Funds and the Technology Bubble, Oktober) |
- Andrea L. Eisfeldt (Endogenous Liquidity in Asset Markets, Februar)
- Ravi Bansal und Amir Yaron (Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles, August)
|
| 2003 |
Luboš Pástor und Pietro Veronesi (Stock Valuation and Learning about Profitability, Oktober) |
- Eli Ofek und Matthew Richardson (DotCom Mania: The Rise and Fall of Internet Stock Prices, Juni)
- Maureen O’Hara (Presidential Address: Liquidity and Price Discovery, August)
|
| 2002 |
Mark Mitchell, Todd Pulvino und Erik Stafford (Limited Arbitrage in Equity Markets, April) |
- Timothy C. Johnson (Rational Momentum Effects, April)
- David Easley, Soeren Hvidkjaer und Maureen O’Hara (Is Information Risk a Determinant of Asset Returns?, Oktober)
|
| 2001 |
John Y. Campbell, Martin Lettau, Burton G. Malkiel und Yexiao Xu (Have Individual Stocks Become More Volatile: An Empirical Exploration of Idiosyncratic Risk, Februar) |
- Mark Grinblatt und Matti Keloharju (What Makes Investors Trade?, April)
- Bengt Holmström und Jean Tirole (LAPM: A Liquidity-Based Asset Pricing Model, Oktober)
|
| 2000 |
Joshua D. Coval und Tobias J. Moskowitz (Home Bias at Home: Local Equity Preference in Domestic Portfolios, Dezember) |
- Qiang Dai und Kenneth J. Singleton(Specification Analysis of Affine Term Structure Models, Oktober)
- Katrina Ellis, Roni Michaely und Maureen O’Hara (When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket, Juni)
|
| 1999 |
Kent Daniel, David Hirshleifer und Avanidhar Subrahmanyam (Investor Psychology and Security Market Under – and Overreaction, Dezember) |
- Jonathan B. Berk, Richard C. Green und Vasant Naik (Optimal Investment, Growth Options, and Security Returns, Oktober)
- Philippe Jorion und William N. Goetzmann (Global Stock Markets in the Twentieth Century, Juni)
|
| 1998 |
Gregor Andrade und Steven N. Kaplan (How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed, Oktober) |
- Todd C. Pulvino (Do Asset Fire-Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions, Juni)
- Alon Brav und Paul A. Gompers (Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies, Dezember)
|
| 1997 |
Kent Daniel und Sheridan Titman (Evidence on the Characteristics of the Cross Sectional Variation in Stock Returns, März) |
- Owen Lamont (Cash Flow and Investment: Evidence from Internal Capital Markets, März)
- Darrell Duffie und Kenneth J. Singleton (An Econometric Model of the Term Structure of Interest-Rate Swap Yields, September)
|
| 1996 |
- Shmuel Kandel und Robert F. Stambaugh (On the Predictability of Stock Returns: An Asset-Allocation Perspective, Juni)
- Peter Tufano (Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry, September)
|
- Keith C. Brown, W.V. Harlow und Laura Starks (Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry, März)
|
| 1995 |
William G. Christie und Paul Schultz (Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?, Dezember) |
- Josef Lakonishok, Andrei Shleifer und Robert W. Vishny (Contrarian Investment, Extrapolation, and Risk, Dezember)
- Judith A. Chevalier (Do LBO Supermarkets Charge more? An Empirical Analysis of the Effects of LBOs on Supermarket Pricing, September)
|
| 1994 |
Mitchell A. Petersen und Raghuram G. Rajan (The Benefits of Lending Relationships: Evidence from Small Business Data, März) |
- Lawrence R. Glosten (Is the Electronic Open Limit Order Book Inevitable?, September)
- William L. Megginson, Robert C. Nash und Matthias van Randenborgh (The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis, Juni)
|
| 1993 |
Lisa K. Meulbroek (An Empirical Analysis of Illegal Insider Trading, Dezember) |
- John Y. Campbell und John Ammer (What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns, März)
- Lucy F. Ackert und Brian F. Smith (Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders, September)
|
| 1992 |
Eugene F. Fama und Kenneth R. French (The Cross-Section of Expected Stock Returns, Juni) |
- Laurie Simon Bagwell (Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity, März)
- Raghuram G. Rajan (Insiders and Outsiders: The Choice Between Informed and Arm’s Length Debt, September)
- Ivo Welch (Sequential Sales, Learning, and Cascades, Juni)
|
| 1991 |
Jay R. Ritter (The Long-Run Performance of Initial Public Offerings, März) |
|
| 1990 |
David A. Hsieh und Merton H. Miller (Margin Regulation and Stock Market Volatility, März) |
- Milton Harris und Artur Raviv (Capital Structure and the Informational Role of Debt, Juni)
- Deborah J. Lucas und Robert L. McDonald (Equity Issues and Stock Price Dynamics, September)
- G. William Schwert (Why Does Stock Market Volatility Change Over Time?, Dezember)
|
| 1989 |
Paul Asquith, David W. Mullins Jr. und Eric D. Wolff (Original Issue High yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls, September) |
- Michael J. Fishman (Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions, März)
- Marshall E. Blume, A. Craig MacKinlay und Bruce Terker (Order Imbalances and Stock Price Movements on October 19 and 20, 1987, September)
|