Awards Ceremony

At the EFA Annual Meeting (August 25-28, 2010) the winners of the awards were announced
during the conference dinner on August 27 from 8 pm onwards. The award ceremonies were organized by the Program Chair, Jan P. Krahnen. Plaques and prizes were presented to the authors of the award-winning papers.

Awards at a glance

Goldman Sachs International - Best Conference Paper Award
The Best Conference Paper Prize is the highest distinctions awarded for an academic paper during the 37th Annual EFA Meeting (the “Conference”). The award is supported by Goldman Sachs International.

All papers included in the final conference program are eligible for the award. They thus have all been subject to an intensive pre-selection process, involving the EFA conference refereeing process. The final paper selection will be from the best-rated papers in all tracks.

Committee: Kristian Miltersen (EFA 2010 President), Jan P. Krahnen (Program Chair of the EFA 2010 Annual Meeting) and Philip Holzer (Deputy Head of the German Region of Goldman Sachs International).

Prize money: 3000 € for the winner, 1000 € for the two runners up

Winning paper:
"Credit Default Swaps (CDS) and the Empty Creditor Problem" by Patrick Bolton and Martin Oehmke
Runners up:
"The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle" by Viral Acharya and Hassan Naqvi
"Do Smart Investors Outperform Dumb Investors?" by Mark Grinblatt, Matti Keloharju, and Juhani Linnainmaa

Deutsche Bank Prize in Financial Economics Review of Finance - Best Paper Award
The Deutsche Bank Prize in Financial Economics Review of Finance - Best Paper Award is one of the highest distinctions awarded for an academic paper in Europe. The prize will be handed over at the EFA 2010 annual meeting.

The Deutsche Bank Prize in Financial Economics and the Review of Finance - Best Paper Award are donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft*.

The Review of Finance, the official journal of the European Finance Association, is the leading academic finance journal in Europe. It aims at a wide circulation and high visibility in the professional fields of finance (link to the RoF: http://www.revfin.org/). The RoF is available in all major libraries located in economics departments and business schools around the world.  EFA members, including authors submitting papers to the EFA Annual Meeting, are entitled to receive a one-year personal subscription to the RoF as part of their annual EFA membership.
The Best Paper Award is awarded annually for the top three papers in the RoF.

Committee: The winning papers are chosen by the Associate Editors and the Coeditors of The Review of Finance. The board of editors is listed under the link: http://www.oxfordjournals.org/our_journals/rof/editorial_board.html.
The papers eligible for the Review of Finance - Best Paper Award for a given year are all those which appeared in the previous 4 issues, i.e., the first two issues of that year and the last two issues of the previous year.

Prize money: 3000 € for the winner, 1000 € for the two runners up

Winning paper:
"Corporate Governance Externalities" by Viral Acharya and Paolo Volpin
Runners up:
"The Limits of the Limits of Arbitrage" by Alon Brav, J.B. Heaton and Si Li
"Determinants of Sovereign Risk: Macroeconomic Fundamentals and the Pricing of Sovereign Debt" by Jens Hilscher and Yves Nosbusch

*Deutsche Bank Donation Fund in the Donor's Association for German Science 

EFA - Best Conference Paper Award written by a Doctoral Student

The EFA awards for the best paper on the conference program written by doctoral student(s). 

Committee: three members of the Executive Committee of the European Finance Association: Kristian Miltersen (chair and current EFA president), Loriana Pelizzon (Professor in Economics, University of Venice) and Ingrid Werner (EFA 2011 program chair).

Prize money: 1000 € for the winner

Winning paper: "Managerial Compensation in the Financial Industry" written by Felix Suntheim from University Bocconi

NASDAQ OMX Prize for the Best Doctoral Tutorial Paper

The best paper presented at the EFA/EIASM Doctoral Tutorial (preceding the main conference) will be recognized with the NASDAQ OMX Prize for the Best Doctoral Tutorial Paper.

The best paper in 2010 will be selected by the faculty at the Doctoral Tutorial on Wednesday, August 25 in Frankfurt.  The winner will also be awarded the CQA (Chicago Quantitative Alliance) Prize and invited to present the paper at their annual conference in September. 

Prize money: 1500 €

Winning paper: "The Term Structure of Risk Premia during the Financial Crisis: Evidence from a New Calibration Approach Based on CDS Spreads" by Tobias Berg (Munich University of Technology)

Commonfund Prize on Endowment and Foundation Management
The best paper on foundation and endowment asset management presented at the EFA Meeting will be recognized with the Commonfund Prize.  This prize is supported by Commonfund.

Committee: Elroy Dimson (chair; Professor of Finance, Governor, London Business School ), Will Goetzmann (Professor of Finance and Management Studies, Yale School of Management) and Jan Krahnen (Program Chair of the EFA 2010 Annual Meeting).

Prize money: 3000 €

Winning paper: "Finding Bernie Madoff: Detecting Fraud by Investment Managers" by Steve Dimmock and his co-author Will Gerken

 
LECG Prize for Best Paper in Corporate Finance

The best paper on Corporate Finance presented at the EFA Meeting will be recognized with the LECG Best Paper Prize. This prize is supported by LECG. All empirical and theoretical papers in corporate finance presented at EFA are eligible for the Prize.

Committee: The LECG Prize Committee is chaired by Pradeep Yadav (Johnston Chair and Professor of Finance, University of Oklahoma). The other members of the Prize Committee this year are Ilya Strebulaev (Assistant Professor, Stanford University), Krishnamurthy Subramanian (Assistant Professor, Indian School of Business) and Bill Megginson (Rainbolt Chair and Professor of Finance, University of Oklahoma).
 

Prize money: 3000 €

Winning paper: "Labor and Capital: Is Debt a Bargaining Tool?" by Elena Simintzi, Vikrant Vig and Paolo Volpin

Past President Awards
The purpose of these honours is to commemorate persons, mostly past presidents, who have contributed significantly to the EFA. The honours consist of a speech and handing out a plaque.

Committee: Arnoud Boot, University of Amsterdam (Chair), Rajna Gibson, University of Geneva, William Goetzmann, Yale School of Management, Christian Wolff, Luxembourg School of Finance
Honorary Awards presented to Past Presidents at EFA 2010:

• 1989 - Bulent Gultekin
• 2008 - Arnoud Boot
• 2009 - Maria Vassalou (will be handed over in 2011) 

Former Awards at a glance: http://www.efa-online.org/r/default.asp?iId=IMGLI