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Academic Competition Winners

2016 Awards

First Place

Quoc Nguyen at University of Illinois at Chicago - "Lazy Prices

Second Place

Jongsub Lee at University of Florida - "Related Securities and the Cross-Section of Stock Return Momentum: Evidence From Credit Default Swaps

Third Place

Linghang Zeng at Georgia Tech - "Does History Repeat Itself? Business Cycle and Industry Returns"


European Finance Association Doctoral Tutorial Winner
Sehoon Kim at Ohio State University - "Cash, Financial Flexibility, and Product Prices: Evidence from a Natural Experiment in the Airline Industry"  

2015 Awards

First Place

Joseph Gerakos at Tuck School of Business - "Accruals, Cash Flows and Operating Profitability in the Cross-Section of Stock Returns"

Second Place

Kewei Hou at Ohio State University -  "A Comparison of New Factor Models"

Third Place

Denys Glushkov at University of Pennsylvania - "How Smart are Smart Beta ETF's? Analysis of Relative Performance and Factor Timing


European Finance Association Doctoral Tutorial Winner
Elisabeth Kempf at Tilburg University - "The Job Rating Game: The Effects of Revolving Doors on Analyst Incentives"

2014 Awards

First Place

Li An at Tsinghua University - "Asset Pricing When Traders Sell Extreme Winners and Losers"

Second Place 

Jiasun Li at UCLA - "Slow Price Adjustment to Public News in After-hours Trading"

Third Place

Huijun Wang at University of Delaware - "Prospect Theory and the Risk = Return Trade Off"


European Finance Association Doctoral Tutorial Winner

Vincent Bogousslavsky, EPFL, Swiss Finance Institute - Infrequent Rebalancing and Short-term Return Predictability

2013 Awards

First Place

Qingzhong Ma at Cornell University - "Momentum and Insider Trading"

Second Place

Andrea Yinjia Lu at Northwestern University - "Slow Diffusion of Information and Price Momentum in Stocks: Evidence from Options Markets"

Third Place

Jerimiah Green at Penn State - "The Remarkable Multidimensionality in the Cross-Section of Expected U.S. Stock Returns"


2012 Awards

First Place

Jianfeng Yu at University of Minnesota - "Investor Sentiment and Economic Forces"

Second Place

Joseph Gerakos at University of Chicago - "Decomposing Value"

Third Place

Jake Thornock at University of Washington - "The Informativeness of Stale Financial Disclosures"


2011 Awards

First Place

Nitish Ranjan Sinha at University of Illinois at Chicago - "Under Reaction to News in the U.S. Stock Market"

Tied for Second Place

Buhui Qui at Erasmus University - "Options-Implied Variance and Future Stock Returns"

Sandhya Vallapuzha at Georgia State University - "Agency Problems in Target-Date Funds"


2010 Awards

First Place

Lukasz Pomorski at University of Toronto - "Decoding Inside Information"

Second Place

Ankur Pareek at Rutgers University -  "Institutional Investors' Investment Durations and Stock Return Anomalies: Momentum, Reversal, Accruals, Share Issuance and R&D Increases"

Third Place

Yuehua Tang at Georgia State University - "Do Institutional Investors Have an Ace Up Their Sleeves? Evidence from Confidential Filings of Portfolio Holdings"


2009 Awards

First Place

Zhi Da at Notre Dame"In Search of Attention"

Second Place

Jeffrey Ng at MIT -  "Market Pricing of Banks' Fair Value Assets Reported under SFAS 157 During the 2008 Financial Crisis"

Third Place

Hao Zhou at Federal Reserve Board - "Variance Risk Premia Asset Predictability Puzzles"

2008 Awards

First Place

Itzhak Ben-David at Fisher College of Business at Ohio State University"Manipulation of Collateral Values by Borrowers and Intermediaries"

Second Place

Usman Ali at Yale University -  "Analysts' Use of Public Information and Profitability of their Recommendation Revisions"

Third Place

Buhui Qiu at University of Cincinnati - "The Return Predictive Power of Institutional Ownership"

2007 Awards

First Place

David McLean at University of Alberta - "Costly Arbitrage and Idiosyncratic Risk: Evidence from Short Sellers"

Second Place

Wei Jiang at Columbia Business School - "Hedge Fund activism, Corporate Governance, and Firm Performance"

Third Place

Sonya Lim at Depaul University - "Driven to Distraction: Extraneous News and Underreaction to Earnings News"

2006 Awards

First Place

Lauren Cohen at Yale University - "Economic Links and Predictable Returns"

Second Place

Feng Li at University of Michigan - "Do Stock Market Investors Understand the Risk Sentiment of Corporate Annual Reports"

Third Place

Steven Heston at University of Maryland - "Seasonality in the Cross-Section of Stock Returns"

2005 Awards

First Place

Weili Ge at University of Michigan - "Off-Balance-Sheet Activities Earnings Persistence and Stock Prices: Evidence From Operation Leases"

Second Place

Gergana Jostova at George Washington University - "Momentum and Credit Rating"

Third Place

Karl Diether at Ohio State University - "Supply and Demand Shifts in the Shorting Markets"


2004 Awards

First Place

Andrea Frazzini at Yale University - "The Disposition Effect and Under-reaction to News"

Second Place

Zoran Ivkovich at University of Illinois - "Portfolio Concentration and Performance of Individual Investors"

Third Place

Cheol Eun at Georgia Tech University - "International Diversification with Large- and Small-Cap Stocks"

2003 Awards

First Place

Allen Poteshman at University of Illinois - "The Information in Option Volume for Future Stock Prices"

Second Place

Malcolm Baker at Harvard Business School - "Investor Sentiment and the Cross-Section of Stock Returns"

Third Place

Doron Avramov - at University of Maryland - "Stock Returns are Predictable: A Firm Level Analysis"

2002 Awards

First Place

Christo Pirinsky at Texas A&M University - "Time-Series Versus Cross-Sectional Momentum: What's the Difference?"

Second Place

David Ng at Cornell University - "Corruption and International Valuation: Does Virtue Pay?"

Third Place

Xi Li at University of Miami - "Will Past Leaders Still Lead? Performance Persistence of Financial Analysts"


2000 Awards

First Place

Sundaresh Ramnath at Rice University - "Under-reaction to Self-Selected News Events: The Case of Stock Splits"

Second Place

Charles Jones at Columbia University - "A Century of Stock Market Liquidity and Trading Costs"

Third Place

Hsui-Lang Chen at University of Illinois - Chicago - "On Characteristics Momentum"

1999 Awards

First Place

David Robinson at University of Chicago - "Industry Concentration and Industry Average Returns"

Second Place

Richard Warr at Kansas State University - "The Decline of Inflation and the Bull Market of 1982-1997"

Third Place

Christopher Geczy at University of Pennsylvania - "Is the Abnormal Return Following Equity Issuances Anomalous?"

1998 Awards

First Place

Bhaskran Swaminathan at Cornell University - "PriceMomentum and Trading Volume"

Tied for Second Place

Richard Sloan at University of Michigan - "Using Cash Flow Data for New Insight into Form Earnings Performance"

Douglas Skinner at University of Michigan - "Earnings Surprises, Growth Expectations, and Stock Returns or Don’t Let an Earnings Torpedo Sink Your Portfolio"

1997 Awards

First Place

John Nofsinger at Marquette University - "Herding by Institutional and Individual Investors"

Second Place

Christopher Polk at University of Chicago - "Financial Constraints and Stock Returns"

Third Place

Albert Wang at Columbia University - "Overconfidence, Delegated Fund Management, and Survival"