Annually, the winners are announced at the Western Finance Association meetings in June as well as in the RFS and on the website. The winners are selected by the editorial board, which includes the Executive Editor, the Co-Editors, and the Associate Editors. The award is part of Barclays Global Investors' commitment capital markets research. The award is named in honor of the first editor of RFS, Michael J. Brennan.[1]
The following table is a partial list of past winners of the Michael Brennan Award Prize, which goes back to volume 2:[1]
| Paper |
Author(s) |
Volume |
| "Requiem for a market: an analysis of the rise and fall of a financial futures contract" |
Elizabeth Johnston and John McConnell |
2 |
| "Data-snooping biases in tests of financial asset pricing models" |
Andrew Lo and A. Craig MacKinlay |
3 |
| "The effect of information releases on the pricing and timing of equity issues" |
Robert Korajczyk, Deborah Lucas and Robert McDonald |
4 |
| "Survivorship bias in performance studies" |
Stephen Brown, William Goetzmann, Roger Ibbotson, and Stephen Ross |
5 |
| "On the estimation of beta-pricing models" |
Jay Shanken |
5 |
| "Asymmetric information and options" |
Kerry Back |
6 |
| "Transactions, volume, and volatility" |
Charles Jones, Gautam Kaul, and Marc Lipson |
7 |
| "A critique of size-related anomalies" |
Jonathan Berk |
8 |
| "Testing continuous-time models of the spot interest rate" |
Yacine Ait-Sahalia |
9 |
| "Trade credit: theories and evidence" |
Mitchell Petersen and Raghuram Rajan |
10 |
| "An anatomy of trading strategies" |
Jennifer Conrad and Gautam Kaul |
11 |
| "Stock market overreactions to bad news in good times: a rational expectations equilibrium model" |
Pietro Veronesi |
12 |
| "Conflict of interest and the credibility of underwriter analyst recommendations" |
Roni Michaely and Kent Womack |
12 |
| "Toeholds, bid jumps, and expected payoffs in takeovers" |
Sandra Betton and B. Espen Eckbo |
13 |
| "Forcing firms to talk: financial disclosure regulation and externalities" |
Anat Admati and Paul Pfleiderer |
13 |
| "Learning to be Overconfident" |
Simon Gervais and Terrance Odean |
14 |
| "Optimal Consumption and Investment with Capital Gains Taxes" |
Robert Dammon, Chester Spatt, and Harold Zhang |
14 |
| "Competing Theories of Financial Anomalies" |
Alon Brav and J. B. Heaton |
15 |
| "An Isomorphism Between Asset Pricing Models With and Without Linear Habit Formation" |
Mark Schroder and Costis Skiadas |
15 |
| "Informal Financial Networks: Theory and Evidence" |
Mark J. Garmaise and Tobias J. Moskowitz |
16 |
| "Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem" |
Hui Ou-Yang |
16 |
| "Losing Money on Arbitrage: Optimal Dynamic Portfolio Choice in Markets with Arbitrage Opportunities" |
Jun Liu and Francis A. Longstaff |
17 |
| "Confronting Information Asymmetries: Evidence from Real Estate Markets" |
Mark J. Garmaise and Tobias J. Moskowitz |
17 |
| "The Pooling and Tranching of Securities: A Model of Informed Intermediation" |
Peter M. DeMarzo |
18 |
| "Information Leakage and Market Efficiency" |
Markus K. Brunnermeier |
18 |
| "Corporate Finance and the Monetary Transmission Mechanism" |
Patrick Bolton and Xavier Freixas |
19 |
| "Does the Source of Capital Affect Capital Structure?" |
Mitchell Petersen and Michael Faulkender |
19 |
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