Best paper awards

The following best paper prizes were presented at the plenary session Friday afternoon on August 17 after Professor Darrell Duffie’s keynote speech:

See video presentation of the Best Paper Awards by clicking HERE

S.A.C. Capital Advisors, L.P. Best Conference Paper Prize (€3,000)

The S.A.C. Capital Advisors, L.P. Best Conference Paper Prize is the highest distinction awarded for an academic paper presented during the EFA 2012 Annual Meeting. Presented papers within any field covered at the conference were considered for the S.A.C. Capital Advisors, L.P. Best Conference Paper Prize.

Awarded jointly to:

“Flight to Where? Evidence from Bank Investments During the Financial Crisis” by Thomas Hildebrand, Jörg Rocholl, and Alexander Schulz.


“Does Family Control Matter? International Evidence from the 2008-2009 Financial Crisis” by Karl Lins, Paolo Volpin, and Hannes Wagner.

Prize committee:

  • Ingrid Werner, The Ohio State University
  • Pradeep Yadav, University of Oklahoma
  • Jan Pieter Krahnen, Goethe University
  • David Lando, Copenhagen Business School
  • Kristian R. Miltersen, Copenhagen Business School
  • Carsten Sørensen, Copenhagen Business School 

Commonfund Prize for Best Paper relevant to Foundation and Endowment Asset Management (€3,000)

Awarded to:

“Activist Investors and Performance in Private Equity Funds” by Adair Morse.

Prize committee:

  • David Chambers, Cambridge University
  • Elroy Dimson, London Business School
  • William N. Goetzmann, Yale School of Management 

DONG Energy Prize for Best Paper related to Energy and Commodities (€3,000)

Awarded to:

“Investor Beliefs and State Price Densities in the Crude Oil Market” by Xuhui (Nick) Pan.

Prize committee:

  • Duane Seppi, Carnegie Mellon University
  • Peter Lyk-Jensen, DONG Energy
  • Kristian Miltersen, Copenhagen Business School

EFA Best Doctoral Student Conference Paper Award (€3,000)

EFA presented an award for the best paper on the conference program written by a doctoral student.

Awarded to:

“Does Local Access To Finance Matter? Evidence from U.S. Oil and Natural Gas Shale Booms” by Erik Gilje.

Prize committee:

  • Rajna Gibson, University of geneva
  • Frans de Roon, Tilburg University
  • Raghavendra Rau, University of Cambridge

2012 Spaengler IQAM Best Paper Prize

The 2012 Spaengler IQAM Best Paper Prize is awarded to the best paper published in the association’s journal, Review of Finance, and was presented at the EFA 2012 Annual Meeting.

Awarded to:

“Information Asymmetry, Information Precision, and the Cost of Capital” by Richard A. Lambert, Christian Leuz, and Robert E. Verrecchia.

Runner up:

“Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers” by Huafeng (Jason) Chen, Marcin Kacperczyk, and Hernán Ortiz-Molina.

NASDAQ OMX/EFA Doctoral Tutorial Best Paper Prize

The best paper presented at the 2012 EFA Doctoral Tutorial was recognized with the NASDAQ OMX/EFA Doctoral Tutorial Best paper prize sponsored by the NASDAQ OMX Educational Foundation.

Awarded jointly to:

“Do SEC Detections Defer Insider Trading? Evidence from Earnings Announcements” by Jasmin Gider, University of Bonn.


“Need for speed: An empirical analysis of hard and soft information in a high frequency world” by Sarah Zhang, Karlsruhe Institute of Technology.

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