Michael Brennan Award

Michael Brennan Award

The BlackRock Michael Brennan Award is an annual prize given to authors in recognition of important finance research papers published in the Review of Financial Studies (RFS). It is given annually to the best paper published in The Review of Financial Studies. The annual first prize is $20,000 and the second place prize is $7,000.[1]


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 BlackRock's commitment to 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 First Prize
"Conflict of interest and the credibility of underwriter analyst recommendations" Roni Michaely and Kent Womack 12 Runner-up
"Toeholds, bid jumps, and expected payoffs in takeovers" Sandra Betton and B. Espen Eckbo 13 First Prize
"Forcing firms to talk: financial disclosure regulation and externalities" Anat Admati and Paul Pfleiderer 13 Runner-up
"Learning to be Overconfident" Simon Gervais and Terrance Odean 14 First Prize
"Optimal Consumption and Investment with Capital Gains Taxes" Robert Dammon, Chester Spatt, and Harold Zhang 14 Runner-up
"Competing Theories of Financial Anomalies" Alon Brav and J. B. Heaton 15 First Prize
"An Isomorphism Between Asset Pricing Models With and Without Linear Habit Formation" Mark Schroder and Costis Skiadas 15 Runner-up
"Informal Financial Networks: Theory and Evidence" Mark J. Garmaise and Tobias J. Moskowitz 16 First Prize
"Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem" Hui Ou-Yang 16 Runner-up
"Losing Money on Arbitrage: Optimal Dynamic Portfolio Choice in Markets with Arbitrage Opportunities" Jun Liu and Francis A. Longstaff 17 First Prize
"Confronting Information Asymmetries: Evidence from Real Estate Markets" Mark J. Garmaise and Tobias J. Moskowitz 17 Runner-up
"The Pooling and Tranching of Securities: A Model of Informed Intermediation" Peter M. DeMarzo 18 First Prize
"Information Leakage and Market Efficiency" Markus K. Brunnermeier 18 Runner-up
"Corporate Finance and the Monetary Transmission Mechanism" Patrick Bolton and Xavier Freixas 19 First Prize
"Does the Source of Capital Affect Capital Structure?" Mitchell Petersen and Michael Faulkender 19 Runner-up
"Portfolio Performance Manipulation and Manipulation-proof Performance Measures" Matthew Spiegel, William N. Goetzmann, Jonathan E. Ingersoll Jr., and Ivo Welch 20 First Prize
"Agency and Optimal Investment Dynamics" Peter M. DeMarzo and Michael J. Fishman 20 Runner-up
"A Comprehensive Look at The Empirical Performance of Equity Premium Prediction" Ivo Welch and Ivo Welch 21 First Prize
"Agency and Optimal Investment Dynamics" Mihir Desai, Fritz Foley, and Kristin Forbes 21 Runner-up
"The Economics of Fraudulent Accounting" Simi Kedia and Thomas Philippon 22 First Prize
"Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches" Mitchell A. Petersen 22 Runner-up


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