Smith Breeden Prize

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The 2007 Smith Breeden Prize plaque

The Smith Breeden Prize is an annual prize given to authors with the best finance research papers published in the Journal of Finance in any area other than corporate finance.

The Award[edit]

Each year the associate editors of the Journal of Finance award five papers for excellence. The two best finance papers in the subfield of corporate finance and the three best other papers from among all those papers that appeared in the first five issues of that year and in the December issue from the previous year are awarded prizes at the annual American Finance Association in January of the following year. Currently the Smith Breeden prizes are $10,000 for first place and $5,000 for second, but these amounts may change from time to time. Although the prize is funded by Smith Breeden Associates Inc., the administration of the Smith Breeden Prize is the responsibility of the Editor of The Journal of Finance and is carried out in conjunction with the selection of the Brattle Prizes. Associate Editors vote for the best two corporate finance papers (for the Brattle Prizes) and the best three other papers (for the Smith-Breeden Prizes). The papers receiving the most votes in their categories receive the prizes; however, a paper may not win in both categories.[1]

The Journal of Finance is one of the most prestigious and highly cited journals in finance and economics. Each year hundreds of papers are submitted for publication. In 2006, there were 1239 submissions (1037 new manuscripts), 86 articles published, and 8 Smith Breeden Prize nominees from which 1 first place winning paper and two second place distinguished papers were chosen.[2]

Winners[edit]

Paper Author(s) Year Issue
"Original Issue High yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls"[3] Paul Asquith, David W. Mullins, Jr., and Eric D. Wolff 1989 September 1989
"Margin Regulation and Stock Market Volatility"[4] David A. Hsieh and Merton H. Miller 1990 March 1990
"The Long-Run Performance of Initial Public Offerings"[5] Jay R. Ritter 1991 March 1991
"The Cross-Section of Expected Stock Returns"[6] Eugene F. Fama and Kenneth R. French 1992 June 1992
"An Empirical Analysis of Illegal Insider Trading[7] Lisa K. Meulbroek 1993 December 1992
"The Benefits of Lending Relationships: Evidence from Small Business Data"[8] Mitchell A. Petersen and Raghuram G. Rajan 1994 March 1994
"Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?"[9] William G. Christie and Paul Schultz 1995 December 1994
"On the Predictability of Stock Returns: An Asset-Allocation Perspective"[10] Shmuel Kandel and Robert F. Stambaugh 1996 June 1996
"Evidence on the Characteristics of the Cross Sectional Variation in Stock Returns"[11] Kent Daniel and Sheridan Titman 1997 March 1997
"How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed"[12] Gregor Andrade and Steven N. Kaplan 1998 October 1998
"Investor Psychology and Security Market Under - and Overreaction"[13] Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam 1999 December 1998
"Home Bias at Home: Local Equity Preference in Domestic Portfolios"[14] Joshua D. Coval and Tobias J. Moskowitz 2000 December 1999
"Have Individual Stocks Become More Volatile: An Empirical Exploration of Idiosyncratic Risk"[15] John Y. Campbell, Martin Lettau, and Burton G. Malkiel, and Yexiao Xu 2001 February 2001
"Limited Arbitrage in Equity Markets"[16] Mark Mitchell, Todd Pulvino and Erik Stafford 2002 April 2002
"Stock Valuation and Learning about Profitability"[17] Luboš Pástor and Pietro Veronesi 2003 October 2003
"Hedge Funds and the Technology Bubble"[18] Markus K. Brunnermeier and Stefan Nagel 2004 October 2004
"Do Behavioral Biases Affect Prices?"[19]
"The Value Premium"[20]
Joshua D. Coval and Tyler Shumway
Lu Zhang
2005(tie) February 2005
February 2005
"The Price Impact and Survival of Irrational Traders"[21] Leonid Kogan, Stephen A. Ross, Jiang Wang, and Mark M. Westerfield 2006 February 2006
"Giving Content to Investor Sentiment: The Role of Media in the Stock Market"[22] Paul C. Tetlock 2007 June 2007
"Collective Risk Management in a Flight to Quality" Ricardo J. Caballero and Arvind Krishnamurthy 2008 October 2008
"Risk in Dynamic Arbitrage: The Price Effects of Convergence Trading" Péter Kondor 2009 April 2009
"Levered Returns" Joao F. Gomes and Lukas Schmid 2010 April 2010

Notes[edit]

  1. ^ "Prizes and Awards". American Finance Association. Retrieved 2007-09-10. 
  2. ^ Harvey, Cam (2007-03-13). "Journal of Finance Editor's Report". American Finance Association. Retrieved 2007-09-10. 
  3. ^ "Abstracts of Smith Breeden Prize Winning Papers (1989)". American Finance Association. Retrieved 2007-09-11. 
  4. ^ "Abstracts of Smith Breeden Prize Winning Papers (1990)". American Finance Association. Retrieved 2007-09-11. 
  5. ^ "Abstracts of Smith Breeden Prize Winning Papers (1991)". American Finance Association. Retrieved 2007-09-11. 
  6. ^ "Abstracts of Smith Breeden Prize Winning Papers (1992)". American Finance Association. Retrieved 2007-09-11. 
  7. ^ "Abstracts of Smith Breeden Prize Winning Papers (1993)". American Finance Association. Retrieved 2007-09-11. 
  8. ^ "Abstracts of Smith Breeden Prize Winning Papers (1994)". American Finance Association. Retrieved 2007-09-11. 
  9. ^ "Abstracts of Smith Breeden Prize Winning Papers (1995)". American Finance Association. Retrieved 2007-09-11. 
  10. ^ "Abstracts of Smith Breeden Prize Winning Papers (1996)". American Finance Association. Retrieved 2007-09-11. 
  11. ^ "Abstracts of Smith Breeden Prize Winning Papers (1997)". American Finance Association. Retrieved 2007-09-11. 
  12. ^ "Abstracts of Smith Breeden Prize Winning Papers (1998)". American Finance Association. Retrieved 2007-09-11. 
  13. ^ "Abstracts of Smith Breeden Prize Winning Papers (1999)". American Finance Association. Retrieved 2007-09-11. 
  14. ^ "Abstracts of Smith Breeden Prize Winning Papers (2000)". American Finance Association. Retrieved 2007-09-11. 
  15. ^ "Abstracts of Smith Breeden Prize Winning Papers (2001)". American Finance Association. Retrieved 2007-09-11. 
  16. ^ "Abstracts of Smith Breeden Prize Winning Papers (2002)". American Finance Association. Retrieved 2007-09-11. 
  17. ^ "Abstracts of Smith Breeden Prize Winning Papers (2003)". American Finance Association. Retrieved 2007-09-11. 
  18. ^ "Abstracts of Smith Breeden Prize Winning Papers (2004)". American Finance Association. Retrieved 2007-09-11. 
  19. ^ "Abstracts of Smith Breeden Prize Winning Papers (2005)". American Finance Association. Retrieved 2007-09-11. 
  20. ^ "Abstracts of Smith Breeden Prize Winning Papers (2005)". American Finance Association. Retrieved 2007-09-11. 
  21. ^ "Abstracts of Smith Breeden Prize Winning Papers (2006)". American Finance Association. Retrieved 2007-09-11. 
  22. ^ "Abstracts of Smith Breeden Prize Winning Papers (2007)". American Finance Association. Retrieved 2008-05-13.