Jensen Prizes for the Best Papers Published
in the Journal of Financial Economics
in the Areas of Corporate Finance and Organizations

Paper

Author(s)

2012


First Place Winners

Securitized banking and the run on repo

Volume 104, Issue 3, June 2012, Pages 425-451

Gary Gorton and
Andrew Metrick


Second Place Winners

Cash flows and leverage adjustments

Volume 103, Issue 3, March 2012, Pages 632-646

Michael Faulkender,
Mark J. Flannery,
Kristine Watson Hankins, and
Jason M. Smith

The effect of reference point prices on mergers and acquisitions

Volume 106, Issue 1, October 2012, Pages 49-71

Malcolm Baker,
Xin Pan, and
Jeffrey Wurgler

2011


First Place Winners

Ownership structure and the cost of corporate borrowing

Volume 100, Issue 1, April 2011, Pages 1-23

Chen Lin,
Yue Ma,
Paul Malatesta, and
Yuhai Xuan


Second Place Winner

The causes and consequences of venture capital stage financing

Volume 101, Issue 1, July 2011, Pages 132-159

Xuan Tian

2010

First Place Winners

The marketing of seasoned equity offerings.

Volume 97, Issue 1, July 2010, Pages 33-52

Xiaohui Gao and
Jay Ritter


Second Place Winners

Seasoned equity offerings, market timing, and the corporate lifecycle

Volume 95, Issue 3, March 2010, Pages 275-295

Harry DeAngelo,
Linda DeAngelo, and
René M. Stulz

2009

First Place Winners

Share issuance and cross-sectional returns: International evidence

Volume 94, Issue 1, October 2009, Pages 1-17

R. David McLean,
Jeffrey Pontiff, and
Akiko Watanabe


Second Place Winners

Are elite universities losing their competitive edge?

Volume 93, Issue 3, September 2009, Pages 353-381

E. Han Kim,
Adair Morse, and
Luigi Zingales

2008

First Place Winners

Why do private acquirers pay so little compared to public acquirers?

Volume 89, Issue 3, September 2008, pages 375-390

Leonce L. Bargeron,
Frederik P. Schlingemann,
René M. Stulz, and
Chad J. Zutter


Second Place Winners

Managerial incentives, capital reallocation, and the business cycle

Volume 87, Issue 1, January 2008, pages 177-199

Andrea L. Eisfeldt, and
Adriano A. Rampini

2007

First Place Winners

Does backdating explain the stock price pattern around
executive stock option grants?

Volume 83, Issue 2, February 2007, pages 271-295

Randall A. Heron and
Erik Lie


Second Place Winners

Theft and taxes

Volume 84, Issue 3, June 2007, pages 591-623

Mihir A. Desai,
Alexander Dyck, and
Luigi Zingales

Financial fraud, director reputation, and shareholder wealth

Volume 86, Issue 2, November 2007, pages 306-336

Eliezer M. Fich and
Anil Shivdasani

2006

First Place Winners

Tax shelters and corporate debt policy

Volume 81, Issue 3, September 2006, pages 563-594

John R. Graham and
Alan L. Tucker


Second Place Winners

Are perks purely managerial excess?

Volume 79, Issue 1, January 2006, pages 1-33

Raghuram G. Rajan and
Julie Wulf

Profitability, investment and average returns

Volume 82, Issue 3, December 2006, pages 491-518

Eugene F. Fama and
Kenneth R. French

2005

First Place Winners

Payout policy in the 21st century

Volume 77, Issue 3, September 2005, pages 483-527

Alon Brav,
John Graham,
Roni Michaely, and
Campbell R. Harvey


Second Place Winners

The effect of external finance on the equilibrium allocation of capital

Volume 75, Issue 1, January 2005, pages 133-164

Heitor Almeida, and
Daniel Wolfenzon

2004

First Place Winners

Are dividends disappearing?
Dividend concentration and the consolidation of earnings

Volume 72, Issue 3, June 2004, pages 425-456

Harry DeAngelo,
Linda DeAngelo, and
Douglas J. Skinner


Second Place Winners

Is the IPO pricing process efficient?

Volume 71, Issue 1, January 2004, pages 3-26

Michelle Lowry and
G. William Schwert

2003

First Place Winners

Stock market driven acquisitions

Volume 70, Issue 3, December 2003, pages 295-311

Andrei Shleifer and Robert W. Vishny


Second Place Winners

Testing the pecking order theory of capital structure

Volume 67, Issue 2, February 2003, pages 217-248

Murray Z. Frank and Vidhan K. Goyal

2002

First Place Winners

Does diversification destroy value? Evidence from industry shocks

Volume 63, Issue 1, January 2002, pages 51-77

Owen A. Lamont and Christopher Polk


Second Place Winners

Investor protection and equity markets

Volume 66, Issue 1, October 2002, pages 3-27

Andrei Shleifer and
Daniel Wolfenzon

2001

First Place Winners

The theory and practice of corporate finance: Evidence from the field

Volume 60, Issue 2-3, May/June 2001, pages 187-243

John R.Graham and
Campbell R. Harvey


Second Place Winners

Disappearing dividends: changing firm characteristics or lower propensity to pay?

Volume 60, Issue 1, April 2001, pages 3-43

Eugene F. Fama and
Kenneth R. French

2000

First Place Winners

On the optimality of resetting executive stock options

Volume 57, Issue 1, July 2000, pages 65-101

Viral V. Acharya
Kose John and
Rangarajan K. Sundaram


Second Place Winners

Investor protection and corporate governance

Volume 58, Issue 1-2, October 2000, pages 3-27

Rafael La Porta
Florencio Lopez-de-Silanes
Andrei Shleifer and
Robert Vishny

1999

First Place Winners

The determinants and implications of corporate cash holdings

Volume 52, Issue 1, April 1999, pages 3-46

Tim Opler
Lee Pinkowitz
René M. Stulz and
Rohan Williamson


Second Place Winners (tie)

Deregulation and the adaptation of governance structure: The case of the U.S. Airline industry

Volume 52, Issue 1, April 1999, pages 79-117

Stacey R. Kole and
Kenneth Lehn

Measuring investment distortions arising from stockholder-bondholder conflicts

Volume 53, Issue 1, July 1999, pages 3-42

Robert Parrino and
Michael S. Weisbach

1998

First Place Winners

Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach

Volume 47, Issue 1, January 1998, pages 55-82

Kenneth A. Froot and
Jeremy C. Stein

Second Place Winner

Why firms issue convertible bonds: the matching of financial and real investment options

Volume 47, Issue 1, January 1998, pages 83-102

David Mayers

1997

First Place Winners (tie)

The complexity of compensation contracts

Volume 43, Issue 1, January 1997, pages 79-104

Stacey R. Kole

The decline of takeovers and disciplinary managerial turnover

Volume 44, Issue 2, May 1997, pages 205-228

Wayne H. Mikkelson and
M. Megan Partch

Fama-DFA Prizes for the Best Papers Published
in the Journal of Financial Economics
in the Areas of Capital Markets and Asset Pricing

Paper

Author(s)

2012


First Place Winner

Is momentum really momentum?

Volume 103, Issue 3, March 2012, Pages 429-453

Robert Novy-Marx


Second Place Winners

Friends with money

Volume 103, Issue 1, January 2012, Pages 169-188

Joseph Engelberg,
Pengjie Gao, and
Christopher A. Parsons

2011


First Place Winners

Corporate bond default risk: A 150-year perspective

Volume 102, Issue 2, November 2011, Pages 233-250

Kay Giesecke,
Francis A. Longstaff,
Stephen Schaefer, and
Ilya A. Strebulaev


Second Place Winners

Do hedge funds trade on private information?
Evidence from syndicated lending

Volume 99, Issue 3, March 2011, Pages 477-499

Nadia Massoud,
Debarshi Nandy,
Anthony Saunders, and
Keke Song

2010


First Place Winners

The good news in short interest

Volume 96, Issue 1, April 2010, Pages 80-97

Ekkehart Boehmer,
Zsuzsa R. Huszar, and
Bradford Jordan


Second Place Winners

A skeptical appraisal of asset-pricing tests

Volume 96, Issue 2, May 2010, Pages 175-194

Jonathan Lewellen,
Stefan Nagel, and
Jay Shanken

2009


First Place Winners

Why is PIN priced?

Volume 91, Issue 2, February 2009, Pages 119-138

Jefferson Duarte and
Lance Young


Second Place Winners

Do liquidity measures measure liquidity?

Volume 92, Issue 2, May 2009, Pages 153-181

Ruslan Y. Goyenko,
Craig W. Holden, and
Charles A. Trzcinka

2008

First Place Winners

Inter-firm linkages and the wealth effects of financial distress along the supply chain

Volume 87, Issue 2, February 2008, pages 374-387

Michael G. Hertzel,
Zhi Li,
Micah S. Officer, and
Kimberly J. Rodgers


Second Place Winners

Venture capital investment cycles: the impact of public markets

Volume 87, Issue 1, January 2008, pages 1-23

Paul Gompers,
Anna Kovner,
Josh Lerner, and
David Scharfstein

Dumb money: mutual fund flows and the cross-section of stock returns

Volume 88, Issue 2, May 2008, pages 299-322

Andrea Frazzini and
Owen A. Lamont

2007

First Place Winners

Laddering in initial public offerings

Volume 85, Issue 1, July 2007, pages 102-122

Grace Qing Hao


Second Place Winners

Does industry-wide distress affect defaulted firms?
Evidence from creditor recoveries

Volume 85, Issue 3, September 2007, pages 787-821

Viral V. Acharya,
Sreedhar T. Bharath, and
Anand Srinivasan

Optimism and economic choice

Volume 86, Issue 1, October 2007, pages 71-99

Manju Puri and
David T. Robinson

2006

First Place Winners

The conditional CAPM does not explain asset-pricing anomalies

Volume 82, Issue 2, November 2006, pages 289-314

Jonathan Lewellen and
Stefan Nagel


Second Place Winners

Was there a Nasdaq bubble in the last 1990s?

Volume 81, Issue 1, July 2006, pages 61-100

 

Lubos Pastor and
Pietro Veronesi

The other January effect

Volume 82, Issue 2, November 2006, pages 315-341

 

Michael J. Cooper,
John J. McConnell, and

Alexei V. Ovtcinnikov

2005

First Place Winners

Asset pricing with liquidity risk

Volume 77 Issue 2, August 2005, pages 375-410

Viral V. Acharya and
Lasse Heje Pedersen


Second Place Winners

The risk and return of venture capital

Volume 75, Issue 1, January 2005, pages 3-52

John H. Cochrane

2004

First Place Winners

Why are foreign firms listed in the U.S. worth more?

Volume 71 Issue 2, January 2004, pages 205-238

Craig Doidge,
G. Andrew Karolyi, and
René M. Stulz


Second Place Winners

New lists: Fundamentals and survival rates

Volume 73, Issue 2, August 2004, pages 229-269

Eugene F. Fama and
Kenneth R. French

2003


First Place Winners

The great reversals: The politics of financial development in the twentieth century

Volume 69, Issue 1, July 2003, pages 5-50

Raghuram G. Rajan and
Luigi Zingales


Second Place Winners

A multivariate model of strategic asset allocation

Volume 67, Issue 1, January 2003, pages 41-80

 

John Y. Campbell
Yeung Lewis Chan and
Luis M. Viceira

Voting with their feet: Institutional ownership changes around forced CEO turnover

Volume 68, Issue 1, April 2003, pages 3-46

 

Robert Parrino
Richard W. Sias and
Laura T. Starks

2002


First Place Winners

Breadth of ownership and stock returns

Volume 66, Issue 2-3, November 2002, pages 171-205

Joseph Chen
Harrison Hong and
Jeremy C. Stein


Second Place Winners

Mutual fund performance and seemingly unrelated assets

Volume 63, Issue 3, March 2002, pages 315-349

 

Lubos Pastor and
Robert F. Stambaugh

2001


First Place Winners

Following the leader: a study of individual analysts earnings forecasts

Volume 61, Issue 3, September 2001, pages 383-416

Rick A. Cooper
Theodore E. Day and
Craig M. Lewis


Second Place Winners

Forecasting crashes: Trading volume, past returns and conditional skewness in stock prices

Volume 61, Issue 3, September 2001, pages 345-381

Joseph Chen
Harrison Hong and
Jeremy C. Stein

2000


First Place Winners

Commonality in liquidity

Volume 56, Issue 1, April, 2000, pages 3-28

Tarun Chordia
Richard Roll and
Avanidhar Subrahmanyam


Second Place Winner

Herding among security analysts

Volume 58, Issue 3, December 2000, pages 369-396

Ivo Welch

1999


First Place Winners

Bank entry, competition and the market for corporate securities underwriting

Volume 54, Issue 2, November 1999, pages 165-195

Amar Gande
Manju Puri and
Anthony Saunders


Second Place Winner

Predictive regressions

Volume 54, Issue 3, December 1999, pages 375-421

Robert F. Stambaugh

1998

First Place Winner

Market efficiency, long-term returns, and behavioral finance

Volume 49, Issue 3, September 1998, pages 283-306

Eugene F. Fama

Second Place Winners (tie)

Alternative factor specifications, security characteristics, and the cross-section of expected stock returns

Volume 49, Issue 3, September 1998, pages 345-373

Michael J. Brennan
Tarun Chordia and
Avanidhar Subrahmanyam

An empirical analysis of NYSE specialist trading

Volume 48, Issue 2, May 1998, pages 189-210

Ananth Madhavan and
George Sofianos

1997

First Place Winners

Detecting long-run abnormal stock returns: The empirical power and specification of test-statistics

Volume 43, Issue 3, March 1997, pages 341-372

Brad M. Barber and
John D. Lyon

Second Place Winner

Analyzing investments whose histories differ in length

Volume 45, Issue 3, September 1997, pages 285-331

Robert F. Stambaugh

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