The Brattle Prize is an annual prize given to authors with the best corporate finance

Corporate finance

Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...

 research

Research

Research can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method...

 papers published

Academic publishing

Academic publishing describes the subfield of publishing which distributes academic research and scholarship. Most academic work is published in journal article, book or thesis form. The part of academic written output that is not formally published but merely printed up or posted is often called...

 in the Journal of Finance

Journal of Finance

The Journal of Finance is a peer-reviewed academic journal published by Wiley-Blackwell on behalf of the American Finance Association. It was established in 1946. Its current editors are Campbell R. Harvey and John R. Graham...

.

Details

Each year the associate editors

Editors

Editors are a British indie rock band based in Birmingham, who formed in 2002. Previously known as Pilot, The Pride and Snowfield, the band consists of Tom Smith , Chris Urbanowicz , Russell Leetch and Ed Lay .Editors have so far released two platinum studio...

 of the Journal of Finance award five papers for excellence. The two best finance

Finance

"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...

 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

American Finance Association

The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939...

 in January of the following year. Currently the Brattle 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 awarded by the Brattle Group

The Brattle Group

The Brattle Group provides consulting services and expert testimony in economics, finance, and regulation to corporations, law firms, and public agencies...

 the administration of the Brattle Prize is the responsibility of the Editor of The Journal of Finance and is carried out in conjunction with the selection of the Smith Breeden Prize

Smith Breeden Prize

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:...

s. 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.

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 Brattle Prize nominees from which one first place winning paper and two second place distinguished papers were chosen.

Winners

Paper	Author(s)	Year		Clifford G. Holderness, Randall S. Kroszner Randall Kroszner Randall S. Kroszner, Ph.D. is a former member of the Board of Governors of the Federal Reserve System of the United States. He took office on March 1, 2006 to fill an unexpired term, and stepped down on January 21, 2009. Now Kroszner is Norman R... , and Dennis P.Sheehan	1999	April 1999
"How Big Are the Tax Benefits of Debt?"	John R. Graham John Graham (economist) John R. Graham is an American financial economist, a professor at the Duke University Fuqua School of Business, a research associate for the NBER and a regular guest commentator on CNBC. A Phi Beta Kappa winner, Graham has accumulated a lengthy list of award winning research papers.-Professional...	2000	October 2000
"Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests"	Per Strömberg	2001	December 2000
"Market Timing and Capital Structure"	Malcolm Baker Malcolm Baker -Scholar athlete:Baker began rowing at Brown University and as a Freshman was on a National Championship team. where he became the 1991 Outstanding Male Athlete. He also earned a bachelor's degree in applied mathematics and economics at Brown in 1992. He raced for the United States National...  and Jeffrey Wurgler	2002	February 2002
"Effects of Corporate Diversification on Productivity"	Antoinette Schoar	2003	December 2002
"Diversification Discount or Premium? New Evidence from the Business Information Tracking Series"	Belen Villalonga	2004	April 2004
"Debt Dynamics"	Christopher A. Hennessy and Toni M. Whited	2005	June 2005
"Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans"	Joshua D. Rauh	2006	February 2006
"Do Tests of Capital Structure Theory Mean What They Say?"	Ilya A. Strebulaev	2007	August 2007
"The Risk-Adjusted Cost of Financial Distress"	Heitor Almeida and Thomas Philippo	2008	December 2007