The Jensen 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...

 and organization

Organization

An organization is a social group which distributes tasks for a collective goal. The word itself is derived from the Greek word organon, itself derived from the better-known word ergon - as we know `organ` - and it means a compartment for a particular job.There are a variety of legal types of...

s 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 Financial Economics

Journal of Financial Economics

The Journal of Financial Economics or JFE, is a peer-reviewed academic journal covering the theory of financial economics. Together with the Journal of Finance and the Review of Financial Studies, it is considered to be among the top three finance journal. The editor is Bill Schwert...

. The award is named after Michael Jensen

Michael Jensen

Michael Cole "Mike" Jensen is an American economist working in the area of financial economics. He is currently the managing director in charge of organizational strategy at Monitor Group, a strategy consulting firm, and the Jesse Isidor Straus Professor of Business Administration, Emeritus at...

, a co-founding advisory editor of the journal.

Details

Each year personal and student subscribers to the Journal of Financial Economics vote for the best paper in each of two categories after the journal's editorial office has enumerated all articles and assigned them to either the corporate finance and organizations area or the capital markets and asset pricing areas. Each subscriber may use one vote for each category. Currently the first prize in each category is $5,000 and the second prize is $2,500. The 2007 voting occurred from February 1 - May 31, 2007.

Winners

The following table is a complete list of past winners of the Jensen Prize:

Paper	Author(s)	Year	"The decline of takeovers and disciplinary managerial turnover"	Stacey R. Kole Wayne H. Mikkelson and M. Megan Partch	1997	January May
"Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach"	Kenneth A. Froot and Jeremy C. Stein	1998	January
"The determinants and implications of corporate cash holdings"	Tim Opler, Lee Pinkowitz, René M. Stulz and Rohan Williamson	1999	April
"On the optimality of resetting executive stock options"	Viral V. Acharya, Kose John and Rangarajan K. Sundaram	2000	July
"The theory and practice of corporate finance: Evidence from the field"	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...  and Campbell R. Harvey	2001	May/June
"Does diversification destroy value? Evidence from industry shocks"	Owen A. Lamont and Christopher Polk	2002	January
"Stock market driven acquisitions"	Andrei Shleifer Andrei Shleifer Andrei Shleifer is a Russian American economist. From its inauguration in 1992 until it was shut down in 1997, Shleifer served as project director of the Harvard Institute for International Developments Russian aid project...  and Robert W. Vishny	2003	December
"Are dividends disappearing? Dividend concentration and the consolidation of earnings"	Harry DeAngelo, Linda DeAngelo, and Douglas J. Skinner	2004	June
"Payout policy in the 21st century "	Alon Brav, John R. Graham, Roni Michaely Roni Michaely Professor Roni Michaely is a Rudd Family Professor of Management and a Professor of Finance at Cornell University's Johnson Graduate School of Management. He obtained his PhD from New York University.... , and Campbell R. Harvey	2005	September
"Tax shelters and corporate debt policy"	John R. Graham and Alan L. Tucker	2006	September