The BlackRock Michael Brennan

Michael Brennan (finance)

Michael J. Brennan is emeritus professor of finance at the UCLA Anderson School of Management. Brennan co-designed the Brennan-Schwartz interest rate model and was a pioneer of real options theory...

 Award is an annual prize given to authors in recognition of important 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...

 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 Review of Financial Studies

Review of Financial Studies

The Review of Financial Studies is an academic journal published by Oxford University Press on behalf of the Society for Financial Studies. It was established following discussions at the 1986 Western Finance Association meetings, and the first issue was published in 1988...

(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.

Details

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

BlackRock

BlackRock, Inc. is an American multinational investment management corporation and the world's largest asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions...

's commitment to capital markets research. The award is named in honor of the first editor of RFS, Michael J. Brennan

Michael Brennan (finance)

Michael J. Brennan is emeritus professor of finance at the UCLA Anderson School of Management. Brennan co-designed the Brennan-Schwartz interest rate model and was a pioneer of real options theory...

.

Winners

The following table is a partial list of past winners of the Michael Brennan Award Prize, which goes back to volume 2:

Paper	Author(s)	Volume
"Requiem for a market: an analysis of the rise and fall of a financial futures contract"	Elizabeth Johnston Elizabeth Parr-Johnston Elizabeth Parr-Johnston, CM is the Managing Partner of Parr-Johnston Consultants, an economic policy consultancy based in Chester Basin, Nova Scotia. Dr...  and John McConnell	2
"Data-snooping biases in tests of financial asset pricing models"	Andrew Lo Andrew Lo Andrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT Sloan School of Management. He is a leading authority on hedge funds and financial engineering; he proposed the Adaptive market hypothesis...  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 Stephen Ross (economist) Stephen Alan "Steve" Ross is the inaugural Franco Modigliani Professor of Financial Economics at the MIT Sloan School of Management. He is known for initiating several important theories and models in financial economics...	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 Raghuram Rajan Raghuram Govind Rajan is currently the Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He is also an honorary economic adviser to Prime Minister of India Manmohan Singh and the current President of the American Finance...	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 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 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 Terrance Odean Terrance Odean is a professor of banking and finance at the Haas School of Business, University of California, Berkeley. He is known for his work on behavioral finance.-External links:*...	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 Toby Moskowitz Tobias Jacob "Toby" Moskowitz is an American financial economist and a professor at the University of Chicago Booth School of Business...	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 Jun Liu Jun Liu is an award-winning Chinese-American statistician. He received the COPSS Presidents' Award in 2002. He is a professor in the Department of Statistics at Harvard University and has written many research papers and a book about Markov chain Monte Carlo algorithms, including their...  and Francis A. Longstaff Francis Longstaff Francis A. Longstaff is the Allstate Professor of Insurance and Finance at the Anderson School of Management, University of California, Los Angeles, and the current Finance Area Chair....	17 First Prize
"Confronting Information Asymmetries: Evidence from Real Estate Markets"	Mark J. Garmaise and Tobias J. Moskowitz Toby Moskowitz Tobias Jacob "Toby" Moskowitz is an American financial economist and a professor at the University of Chicago Booth School of Business...	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 Markus Brunnermeier Markus K. Brunnermeier is a financial economist specializing in financial crises and panics. His work focuses on the role financial frictions play in the formation and collapse of economic bubbles...	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. Jonathan Ingersoll Jonathan Ingersoll was a Connecticut politician of the late eighteenth and early nineteenth centuries.He was graduated from Yale College in 1766... , and Ivo Welch Ivo Welch Ivo Welch is an American economist at UCLA. His work has focused on financial economics and informational cascades. In 2007, he was ranked as the 54th most cited economist by web of science's Most-Cited Scientists in Economics&Business...	20 First Prize
"Agency and Optimal Investment Dynamics"	Peter M. DeMarzo and Michael J. Fishman Michael Fishman Michael Aaron Fishman is an American actor best known for playing D.J. Conner on the long-running series Roseanne. -Personal life:...	20 Runner-up
"A Comprehensive Look at The Empirical Performance of Equity Premium Prediction"	Ivo Welch Ivo Welch Ivo Welch is an American economist at UCLA. His work has focused on financial economics and informational cascades. In 2007, he was ranked as the 54th most cited economist by web of science's Most-Cited Scientists in Economics&Business...  and Ivo Welch Ivo Welch Ivo Welch is an American economist at UCLA. His work has focused on financial economics and informational cascades. In 2007, he was ranked as the 54th most cited economist by web of science's Most-Cited Scientists in Economics&Business...	21 First Prize
"Agency and Optimal Investment Dynamics"	Mihir Desai, Fritz Foley, and Kristin Forbes Kristin Forbes Kristin Forbes is an Associate Professor of International Management at the MIT Sloan School of Management. She was confirmed by the U.S. Senate in 2003 as the youngest-ever member of the President's Council of Economic Advisors. She returned to academia in mid-2005.From 2001-2002, Forbes served...	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