The Smith Breeden Prize is an annual prize given to authors with the 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...

 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...

in any area other than 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...

.

The Award

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 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 Prize

Brattle Prize

The Brattle Prize is an annual prize given to authors with the best corporate finance research papers published in the Journal of Finance.-Details:Each year the associate editors of the Journal of Finance award five papers for excellence...

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 Smith Breeden Prize nominees from which 1 first place winning paper and two second place distinguished papers were chosen.

Winners

Paper	Author(s)	Year		Paul Asquith, David W. Mullins, Jr., and Eric D. Wolff	1989	September 1989
"Margin Regulation and Stock Market Volatility"	David A. Hsieh David Hsieh David Arthur Hsieh is a professor of finance at the Duke University Fuqua School of Business. He has done extensive research on hedge funds and alternative beta, which includes dynamics of asset prices and their implications for financial risk management and risk and return in hedge funds and...  and Merton H. Miller Merton Miller Merton Howard Miller was the co-author of the Modigliani-Miller theorem which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic Sciences in 1990, along with Harry Markowitz and William Sharpe...	1990	March 1990
"The Long-Run Performance of Initial Public Offerings"	Jay R. Ritter	1991	March 1991
"The Cross-Section of Expected Stock Returns"	Eugene F. Fama Eugene Fama Eugene Francis "Gene" Fama is an American economist, known for his work on portfolio theory and asset pricing, both theoretical and empirical. He is currently Robert R...  and Kenneth R. French Kenneth French Kenneth Ronald "Ken" French is the Carl E. and Catherine M. Heidt Professor of Finance at the Tuck School of Business, Dartmouth College. He has previously been a faculty member at MIT, the Yale School of Management, and the University of Chicago Booth School of Business...	1992	June 1992
"An Empirical Analysis of Illegal Insider Trading	Lisa K. Meulbroek	1993	December 1992
"The Benefits of Lending Relationships: Evidence from Small Business Data"	Mitchell A. Petersen and Raghuram G. 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...	1994	March 1994
"Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?"	William G. Christie and Paul Schultz Paul Schultz Paul Schultz was a Generalmajor in the Wehrmacht during World War II, and one of only 882 recipients of the Knight's Cross of the Iron Cross with Oak Leaves. The Knight's Cross of the Iron Cross and its higher grade Oak Leaves was awarded to recognise extreme battlefield bravery or successful...	1995	December 1994
"On the Predictability of Stock Returns: An Asset-Allocation Perspective"	Shmuel Kandel and Robert F. Stambaugh	1996	June 1996
"Evidence on the Characteristics of the Cross Sectional Variation in Stock Returns"	Kent Daniel and Sheridan Titman Sheridan Titman Sheridan Titman is a professor of finance at The University of Texas at Austin, where he holds the McAllister Centennial Chair in Financial Services at the McCombs School of Business, and is a research associate of the National Bureau of Economic Research. He holds a B.S. degree from the University...	1997	March 1997
"How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed"	Gregor Andrade and Steven N. Kaplan Steven Kaplan Steven Kaplan may refer to:*Steven Kaplan *Steven Kaplan Pennsylvania politician*Steven Kaplan , French historian at Cornell University*Steve Kaplan , star of Hapoel Ramat Gan...	1998	October 1998
"Investor Psychology and Security Market Under - and Overreaction"	Kent Daniel, David Hirshleifer David Hirshleifer David Hirshleifer is a prominent American economist. He is a professor of finance and currently holds the Merage chair in Business Growth at the University of California at Irvine. He previously held tenured positions at the University of Michigan, The Ohio State University, and UCLA. His work... , and Avanidhar Subrahmanyam	1999	December 1998
"Home Bias at Home: Local Equity Preference in Domestic Portfolios"	Joshua D. Coval 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...	2000	December 1999
"Have Individual Stocks Become More Volatile: An Empirical Exploration of Idiosyncratic Risk"	John Y. Campbell John Y. Campbell John Young Campbell is a British-American economist. He is a professor and Chairman of the Economics department at Harvard University.- Early years :... , Martin Lettau, and Burton G. Malkiel Burton Malkiel Burton Gordon Malkiel is an American economist and writer, most famous for his classic finance book A Random Walk Down Wall Street... , and Yexiao Xu	2001	February 2001
"Limited Arbitrage in Equity Markets"	Mark Mitchell, Todd Pulvino and Erik Stafford	2002	April 2002
"Stock Valuation and Learning about Profitability"	Luboš Pástor and Pietro Veronesi	2003	October 2003
"Hedge Funds and the Technology Bubble"	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...  and Stefan Nagel	2004	October 2004
"Do Behavioral Biases Affect Prices?" "The Value Premium"	Joshua D. Coval and Tyler Shumway Lu Zhang	2005(tie)	February 2005 February 2005
"The Price Impact and Survival of Irrational Traders"	Leonid Kogan, Stephen A. 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... , Jiang Wang, and Mark M. Westerfield	2006	February 2006
"Giving Content to Investor Sentiment: The Role of Media in the Stock Market"	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