Marshall Blume Prizes

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The late Marshall Blume, Howard Butcher III Professor Emeritus of Financial Management; Professor Emeritus of Finance

The Marshall Blume Prizes in Financial Research are awarded annually to the best Wharton (unpublished) working papers in financial economics written during the prior calendar year. First prize paper is $10,000, and honorable mention papers each receive $5,000.

The Marshall Blume Prizes in Financial Research were established in 2011 to honor the late Marshall Blume (Center Director from 1986 – 2010) upon his retirement from the Wharton Finance Department after over 40 years of service. The Prizes are funded exclusively by the generosity of Mr. Bruce Terker, W’76, WG’78, GRW’99, a former student of Marshall Blume and longtime benefactor of the Center.

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2025 Marshall Blume Prizes

FIRST PRIZE

When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets

By Parinitha Sastry (with Ishita Sen and Ana-Maria Tenekedjieva)

HONORABLE MENTION

Unlocking Mortgage Lock-In: Evidence From a Spatial Housing Ladder Model

By Lu Liu (with Julia Fonseca and Pierre Mabille)

HONORABLE MENTION

The Effect of Fiscal Policy Shocks on Asset Prices

By Courtney Wiegand

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2024 Marshall Blume Prizes

First Prize
Capital, Ideas, and the Costs of Financial Frictions by Thomas Winberry (and Pablo Ottonello)

Honorable Mentions
AI-Powered Trading, Algorithmic Collusion, and Price Efficiency by Winston Wei Dou and Itay Goldstein (with Yan Ji)

Perpetual Futures Pricing by Urban Jermann (with Damien Ackerer and Julien Hugonnier)

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2023 Marshall Blume Prizes

First Prize
Mortgage Lock-In, Mobility, and Labor Reallocation by Lu Liu (and Julia Fonseca)

Honorable Mentions
The Cross-section of Subjective Expectations: Understanding Prices and Anomalies by Sean Myers (with Ricardo Delao and Xiao Han)

The Macroeconomics of Trade Credit by Gideon Bornstein (and Luigi Bocola)

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