The Rodney L. White Center has historically awarded prizes for outstanding working papers submitted to the Center’s working paper series. Beginning in 2011 the Prizes were named the Marshall Blume Prizes in Financial Research. Prizes awarded prior to 2011 were all generously funded by Mr. Bruce Terker, W’76, WG’78, under varying personal and corporate recognitions.
2019
FIRST PRIZE
Joao Gomes, Mete Kilic and Sebastien Plante
Leverage Risk and investment: The Case of Gold Clauses in the 1930s
HONORABLE MENTIONS
Lorena Keller
Capital Controls and Risk Misallocation: Evidence from a Natural Experiment
Jessica A. Wachter and Michael Jacob Kahanna
A Retrieved-context Theory of Financial Decisions
2018
FIRST PRIZES
Lubos Pastor, Robert f. Stambaugh and Lucian A. Taylor
Fund Tradeoffs
(The Journal of Financial Economics, 2020)
Michael Schwert
Does Borrowing from Banks Cost More than Borrowing from the Market?
(The Journal of Finance, Vol. 75, Issue 2, April 2020)
2017
FIRST PRIZE
Joao F. Gomes, Marco Grotteria and Jessica A. Wachter
Cyclical Dispersion in Expected Defaults
(The Review of Financial Studies, Vol. 32, Issue 4, April 2019)
HONORABLE MENTIONS
Winston Wei Dou, Yan Ji, David Reibstein and Wei Wu
Customer Capital, Talents and Stock Returns
(The Journal of Finance, Vol. 76, Issue 1, July 2020)
Chaojun Wang
Core-Periphery Trading Networks
2016
FIRST PRIZE
Juhani T. Linnainmaa and Michael Roberts
The History of the Cross Section of Stock Returns
(The Review of Financial Studies, 2018)
HONORABLE MENTION
Sang Byung Seo and Jessica A. Wachter
Do Rare Events Explain CDX Tranche Spreads?
2015
FIRST PRIZE
Adrian Aycan Corum and Doron Levit
Corporate Control Activism
HONORABLE MENTIONS
Edouard Schaal and Mathieu Taschereau-Dumouchel
Coordinating Business Cycles
Robert F. Stambaugh and Yu Yuan
Mispricing Factors
(The Review of Financial Studies, Vol. 30, Issue 4, April 2017)
2014
FIRST PRIZE
John R. Graham, Mark T. Leary and Michael R. Roberts
How Does Borrowing Affect Corporate Financing and Investment
HONORABLE MENTIONS
Ian R. Appel, Todd A. Gormley and Donald B. Keim
Passive Investors, Not Passive Owners
(Journal of Financial Economics,Vol 121, Issue 1, July 2016)
Jonathan B. Berk and Jules van Binsbergen
Measuring Skill in the Mutual Fund Industry
(Journal of Financial Economics, Vol. 118, Issue 1, October 2015)
2013
FIRST PRIZE
Indraneel Chakraborty, Itay Goldstein and Andrew MacKinlay
Do Asset Price Bubbles Have Negative Real Effects?
HONORABLE MENTION
Lubos Pastor, Robert F. Stambaugh and Lucian A. Taylor
Scale and Skill in Active Management
(Journal of Financial Economics, Vol. 116, Issue 1, April 2015)
2012
FIRST PRIZE
Christian C. G. Opp
Learning, Active Investors, and the Returns of Financially Distressed Firms
HONORABLE MENTIONS
Todd A. Gormley and David Matsa
Common Errors: How to (and Not to) Control for Unobserved Heterogeneity
(The Review of Financial Studies, Vol. 27, Issue 2, February 2014)
Jessica A. Wachter and Jerry Tsai
Rare Booms and Disasters in a Multi-sector Endowment Economy
(The Review of Financial Studies, Vol. 29, Issue 5, May 2016)
2011
FIRST PRIZE
Lucian A. Bebchuk and Itay Goldstein
Self- Fulfilling Credit Market Freezes
(The Review of Financial Studies, Vol. 24, Issue 11, November 2011)
HONORABLE MENTIONS
Todd A. Gormley, David A. Matsa and Todd Milbourn Compensation and Corporate Risk Taking: Evidence from a Natural Experiment
(Journal of Accounting and Economics, Vol. 56, Issue 2-3, December 2013)
Robert Stambaugh, Jianfeng Yu and Yu Yuan
The Short of It: Investor Sentiment and Anomalies
(Journal of Financial Economics, Vol 104, Issue 2, May 2012)
2010
FIRST PRIZE
Mark T. Leary and Michael Roberts
Do Peer Firms Affect Corporate Financial Policy?
(The Journal of Finance, Vol. 69, Issue 1, February 2014)
HONORABLE MENTION
Vincent Glode, Richard C. Green and Richard Lowery
Financial Expertise as an Arms Race
(The Journal of Finance, Vol. 67, Issue 5, October 2012)
2009
FIRST PRIZE
Hanno Lustig, Nikolai Roussanov and Adrien Verdelhan
Common Risk Factors in Currency Markets
(The Review of Financial Studies, Vol. 24, Issue 11, November 2011)
HONORABLE MENTIONS
Alex Edmans, Itay Goldstein and Wei Jiang
Takeover Activity and Target Valuations: Feedback Loops in Financial Markets
(The Journal of Finance, Vol. 67, Issue 3, June 2012)
Jessica Wachter
Can Time-Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?
(The Journal of Finance, Vol. 68, Issue 3, June 2013)
2008
FIRST PRIZE
Mark Huggett, Gustavo Ventura and Amir Yaron
Sources of Lifetime Inequality
(American Economic Review, Vol. 101, Number 7, December 2011)
HONORABLE MENTION
Sumit Agarwal, Chunlin Liu and Nicholas S. Souleles
The Reaction of Consumer Spending and Debt to Tax Rebates –Evidence from Consumer Credit Data
2007
FIRST PRIZE
Stavros Panageas
Optimal Retirement Benefit Guarantees
HONORABLE MENTION
Michael Roberts and Amir Sufi
Control Rights and Capital Structure: An Empirical Investigation
(The Journal of Finance, Vol.64, Issue 4, August 2009)
2006
FIRST PRIZE
Nicolae Garleanu, Lasse Heje Pedersen and Allen Poteshman
Demand-Based Option Pricing
(The Review of Financial Studies, Vol 22, Issue 10, October 2009) Cited by: 544
HONORABLE MENTIONS
Borja Larrain and Motohiro Yogo
Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?
(Journal of Financial Economics, Vol. 87, Issue 1, January 2008)
Richard E. Kihlstrom and Michael L. Wachter
Takeover Defenses and Managerial Incentives under Alternative Legal Regimes
2005
FIRST PRIZE
Emmanuel Farhi and Stavros Panageas
Saving and Investing for Early Retirement: A Theoretical Analysis
(Journal of Financial Economics, Vol. 83, Issue 1, January 2007)
HONORABLE MENTIONS
Gary Gorton and Nicholas Souleles
Special Purpose Vehicles and Securitization
Stephen Penman, Scott Richardson and Irem Tuna
The Book-to-Price Effect in Stock Returns: Accounting for Leverage
(Journal of Accounting Research, Vol. 45, Issue 2, May 2007)
2004
FIRST PRIZE
Armando Gomes, Gary Gorton and Leonardo Madureira
SEC Regulation Fair Disclosure, Information, and the Cost of Capital
(Journal of Corporate Finance, Vol. 13, Issue 2-3, June 2007)
HONORABLE MENTIONS
Francis X. Diebold, Glenn D. Rudebusch and S. Boragan Aruoba
The Macroeconomy and the Yield Curve: A Dynamic Latent Factor Approach
(Journal of Econometrics, Vol. 131, Issues 1-2, March-April 2006)
Christian Leuz and Luzi Hail
International Differences in the Cost of Equity Capital:Do Legal Institutions and Securities Regulation Matter?
(Journal of Accounting Research, Vol. 44, Issue 3, June 2006)
2003
FIRST PRIZE
Michael J. Brennan and Yihong Xia
Risk and Valuation Under an Intertemporal Capital Asset Pricing Model
(The Journal of Business, Vol 79, Issue 1, January 2006)
HONORABLE MENTION
Scott A. Richardson and Richard G. Sloan
External Financing and Future Stock Returns
2002
FIRST PRIZE
Paul A. Gompers, Joy L. Ishii, and Andrew Metrick
Corporate Governance and Equity Prices
(The Quarterly Journal of Economics, Vol. 118, Issue 1, February 2003)
HONORABLE MENTIONS
Lubos Pastor and Robert F. Stambaugh
Mutual Fund Performance and Seemingly Unrelated Assets
(Journal of Financial Economics, Vol. 63, Issue 3, March 2002)
Jonathan L. Rogers and Phillip C. Stocken
Credibility of Management Forecasts
(The Accounting Review, Vol. 80, Issue 4, October 2005)
2001
FIRST PRIZE
Sassan Alizadeh, Michael Brandt and Francis X. Diebold
High- and Low-Frequency Exchange Rate Volatility Dynamics: Range-Based Estimation of Stochastic Volatility Models
HONORABLE MENTIONS
Andrew B. Abel
Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?
(Review of Economic and Statistics, November 2001, Vol 83, Issue 4)
Roger Edelen and Simon Gervais
The Role of Trading Halts in Monitoring a Specialist Market
(The Review of Financial Studies, Vol. 16, Issue 1, January 2003)
2000
FIRST PRIZE
Andrew B. Abel
The Effects of Investing Social Security Funds in the Stock Market WhenFixed Costs Prevent Some Households from Holding Stocks
(The American Economic Review, Vol. 91, Issue 1, 2001)
HONORABLE MENTION
Archishman Chakraborty and Bilge Yilmaz
Informed Manipulation
(The American Economic Review, Vol 98, Issue 2, 2008)
1999
FIRST PRIZE
A. Craig MacKinlay and Lubos Pastor
Asset Pricing Models: Implications for Expected Returns and Portfolio Selection
(The Review of Financial Studies, Vol. 13, Issue 4, October 2000)
HONORABLE MENTION
Suleyman Basak and Alex Shapiro
Value-at-Risk Based Risk Management: Optimal Policies and Asset Prices
(The Review of Financial Studies, Vol. 14, Issue 2, April 2001)
1998
FIRST PRIZE
Ron Kaniel and Hong Liu
Are Transactions and Market Orders More Important than Limit Orders in the Quote Updating Process?
HONORABLE MENTIONS
Suleyman Basak and Domenico Cuoco
An Equilibrium Model with Restricted Stock Market Participation
(The Review of Financial Studies, Vol. 11, Issue 2, April 1998)
Bruce D. Grundy and J. Spencer Martin
Understanding the Nature of the Risks and the Source of the Rewards to Momentum Investing
(The Review of Financial Studies, Vol 14, Issue 1, January 2001)