Paper	Author(s)
2020
First Place Winner
How do venture capitalists make decisions? Volume 135, Issue 1, January 2020, Pages 169-190.	Paul Gompers, Will Gornall, Steven Kaplan, and Ilya A. Strebulaev
Second Place Winner
Investor ideology Volume 137, Issue 2, August 2020, Pages 320-352.	Patrick Bolton, Tao Li, Enrichetta Ravina, and Howard Rosenthal
2019
First Place Winner
What's in a (school) name? Racial discrimination in higher education bond markets Volume 134, Issue 3, December 2019, Pages 570-590.	Casey Dougal, Pengjie Gao, William J. Mayew, and Christopher A. Parsons
Second Place Winner
Are lemons sold first? Dynamic signaling in the mortgage market Volume 132, Issue 1, April 2019, Pages 1-25.	Manuel Adelino, Kristopher Gerardi, and Barney Hartman-Glaser
2018
First Place Winner
How does hedge fund activism reshape corporate innovation? Volume 130, Issue 2, November 2018, Pages 237-264	Alon Brav, Wei Jiang, Song Ma, and Xuan Tian
Second Place Winner
Fintech, regulatory arbitrage, and the rise of shadow banks Volume 130, Issue 3, December 2018, Pages 453-483	Greg Buchak, Gregor Matvos, Tomasz Piskorski, and Amit Seru
2017
First Place Winner
The U.S. listing gap Volume 123, Issue 3, March 2017, Pages 464-487	Craig Doidge, G. Andrew Karolyi, and René M. Stulz
Second Place Winners (tie)
Growth through rigidity: An explanation for the rise in CEO pay Volume 123, Issue 1, January 2017, Pages 1-21	Kelly Shue and Richard R. Townsend
Are corporate inversions good for shareholders? Volume 126, Issue 2, November 2017, Pages 227-251	Anton Babkin, Brent Glover, and Oliver Levine
2016
First Place Winner
Target revaluation after failed takeover attempts - Cash versus stock Volume 119, Issue 1, January 2016, Pages 92-106	Ulrike M. Malmendier, Marcus Opp, and Farzad Saidi
Second Place Winner
The ownership and trading of debt claims in Chapter 11 restructurings Volume 119, Issue 2, February 2016, Pages 316-335	Victoria Ivashina, Benjamin Iverson, and David C. Smith
2015
First Place Winner
A century of capital structure: The leveraging of corporate America Volume 118, Issue 3, December 2015, Pages 658-683	John R. Graham, Mark T. Leary, and Michael R. Roberts
Second Place Winner
Lost in translation? The effect of cultural values on mergers around the world Volume 117, Issue 1, July 2015, Pages 165-189	Kenneth R. Ahern, Daniele Daminelli, and Cesare Fracassi
2014
First Place Winner
Firm boundaries matter: Evidence from conglomerates and R&D activity Volume 111, Issue 2, February 2014, Pages 381-405	Amit Seru
Second Place Winner
Refinancing, profitability and capital structure Volume 114, Issue 3, December 2014, Pages 424-443	Andras Danis, Daniel A. Rettl, and Toni M. Whited
2013
First Place Winner
Managerial attitudes and corporate actions Volume 109, Issue 1, July 2013, Pages 103-121	John Graham, Campbell R. Harvey, and Manju Puri
Do personal taxes affect capital structure: Evidence from the 2003 tax cut Volume 109, Issue 2, August 2013, Pages 549-565	Leming Lin and Mark Flannery
2012
First Place Winner
Securitized banking and the run on repo Volume 104, Issue 3, June 2012, Pages 425-451	Gary Gorton and Andrew Metrick
Second Place Winners (tie)
Cash flows and leverage adjustments Volume 103, Issue 3, March 2012, Pages 632-646	Michael Faulkender, Mark J. Flannery, Kristine Watson Hankins, and Jason M. Smith
The effect of reference point prices on mergers and acquisitions Volume 106, Issue 1, October 2012, Pages 49-71	Malcolm Baker, Xin Pan, and Jeffrey Wurgler
2011
First Place Winner
Ownership structure and the cost of corporate borrowing Volume 100, Issue 1, April 2011, Pages 1-23	Chen Lin, Yue Ma, Paul Malatesta, and Yuhai Xuan
Second Place Winner
The causes and consequences of venture capital stage financing Volume 101, Issue 1, July 2011, Pages 132-159	Xuan Tian
2010
First Place Winner
The marketing of seasoned equity offerings. Volume 97, Issue 1, July 2010, Pages 33-52	Xiaohui Gao and Jay Ritter
Second Place Winner
Seasoned equity offerings, market timing, and the corporate lifecycle Volume 95, Issue 3, March 2010, Pages 275-295	Harry DeAngelo, Linda DeAngelo, and René M. Stulz
2009
First Place Winner
Share issuance and cross-sectional returns: International evidence Volume 94, Issue 1, October 2009, Pages 1-17	R. David McLean, Jeffrey Pontiff, and Akiko Watanabe
Second Place Winner
Are elite universities losing their competitive edge? Volume 93, Issue 3, September 2009, Pages 353-381	E. Han Kim, Adair Morse, and Luigi Zingales
2008
First Place Winner
Why do private acquirers pay so little compared to public acquirers? Volume 89, Issue 3, September 2008, pages 375-390	Leonce L. Bargeron, Frederik P. Schlingemann, René M. Stulz, and Chad J. Zutter
Second Place Winner
Managerial incentives, capital reallocation, and the business cycle Volume 87, Issue 1, January 2008, pages 177-199	Andrea L. Eisfeldt, and Adriano A. Rampini
2007
First Place Winner
Does backdating explain the stock price pattern around executive stock option grants? Volume 83, Issue 2, February 2007, pages 271-295	Randall A. Heron and Erik Lie
Second Place Winners (tie)
Theft and taxes Volume 84, Issue 3, June 2007, pages 591-623	Mihir A. Desai, Alexander Dyck, and Luigi Zingales
Financial fraud, director reputation, and shareholder wealth Volume 86, Issue 2, November 2007, pages 306-336	Eliezer M. Fich and Anil Shivdasani
2006
First Place Winner
Tax shelters and corporate debt policy Volume 81, Issue 3, September 2006, pages 563-594	John R. Graham and Alan L. Tucker
Second Place Winners (tie)
Are perks purely managerial excess? Volume 79, Issue 1, January 2006, pages 1-33	Raghuram G. Rajan and Julie Wulf
Profitability, investment and average returns Volume 82, Issue 3, December 2006, pages 491-518	Eugene F. Fama and Kenneth R. French
2005
First Place Winner
Payout policy in the 21st century Volume 77, Issue 3, September 2005, pages 483-527	Alon Brav, John Graham, Roni Michaely, and Campbell R. Harvey
Second Place Winner
The effect of external finance on the equilibrium allocation of capital Volume 75, Issue 1, January 2005, pages 133-164	Heitor Almeida, and Daniel Wolfenzon
2004
First Place Winner
Are dividends disappearing? Dividend concentration and the consolidation of earnings Volume 72, Issue 3, June 2004, pages 425-456	Harry DeAngelo, Linda DeAngelo, and Douglas J. Skinner
Second Place Winner
Is the IPO pricing process efficient? Volume 71, Issue 1, January 2004, pages 3-26	Michelle Lowry and G. William Schwert
2003
First Place Winner
Stock market driven acquisitions Volume 70, Issue 3, December 2003, pages 295-311	Andrei Shleifer and Robert W. Vishny
Second Place Winner
Testing the pecking order theory of capital structure Volume 67, Issue 2, February 2003, pages 217-248	Murray Z. Frank and Vidhan K. Goyal
2002
First Place Winner
Does diversification destroy value? Evidence from industry shocks Volume 63, Issue 1, January 2002, pages 51-77	Owen A. Lamont and Christopher Polk
Second Place Winner
Investor protection and equity markets Volume 66, Issue 1, October 2002, pages 3-27	Andrei Shleifer and Daniel Wolfenzon
2001
First Place Winner
The theory and practice of corporate finance: Evidence from the field Volume 60, Issue 2-3, May/June 2001, pages 187-243	John R.Graham and Campbell R. Harvey
Second Place Winner
Disappearing dividends: changing firm characteristics or lower propensity to pay? Volume 60, Issue 1, April 2001, pages 3-43	Eugene F. Fama and Kenneth R. French
2000
First Place Winner
On the optimality of resetting executive stock options Volume 57, Issue 1, July 2000, pages 65-101	Viral V. Acharya, Kose John and Rangarajan K. Sundaram
Second Place Winner
Investor protection and corporate governance Volume 58, Issue 1-2, October 2000, pages 3-27	Rafael La Porta, Florencio Lopez-de-Silanes Andrei Shleifer and Robert Vishny
1999
First Place Winner
The determinants and implications of corporate cash holdings Volume 52, Issue 1, April 1999, pages 3-46	Tim Opler, Lee Pinkowitz, René M. Stulz and Rohan Williamson
Second Place Winners (tie)
Deregulation and the adaptation of governance structure: The case of the U.S. Airline industry Volume 52, Issue 1, April 1999, pages 79-117	Stacey R. Kole and Kenneth Lehn
Measuring investment distortions arising from stockholder-bondholder conflicts Volume 53, Issue 1, July 1999, pages 3-42	Robert Parrino and Michael S. Weisbach
1998
First Place Winner
Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach Volume 47, Issue 1, January 1998, pages 55-82	Kenneth A. Froot and Jeremy C. Stein
Second Place Winner
Why firms issue convertible bonds: the matching of financial and real investment options Volume 47, Issue 1, January 1998, pages 83-102	David Mayers
1997
First Place Winners (tie)
The complexity of compensation contracts Volume 43, Issue 1, January 1997, pages 79-104	Stacey R. Kole
The decline of takeovers and disciplinary managerial turnover Volume 44, Issue 2, May 1997, pages 205-228	Wayne H. Mikkelson and M. Megan Partch