There are two prizes awarded for papers published in Review of Finance: the IQAM Prize (known as the Spängler-IQAM Prize prior to 2021) and the Pagano and Zechner Prize.
Up to and including 2017, the Editors and Associate Editors voted on the winning papers out of all papers published over the past year. Many AEs did not vote; some said they did not know some of the published papers and so would be voting on the prestige of the authors rather than the quality of the paper. From 2018, we thus initiated a two-step procedure. The Editors (who collectively know all of the published papers) choose the finalists. The Editors and AEs are asked to read the finalists thoroughly and vote out of this subset. Turnout has been much higher.
- The IQAM Prize will be awarded at the European Finance Association (EFA) Annual Meeting for the best paper to the best paper published in the Review of Finance Journal in the field of investment and asset pricing published in the Review of Finance. The prize-winning paper is selected by the Editorial Board of the journal.
- The Pagano and Zechner Prize will be awarded at the EFA Annual Meeting to the best paper published in the Review of Finance Journal in any field excluding investment and asset pricing. The prize-winning paper is selected by the Editorial Board of the journal.
- The Distinguished Referee Awards will be presented at the EFA Annual Meeting to three scholars who have provided outstanding refereeing services to the Review of Finance, as voted by the Editors of the journal.
The IQAM Prize
2025
- Winner: Brent Kitchens, Robert Parham, and Chris Yung for “Is news really news? The effects of selective disclosure regulations” (Summary here)
- Runner-up: Elena Asparouhova, Peter Bossaerts, Xiaoqin Cai, Kristian Rotaru, Nitin Yadav, and Wenhao Yang for “Humans in charge of trading robots: the first experiment” (Summary here)
2024
- Winner: Winner: Bo Becker, Murillo Campello, Viktor Thell, Dong Yan for Credit risk, debt overhang, and the life cycle of callable bonds (summary)
- Runner-up: Albert S Kyle and Anna A Obizhaeva for Large Bets and Stock Market Crashes (summary)
2023
- Winner: Matteo Binfarè, Gregory Brown, Robert Harris, Christian Lundblad for How Does Human Capital Affect Investing? Evidence from University Endowments (Summary)
- Runner-up: Sergey Kovbasyuk and Marco Pagano for Advertising Arbitrage (Summary)
2022
- Winner: Jonathan Reuter and Eric Zitzewitz
for How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach - Runner-up: David C Brown, Shaun William Davies and Matthew C Ringgenberg for ETF Arbitrage, Non-Fundamental Demand, and Return Predictability (summary)
- Finalists:
- Andy C W Chui, Avanidhar Subrahmanyam and Sheridan Titmanfor Momentum, Reversals, and Investor Clientele (summary)
- John H Cochrane for Portfolios for Long-Term Investors
- Martin M Andreasen, Jens H E Christensen and Simon Riddell for The TIPS Liquidity Premium
2021
- Winner: Ekkehart Boehmer, Charles M Jones, Juan (Julie) Wu, Xiaoyan Zhang for What Do Short Sellers Know?
- Runner-up: Ben Charoenwong, Randall Morck, Yupana Wiwattanakantang for Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing (summary)
- Finalists:
- Kewei Hou, Haitao Mo, Chen Xue, Lu Zhang for An Augmented q-Factor Model with Expected Growth (summary)
- George Panayotov for Global Risks in the Currency Market
- Matthias Efing for Reaching for Yield in the ABS Market: Evidence from German Bank Investments (summary)
2020
- Francesca Brusa, Pavel Savor, Mungo Wilson for One Central Bank to Rule them All (summary)
- Runner-up: Florian Nagler for Yield Spreads and the Corporate Bond Rollover Channel (summary)
- Finalists:
- Tarvo Vaarmets, Kristjan Liivamägi, Tõnn Talpsepp for How Does Learning and Education Help to Overcome the Disposition Effect?
- Christoph Merkle for Financial Loss Aversion Illusion
(summary) - Teodor Dyakov, Hao Jiang, Marno Verbeek for Trade Less and Exit Overcrowded Markets: Lessons from International Mutual Funds (summary)
2019
- Kewei Hou, Haitao Mo, Chen Xue, Lu Zhang for Which Factors? (summary)
- Runner-up: Sebastian Müller for Economic Links and Cross-predictability of Stock Returns: Evidence from Characteristic-Based “Styles” (summary)
2018
- Kingsley Y.L. Fong, Craig W. Holden, and Charles A. Trzcinka for What Are the Best Liquidity Proxies for Global Research? (summary)
- Runner-up: Antje Berndt, Rohan Douglas, Darrell Duffie, and Mark Ferguson for Corporate Credit Risk Premia (summary)
2017
- Christopher S. Jones and Lukasz Pomorski for Investing in Disappearing Anomalies
2016
- Luigi Guiso and Eliana Viviano for How Much Can Financial Literacy Help?
2015
- Azi Ben-Rephael, Jacob Oded and Avi Wohl for Do Firms Buy Their Stock at Bargain Prices? Evidence from Actual Stock Repurchase Disclosures
2014
- Jeffrey A. Busse, Amit Goyal, and Sunil Wahal for Investing in a Global World
2013
- Augustin Landier, Julien Sauvagnat, David Sraer, and David Thesmar for Bottom-Up Corporate Governance
2012
- First Prize to Richard A. Lambert, Christian Leuz, and Robert E. Verrecchia for Information Asymmetry, Information Precision, and the Cost of Capital
- Second Prize to Huafeng (JASON) Chen, Marcin Kacperczyk, and Hernán Ortiz-Molina Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers
2011
- First Prize to Robert Novy-Marx for Operating Leverage
- Second Prize to Alex Edmans and Qi Liu for Inside Debt
- Second Prize to H. Henry Cao, Bing Han, David Hirshleifer and Harold H. Zhang for Fear of the Unknown: Familiarity and Economic Decisions
The Pagano and Zechner Prize
2025
- Winner: Dong Yan for “Do private firms (mis)learn from the stock market?” (Summary here)
- Runner-up: Denis Gromb and Viral Acharya, “Is One Share/One Vote Optimal”
2024
- Winner: Davidson Heath, Daniele Macciocchi, Roni Michaely, Matthew C. Ringgenberg for Does Socially Responsible Investing Change Firm Behavior? (summary)
- Runner-up: Oliver Boguth, Murray Carlson, Adlai Fisher, Mikhail Simutin for The Term Structure of Equity Risk Premia: Levered Noise and New Estimates
2023
- Winner: Florian Berg, Julian F Kölbel, Roberto Rigobon for Aggregate Confusion: The Divergence of ESG Ratings (Summary)
- Runner-up: Morris A Davis, William D Larson, Stephen D Oliner, Benjamin R Smith for A Quarter Century of Mortgage Risk (Summary)
2022
- Winner: Bo Li and Jacopo Ponticelli for Going Bankrupt in China
- Runner-up: Meghana Ayyagari, Pedro Juarros, Maria Soledad Martinez Peria and Sandeep Singh for Access to Finance and Job Growth: Firm-Level Evidence across Developing Countries (summary)
- Finalists:
- Jeffery (Jinfan) Chang, Ting Yang and Yanping Shi for Finance Leases: In the Shadow of Banks (summary)
- Efraim Benmelech, Nittai Bergman and Amit Seru for Financing Labor
- B Espen Eckbo and Michael Kisser for The Leverage–Profitability Puzzle Resurrected (summary)
2021
- Winner: Mariassunta Giannetti, Guanmin Liao, Jiaxing You, Xiaoyun Yu for The Externalities of Corruption: Evidence from Entrepreneurial Firms in China (summary)
- Runner-up: Óscar Arce, Sergio Mayordomo, Ricardo Gimeno for Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE (summary)
- Finalists:
- Paolo Fulghieri, Diego García, Dirk Hackbarth for Asymmetric Information and the Pecking (Dis)Order
- Hadar Gafni, Dan Marom, Alicia Robb, Orly Sade for Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Backers, and Taste-Based Discrimination
(summary) - Nishant Dass, Vikram Nanda, Haemin Dennis Park, Steven Chong Xiao for Intellectual Property Protection and Financial Markets: Patenting versus Secrecy (summary)
2020
- Gustavo Grullon, Yelena Larkin, Roni Michaely for Are US Industries Becoming More Concentrated? (summary)
- Runner-up: Tobias Berg, Manju Puri, Jörg Rocholl for Loan Officer Incentives, Internal Rating Models, and Default Rates (summary)
- Finalists:
- Nickolay Gantchev, Oleg R Gredil, Chotibhak Jotikasthira for Governance under the Gun: Spillover Effects of Hedge Fund Activism (summary)
- Taehyun Kim, Quoc H Nguyen for The Effect of Public Spending on Private Investment
- Tomislav Ladika, Zacharias Sautner for Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting (summary)
- Christopher Naubert, Linda L Tesar for The Value of Systemic Unimportance: The Case of MetLife
2019
- Gene Amromin, Jennifer Huang, Clemens Sialm, Edward Zhong for Complex Mortgages (summary)
- Runner-up: Han Kim, Ernst Maug, Christoph Schneider for Labor Representation in Governance as an Insurance Mechanisms (summary)
- Finalists:
- Ryan Michaels, Beau Page, Toni Whited for Labor and Capital Dynamics under Financing Frictions (summary)
- Carl Hsin-han Shen, Hao Zhang for Tournament Incentives and Firm Innovation
- Anthony M Kwasnica, Raisa Velthuis, Jared Williams for Did You See What I Saw? Interpreting Others’ Forecasts When Their Information Is Unknown (summary)
- Sudheer Chava, Rohan Ganduri, Chayawat Ornthanalai for Do Credit Default Swaps Mitigate the Impact of Credit Rating Downgrades? ( summary)
2018
- Patrick Bolton and Haizhou Huang for The Capital Structure of Nations (summary)
- Runner-up: Marianne Bertrand, Francis Kramarz, Antoinette Schoar, and David Thesmar for The Cost of Political Connections (summary)
- Finalists:
- Sophie A. Shive and Margaret M. Forster for The Revolving Door for Financial Regulators
- Truong X. Duong, Zsuzsa R Huszár, Ruth S. K. Tan, Weina Zhang for The Information Value of Stock Lending Fees: Are Lenders Price Takers?
- Bo Becker, Victoria Ivashina for Financial Repression in the European Sovereign Debt Crisis
- Hamid Boustanifar, Everett Grant, Ariell Reshef for Wages and Human Capital in Finance: International Evidence, 1970–2011
2017
- David Yermack for Corporate Governance and Blockchains (summary)
2016
- Alexander Popov and Neeltje Van Horen for Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis
2015
- Markus K. Brunnermeier and Martin Oehmke for Predatory Short Selling
2014
- Peter Bossaerts, Cary Frydman, and John Ledyard for The Speed of Information Revelation and Eventual Price Quality in Markets with Insiders: Comparing Two Theories
- Laurent Bach for Are Small Businesses Worthy of Financial Aid? Evidence from a French Targeted Credit Program