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 is awarded to the best investments paper published in the Review of Finance within the past year.
- The Pagano and Zechner Prize is awarded to the best non-investments paper published in the Review of Finance within the past year.
- The Distinguished Referee Awards are given to outstanding referees for their service over the past year, voted by the Editors of the journal.
- 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)
- 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)
- 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)
- 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)
- 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
- Teodor Dyakov, Hao Jiang, Marno Verbeek for Trade Less and Exit Overcrowded Markets: Lessons from International Mutual Funds (summary)
- 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)
- 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)
- Christopher S. Jones and Lukasz Pomorski for Investing in Disappearing Anomalies
- Luigi Guiso and Eliana Viviano for How Much Can Financial Literacy Help?
- Azi Ben-Rephael, Jacob Oded and Avi Wohl for Do Firms Buy Their Stock at Bargain Prices? Evidence from Actual Stock Repurchase Disclosures
- Jeffrey A. Busse, Amit Goyal, and Sunil Wahal for Investing in a Global World
- Augustin Landier, Julien Sauvagnat, David Sraer, and David Thesmar for Bottom-Up Corporate Governance
- 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
- 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
- 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)
- 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)
- 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
- Nishant Dass, Vikram Nanda, Haemin Dennis Park, Steven Chong Xiao for Intellectual Property Protection and Financial Markets: Patenting versus Secrecy (summary)
- 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)
- 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
- 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)
- 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)
- 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)
- 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
- Alexander Popov and Neeltje Van Horen for Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis
- Markus K. Brunnermeier and Martin Oehmke for Predatory Short Selling
- 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