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Barclays Global Investors (BGI) Michael Brennan Award

The Review of Financial Studies is proud to announce the recent winners of the prestigious Barclays Global Investors (BGI) Michael Brennan Award.

Best papers published in Volume 20
Winner:"Portfolio Performance Manipulation and Manipulation-proof Performance Measures" by Matthew Spiegel, William N. Goetzmann, Jonathan E. Ingersoll Jr., and Ivo Welch
Runner-up: "Agency and Optimal Investment Dynamics" by Peter M. DeMarzo and Michael J. Fishman

Best papers published in Volume 19
Winner: "Corporate Finance and the Monetary Transmission Mechanism" by Patrick Bolton and Xavier Freixas
Runner-up: "Does the Source of Capital Affect Capital Structure?" by Michael Faulkender and Mitchell A. Petersen

Best papers published in Volume 18
Winner: "The Pooling and Tranching of Securities: A Model of Informed Intermediation" by Peter M. DeMarzo
Runner-up: "Information Leakage and Market Efficiency" by Markus K. Brunnermeier

Best papers published in Volume 17
Winner: "Losing Money on Arbitrage: Optimal Dynamic Portfolio Choice in Markets with Arbitrage Opportunities" by Jun Liu and Francis A. Longstaff
Runner-up: "Confronting Information Asymmetries: Evidence from Real Estate Markets" by Mark J. Garmaise and Tobias J. Moskowitz

Best papers published in Volume 16
Winner: "Informal Financial Networks: Theory and Evidence" by Mark J. Garmaise and Tobias J. Moskowitz
Runner-up: "Optimal Contracts in a Continuous Time-Delegated Portfolio Management Problem" by Hui Ou-Yang.

Best papers published in Volume 15
Winner: "Competing Theories of Financial Anomalies" by Alon Brav and J. B. Heaton
Runner-up: "An Isomorphism between Asset Pricing Models with and without Linear Habit Formation" by Mark Schroder and Costis Skiadas

Best papers published in Volume 14
Winner: "Learning to be Overconfident" by Simon Gervais and Terrance Odean
Runner-up: "Optimal Consumption and Investment with Capital Gains Taxes" by Rober M. Dammon, Chester S. Spatt, and Harold H. Zhang


The Barclays Global Investors Michael Brennan Award recognizes and rewards important research in the field of finance and is given annually to the best paper published in The Review of Financial Studies. Two prizes are awarded annually, in the amounts of a $20,000 first prize and a $5,000 runner-up prize.

First Place: $20k - comprising of $15k from Barclays Global Investors (BGI) and $5k from the SFS.

Second Place: $5k BGI.

Young Researcher Prize: $5k from the SFS.

Prize winners are announced each June at the Western Finance Association meetings, the site of the annual Society for Financial Studies meeting. An announcement of the winners also appears in RFS and on the website.


Prize winners are chosen by the Editorial Board of RFS . This group includes the Executive Editor, the Co-Editors, and the Associate Editors.


This award reflects the commitment of Barclays Global Investors to foster and recognize the important role played by finance research in capital markets. Barclays Global Investors is the world's largest institutional money manager, and as such it is an excellent partner for RFS . To reflect the generous sponsorship of BGI and to honor the first editor of RFS , the prize is called the Barclays Global Investors (BGI) Michael Brennan Award.

If you would like to submit a paper to RFS , click here to find out how to do so.

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