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Referee Finance Award

Referee Finance Award 2007

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The winner of the Referee Finance Award 2007 is:

"The Term Structure of Bond Market Liquidity" by Ruslan Goyenko, McGill University, Avanidhar Subrahmanyam, University of California at Los Angeles, and Andrey Ukhov, Indiana University.

 We thank you for participating to the vote and look forward to the Referee Finance Award 2008.


Referee Finance Award 2008

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     Referee Finance ( is proud  to announce the 2008 Referee Finance Award for best paper in finance.

     The winner of the Referee Finance Award 2007 was:

      "The Term Structure of Bond Market Liquidity"

     by Ruslan Goyenko, McGill University, Avanidhar Subrahmanyam, University of California at Los Angeles, and Andrey Ukhov, Indiana University Bloomington


     The best paper should be a significant contribution to the understanding of financial markets and institutions and to knowledge in financial economics.

     Nominated papers could be either working papers or articles published or accepted for publication in an academic journal in the year 2008.


     Nominations should be received by 31 December 2008 and should be sent with an electronic copy of the paper and a 500 words summary to be published on the website (if such a
     summary has not already been published).

     Submissions should be sent to:

                        Referee Finance 2008 Award Committee
     Email:         This e-mail address is being protected from spambots. You need JavaScript enabled to view it

     The prize will be 1000 dollars to be donated to an eligible US based charity of the winner's choice.

     The Referee Finance team will select the finalists based on the quality of the papers.
     The winner will be chosen among the finalists by Internet voting in January 2009.

     The best paper will be announced in February 2009.



The Real Asset Anomaly

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The Real Asset Anomaly: A Critical View of Capital Markets and Institutions from Realized Returns of Corporate Assets over Fifty Years


Our paper raises serious question about the long term efficiency of stock prices relative to the returns of the underlying real assets supporting them. We challenge what have become accepted wisdoms: 1) capital markets and institutions allocate funds to firms where realized returns on real assets are highest; 2) the net gains to the economy from investments by corporations have improved in the last 30-50 years due to innovations and better risk management techniques in the financial markets; and 3) the agency cost-reducing role of markets and institutions ensures that real assets funded with external funds would earn higher returns. 


Momentum and Credit Rating

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Momentum and Credit Rating
Doron Avramov, Tarun Chordia, Gergana Jostova, and Alexander Philipov
Journal of Finance 2007, Vol. 62, No. 5, p. 2503-2520.

This paper establishes a robust link between momentum and credit rating. Momentum profitability is large and significant among low-grade firms, but it is nonexistent among high-grade firms. The momentum payoffs documented in the literature are generated by low-grade firms that account for less than 4% of the overall market capitalization of rated firms. The momentum payoff differential across credit rating groups is unexplained by firm size, firm age, analyst forecast dispersion, leverage, return volatility, and cash flow volatility.


Who Makes Acquisitions? (...)

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Who Makes Acquisitions? CEO Overconfidence and the Market’s Reaction

Ulrike Malmendier, Geoffrey Tate

This study explores whether CEO overconfidence explain merger decisions. Overconfidence has been cited as one of the major reasons for failed mergers. Overconfidence is measured through the CEOs private investment decisions, which are used to capture their revealed beliefs and   the press to measure outsider’s perception of the CEOs.


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