Jensen Prize
Awarded for the best papers published in the Journal of Financial Economics in the areas of corporate finance and organizations
2021
First Place:
Does common ownership really increase firm coordination? - Katharina Lewellen and Michelle Lowry
(Volume 141, Issue 1, July 2021, Pages 322-344 135)
Second Place:
Family comes first: Reproductive health and the gender gap in entrepreneurship - Jonathan Zandberg
(Volume 140, June 2021, Pages 838-864)
2020
First Place Winner
How do venture capitalists make decisions?
Paul Gompers, Will Gornall, Steven Kaplan, and Ilya A. Strebulaev
(Volume 135, Issue 1, January 2020, Pages 169-190)
Second Place Winner
Invest ideology
Patrick Bolton, Tao Li, Enrichetta Ravina, and Howard Rosenthal
(Volume 137, Issue 2, August 2020, Pages 320-352)
2019
First Place Winner
What's in a (school) name? Racial discrimination in higher education bond markets
Casey Dougal, Pengjie Gao, William J. Mayew, and Christopher A. Parsons
(Volume 134, Issue 3, December 2019, Pages 570-590)
Second Place Winner
Are lemons sold first? Dynamic signaling in the mortgage market
Manuel Adelino, Kristopher Gerardi, and Barney Hartman-Glaser
(Volume 132, Issue 1, April 2019, Pages 1-25)
2018
First Place Winner
How does hedge fund activism reshape corporate innovation?
Alon Brav, Wei Jiang, Song Ma, and Xuan Tian
(Volume 130, Issue 2, November 2018, Pages 237-264)
Second Place Winner
Fintech, regulatory arbitrage, and the rise of shadow banks
Greg Buchak, Gregor Matvos, Tomasz Piskorski, and Amit Seru
(Volume 130, Issue 3, December 2018, Pages 453-483)
2017
First Place Winner
The U.S. listing gap
Craig Doidge, G. Andrew Karolyi, and René M. Stulz
(Volume 123, Issue 3, March 2017, Pages 464-487)
Second Place Winners (tie)
Growth through rigidity: An explanation for the rise in CEO pay
Kelly Shue and Richard R. Townsend
(Volume 123, Issue 1, January 2017, Pages 1-21)
Are corporate inversions good for shareholders?
Anton Babkin, Brent Glover, and Oliver Levine
(Volume 126, Issue 2, November 2017, Pages 227-251)
2016
First Place Winner
Target revaluation after failed takeover attempts - Cash versus stock
Ulrike M. Malmendier, Marcus Opp, and Farzad Saidi
(Volume 119, Issue 1, January 2016, Pages 92-106)
Second Place Winner
The ownership and trading of debt claims in Chapter 11 restructurings
Victoria Ivashina, Benjamin Iverson, and David C. Smith
(Volume 119, Issue 2, February 2016, Pages 316-335)
2015
First Place Winner
A century of capital structure: The leveraging of corporate America
John R. Graham, Mark T. Leary, and Michael R. Roberts
(Volume 118, Issue 3, December 2015, Pages 658-683)
Second Place Winner
Lost in translation? The effect of cultural values on mergers around the world
Kenneth R. Ahern, Daniele Daminelli, and Cesare Fracassi
(Volume 117, Issue 1, July 2015, Pages 165-189)
2014
First Place Winner
Firm boundaries matter: Evidence from conglomerates and R&D activity
Amit Seru
(Volume 111, Issue 2, February 2014, Pages 381-405)
Second Place Winner
Refinancing, profitability and capital structure
Andras Danis, Daniel A. Rettl, and Toni M. Whited
(Volume 114, Issue 3, December 2014, Pages 424-443)
2013
First Place Winner
Managerial attitudes and corporate actions
John Graham, Campbell R. Harvey, and Manju Puri
(Volume 109, Issue 1, July 2013, Pages 103-121)
Do personal taxes affect capital structure: Evidence from the 2003 tax cut
Leming Lin and Mark Flannery
(Volume 109, Issue 2, August 2013, Pages 549-565)
2012
First Place Winner
Securitized banking and the run on repo
Gary Gorton and Andrew Metrick
(Volume 104, Issue 3, June 2012, Pages 425-451)
Second Place Winners (tie)
Cash flows and leverage adjustments
Michael Faulkender, Mark J. Flannery, Kristine Watson Hankins, and Jason M. Smith
(Volume 103, Issue 3, March 2012, Pages 632-646)
The effect of reference point prices on mergers and acquisitions
Malcolm Baker, Xin Pan, and Jeffrey Wurgler
(Volume 106, Issue 1, October 2012, Pages 49-71)
2011
First Place Winner
Ownership structure and the cost of corporate borrowing
Chen Lin, Yue Ma, Paul Malatesta, and Yuhai Xuan
(Volume 100, Issue 1, April 2011, Pages 1-23)
Second Place Winner
The causes and consequences of venture capital stage financing
Xuan Tian
(Volume 101, Issue 1, July 2011, Pages 132-159)
2010
First Place Winner
The marketing of seasoned equity offerings.
Xiaohui Gao and Jay Ritter
(Volume 97, Issue 1, July 2010, Pages 33-52)
Second Place Winner
Seasoned equity offerings, market timing, and the corporate lifecycle
Harry DeAngelo, Linda DeAngelo, and René M. Stulz
(Volume 95, Issue 3, March 2010, Pages 275-295)
2009
First Place Winner
Share issuance and cross-sectional returns: International evidence
R. David McLean, Jeffrey Pontiff, and Akiko Watanabe
(Volume 94, Issue 1, October 2009, Pages 1-17)
Second Place Winner
Are elite universities losing their competitive edge?
E. Han Kim, Adair Morse, and Luigi Zingales
(Volume 93, Issue 3, September 2009, Pages 353-381)
2008
First Place Winner
Why do private acquirers pay so little compared to public acquirers?
Leonce L. Bargeron, Frederik P. Schlingemann, René M. Stulz, and Chad J. Zutter
(Volume 89, Issue 3, September 2008, pages 375-390)
Second Place Winner
Managerial incentives, capital reallocation, and the business cycle
Andrea L. Eisfeldt, and Adriano A. Rampini
(Volume 87, Issue 1, January 2008, pages 177-199)
2007
First Place Winner
Does backdating explain the stock price pattern around executive stock option grants?
Randall A. Heron and Erik Lie
(Volume 83, Issue 2, February 2007, pages 271-295)
Second Place Winners (tie)
Theft and taxes
Mihir A. Desai, Alexander Dyck, and Luigi Zingales
(Volume 84, Issue 3, June 2007, pages 591-623)
Financial fraud, director reputation, and shareholder wealth
Eliezer M. Fich and Anil Shivdasani
(Volume 86, Issue 2, November 2007, pages 306-336)
2006
First Place Winner
Tax shelters and corporate debt policy
John R. Graham and Alan L. Tucker
(Volume 81, Issue 3, September 2006, pages 563-594)
Second Place Winners (tie)
Are perks purely managerial excess?
Raghuram G. Rajan and Julie Wulf
(Volume 79, Issue 1, January 2006, pages 1-33)
Profitability, investment and average returns
Eugene F. Fama and Kenneth R. French
(Volume 82, Issue 3, December 2006, pages 491-518)
2005
First Place Winner
Payout policy in the 21st century
Alon Brav, John Graham, Roni Michaely, and Campbell R. Harvey
(Volume 77, Issue 3, September 2005, pages 483-527)
Second Place Winner
The effect of external finance on the equilibrium allocation of capital
Heitor Almeida, and Daniel Wolfenzon
(Volume 75, Issue 1, January 2005, pages 133-164)
2004
First Place Winner
Are dividends disappearing? Dividend concentration and the consolidation of earnings
Harry DeAngelo, Linda DeAngelo, and Douglas J. Skinner
(Volume 72, Issue 3, June 2004, pages 425-456)
Second Place Winner
Is the IPO pricing process efficient?
Michelle Lowry and G. William Schwert
(Volume 71, Issue 1, January 2004, pages 3-26)
2003
First Place Winner
Stock market driven acquisitions
Andrei Shleifer and Robert W. Vishny
(Volume 70, Issue 3, December 2003, pages 295-311)
Second Place Winner
Testing the pecking order theory of capital structure
Murray Z. Frank and Vidhan K. Goyal
(Volume 67, Issue 2, February 2003, pages 217-248)
2002
First Place Winner
Does diversification destroy value? Evidence from industry shocks
Owen A. Lamont and Christopher Polk
(Volume 63, Issue 1, January 2002, pages 51-77)
Second Place Winner
Investor protection and equity markets
Andrei Shleifer and Daniel Wolfenzon
(Volume 66, Issue 1, October 2002, pages 3-27)
2001
First Place Winner
The theory and practice of corporate finance: Evidence from the field
John R.Graham and Campbell R. Harvey
(Volume 60, Issue 2-3, May/June 2001, pages 187-243)
Second Place Winner
Disappearing dividends: changing firm characteristics or lower propensity to pay?
Eugene F. Fama and Kenneth R. French
(Volume 60, Issue 1, April 2001, pages 3-43)
2000
First Place Winner
On the optimality of resetting executive stock options
Viral V. Acharya, Kose John and Rangarajan K. Sundaram
(Volume 57, Issue 1, July 2000, pages 65-101)
Second Place Winner
Investor protection and corporate governance
Rafael La Porta, Florencio Lopez-de-Silanes Andrei Shleifer and Robert Vishny
(Volume 58, Issue 1-2, October 2000, pages 3-27)
1999
First Place Winner
The determinants and implications of corporate cash holdings
Tim Opler, Lee Pinkowitz, René M. Stulz and Rohan Williamson
(Volume 52, Issue 1, April 1999, pages 3-46)
Second Place Winners (tie)
Deregulation and the adaptation of governance structure: The case of the U.S. Airline industry
Stacey R. Kole and Kenneth Lehn
(Volume 52, Issue 1, April 1999, pages 79-117)
Measuring investment distortions arising from stockholder-bondholder conflicts
Robert Parrino and Michael S. Weisbach
(Volume 53, Issue 1, July 1999, pages 3-42)
1998
First Place Winner
Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach
Kenneth A. Froot and Jeremy C. Stein
(Volume 47, Issue 1, January 1998, pages 55-82)
Second Place Winner
Why firms issue convertible bonds: the matching of financial and real investment options
David Mayers
(Volume 47, Issue 1, January 1998, pages 83-102)
1997
First Place Winners (tie)
The complexity of compensation contracts
Stacey R. Kole
(Volume 43, Issue 1, January 1997, pages 79-104)
The decline of takeovers and disciplinary managerial turnover
Wayne H. Mikkelson and M. Megan Partch
(Volume 44, Issue 2, May 1997, pages 205-228)