Each year, the associate editors of The Journal of Finance select three winners to receive the Brattle Group Prize for outstanding papers on corporate finance. This year’s awards were announced at the virtual 2021 ASSA/American Finance Association’s (AFA) Annual Meeting on January 3–5. All papers published in the prior year’s issues of The Journal of Finance are eligible to win.

First Prize, $25,000: Barney Hartman-Glaser, UCLA; Benjamin Hébert, Stanford University
The Insurance Is the Lemon: Failing to Index Contracts, The Journal of Finance, January 2020

Distinguished Paper, $10,000: Olivier Darmouni, Columbia University
Informational Frictions and the Credit Crunch, The Journal of Finance, July 2020

Distinguished Paper, $10,000: Adriano Rampini and S. Viswanathan, Duke University; Guillaume Vuillemey, HEC Paris
Risk Management in Financial Institutions, The Journal of Finance, March 2020*

These prizes are funded by The Brattle Group and presented at the AFA’s annual meeting. The Brattle Group has supported this yearly award for more than 20 years, in an effort to recognize academic achievement in offering robust analysis and debate on compelling issues facing the corporate finance community. We congratulate the winners on their achievement!

For a complete list of past winners, visit the Brattle Group Prize page.

For more information on the AFA, please visit their website.

* Updated July 7, 2021: “Risk Management in Financial Institutions” was retracted in July 2021 and The Brattle Group Prize for Distinguished Paper was returned.