The Editors’ Choice Award recognizes the top paper in each issue of The Journal of Financial Research by spotlighting it as the lead article and offering an honorarium to the authors for their outstanding contribution to the journal.
The JFR will also continue to award an annual Outstanding Article to recognize the best paper published in the journal each year.
The Editors’ Choice Award for the Spring 2024 issue of The Journal of Financial Research, voted by the JFR Editorial Board, is “Cultural, trust, and transparency effects on the use of anchoring in mergers and acquisitions,” written by Stephen P. Ferris, Narayanan Jayaraman, and Min-Yu (Stella) Liao.
Former Outstanding Articles published in The Journal of Financial Research:
2022
Erik Devos, Bill Elliott, and Murali Jagannathan, former Co-Editors of The Journal of Financial Research, selected the following as outstanding articles published in 2022.
From the Spring 2022 issue, “Mutual fund performance and changes in factor exposure,” written by Wolfgang Bessler, Thomas Conlon, Diego Víctor de Mingo-López, and Juan Carlos Matallín-Sáez.
Also from the Spring 2022 issue, “Reference point formation: Does the market whisper in the background?” written by Tianyang Wang, Robert G. Schwebach, and Sriram V. Villupuram.
2021
Erik Devos, Bill Elliott, and Murali Jagannathan, former Co-Editors of The Journal of Financial Research, selected one outstanding article published in 2021. From the Summer 2021 issue, “Information-driven stock price comovement,” written by Travis Box and Danjue Shang
2020
Erik Devos, Bill Elliott, and Murali Jagannathan, former Co-Editors of The Journal of Financial Research, selected the following as outstanding articles published in 2020.
The award for Outstanding Article in Corporate Finance, from the Summer 2020 issue, “Postcrisis M&As and the Impact of Financial Constraints,” written by Sean Cleary and Ashrafee Hossain.
The award for Outstanding Article in Market Microstructure from the Fall 2020 issue, “Jumps, News, and Subsequent Return Dynamics: an Intraday Study,” written by Yuewen Xiao, Xiangkang Yin, and Jing Zhao.
2019
Erik Devos, Bill Elliott, and Murali Jagannathan, former Co-Editors of The Journal of Financial Research, selected one outstanding article published in 2019.
From the Fall 2019 issue, “Measuring Limits of Arbitrage in Fixed-Income Markets” written by Jean-Sébastien Fontaine and Guillaume Nolin.
2018
Scott Hein, Jeffery Mercer, and Drew Winters, past Co-Executive Editors of The Journal of Financial Research, selected two articles deemed to be outstanding in 2018:
From the Spring 2018 issue, “The Effects of Mutual Funds on M&A Compensation” written by Patty Bick and Matthew D. Crook. The authors studied how mutual funds influence firm behavior around an acquisition through votes against management proposals.
From the Fall 2018 issue, “An Examination of 13F Filings” written by Anne Anderson and Paul Brockman. This study examined Form 13F institutional holdings and finds evidence of reporting discrepancies that can be significant for the users of such filings.
2017
Scott Hein, Jeffery Mercer, and Drew Winters, past Co-Executive Editors of The Journal of Financial Research, selected two articles deemed to be outstanding in 2017:
From the Summer 2017 issue, “Are Short Sellers Informed? Evidence from Credit Rating Agency Announcements,” by Jian Shi, Junbo Wang and Ting Zhang. The authors found there was abnormally high short-selling in advance of negative credit watch and other credit downgrade announcements.
The second article selected for distinction was “Bank Financing and Firm Growth: Evidence from Transition Economies,” written by Barkat Ullah and Zuobao Wei. The study examined firms in transitional economies and found firms that use formal bank finance grow at a faster rate than those that use informal finance sources.
2016
Spring 2016: “Investment fees, net returns, and conflict of interest in 401(k) plans,” written Thomas W. Doellman and Sabuhi H. Sardarli
Fall 2016: “Lost in translation: Which stock prices bear the burden to adjust to exchange rates?” written by Jimmy Lockwood, Larry Lockwood, and Sie Ting Lau
Winter 2016: “Information opacity and fitch bond ratings,” written by Miles Livingston and Lei Zhou
2015
Spring 2015: “Canceling liquidity,” written by Bonnie F. Van Ness, Robert A. Van Ness, and Ethan D. Watson
Summer 2016: “Corporate governance and capital structure dynamics: An empirical study,” written by Li-Kai (Connie) Liao, Tarun Mukherjee, and Wei Wang
2014
Winter 2014: “Intermediation in the market for equity research,” written by Stanimir Markov and Eng-Joo Tan
Summer 2014: “The U.S. Treasury’s capital purchase program: Treasury’s selectivity and market returns across weak and healthy banks,” written by Valentina Salotti and Kenneth A. Carow
2013
Summer 2013: “The information content of management earnings forecasts: An analysis of hard versus soft information,” written by Paul Brockman and Jim Cicon
Fall 2013: “The shrinking space for anomalies,” written by George J. Jiang and Andrew Jianzhong Zhang
Winter 2014: “Debt IPO waves, investor sentiment, market conditions, and issue quality,” written by Kelly Nianyun Cai, Xiaoquan Jiang, and Hei Wai Lee
2012
Summer 2012: “Trade size and price clustering: The case of short sales and the suspension of price tests,” written by Benjamin M. Blau, Bonnie F. Van Ness, and Robert A. Van Ness
Fall 2012: “Do insiders practice what they preach? Informed option exercises around mergers and acquisitions,” written by Daniel Bradley, Brandon N. Cline, and Qin Lian
Winter 2012: “The effect of monetary policy on credit spreads,” written by Tolga Cenesizoglu and Badye Essid
2011
Spring 2011: “Differences of opinion, overconfidence, and the high-volume premium,” written by Zhaodan Huang, James B. Heian, and Ting Zhang
Summer 2011: “CEO Directors, executive incentives, and corporate strategic initiatives,” written by Olubunmi Faleye
Winter 2011: “The choice of trading venue and relative price impact of institutional trading: ADRs versus the underlying securities in their local markets,” written by Sugato Chakravarty, Chiraphol N. Chiyachantana, and Christine Jiang
2010
Spring 2010: “The economic gains of trading stocks around holidays,” written by Ilias Tsiakas
Summer 2010: “Expected volatility, unexpected volatility, and the cross-section of stock returns,” written by Choong Tze Chua, Jeremy Goh, and Zhe Zhang
Winter 2010: “Determinants of capital structure in business start-ups: The role of nonfinancial stakeholder relationship costs,” written by Tom Franck and Nancy Huyghebaert