Yuki Arai Faculty Research Prize in Finance

Prize for the Best Faculty Research Paper in Finance

The Yuki Arai Faculty Research Prize in Finance, established by alumnus Yuki Arai (MBA ’10), aims to  recognize and promote excellence in research by Stern faculty. The award is bestowed annually on the best faculty paper on the topic of Finance. The committee is particularly interested in papers with a focus on investments.
The winner of the Yuki Arai Faculty Research Prize in Finance will be awarded a $10,000 grant and the opportunity to present their paper to the Finance Department.

Giulia Brancaccio (NYU Stern Econ) and Karam Kang (Carnegie Mellon)
Search Frictions and Product Design in the Municipal Bond Market

Viral Acharya (NYU Stern Finance), Simone Lenzu (NYU Stern Finance), and Olivier Wang (NYU Stern Finance)
Zombie Lending and Policy Traps

Thomas Philippon (NYU Stern) and Olivier Wang (NYU Stern)
Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum

Leonidas G. Barbopoulos (University of Edinburgh), Rui Dai (University of Pennsylvania), Talis J. Putnins (University of Technology, Sydney), and Anthony Saunders (NYU Stern)
Market Efficiency in the Age of Machine Learning

Tania Babina (Columbia), Alex Xi He (University of Maryland), Sabrina T. Howell (NYU Stern), Elisabeth Ruth Perlman (US Census Bureau), and Joseph Staudt (US Census Bureau)
The Color of Money: Federal vs. Industry Funding of University Research

Itamar Drechsler (University of Pennsylvania), Alexi Savov (NYU Stern), and Philipp Schnabl (NYU Stern)
The Financial Origins of the Rise and Fall of American Inflation

Arpit Gupta (NYU Stern) and Stijn Van Nieuwerburgh (Columbia Business School)
Valuing Private Equity Investments Strip by Strip

Johannes Stroebel (NYU Stern) and Stefano Giglio (Yale), Matteo Maggiori (Harvard) and Stephen Utkus (Vanguard)
Five Facts About Beliefs and Portfolios

Germán Gutiérrez and Thomas Philippon
How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift

Itamar Drechsler, Alexi Savov, and Philipp Schnabl
Banking on Deposits: Maturity Transformation without Interest Rate Risk

Ralph S.J. Koijen and Motohiro Yogo
An Equilibrium Model of Institutional Demand and Asset Prices
Michael Bailey, Ruiqing Cao, Theresa Kuchler, and Johannes Stroebel
Social Networks and Housing Markets

Itamar Drechsler, Alexi Savov, and Philipp Schnabl
The Deposits Channel of Monetary Policy

Johannes Stroebel, Matteo Maggiori, and Stefano Giglio
Very Long-run Discount Rates

Matteo Maggiori
Financial Intermediation, International Risk Sharing, and Reserve Currencies

Stijn Van Nieuwerburg, Bryan T. Kelley, and Hanno N. Lustig
Too-Systemic-To-Fail: What Option Markets Imply About Sector-Wide Government Guarantees

Karthik Balakrishnan, Mary Brooke Billings, Bryan T. Kelly, and Alexander Ljungqvist
Shaping Liquidity: On the Causal Effects of Voluntary Disclosure

Viral Acharya, Itamar Dreschler, and Philipp Schnabl
“A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk”

Ashwini K. Agrawal and David Matsa
“Labor Unemployment Risk and Corporate Financing Decisions”

Viral Acharya, Douglas Gale, and Tanju Yorulmazer
“Rollover Risk and Market Freezes”

Xavier Gabaix and Alex Edmans
“Tractability and Detail-Neutrality in Incentive Contracting”

Stijn Van Nieuwerburgh, Otto Van Hemert, and Ralph S. J. Koijen
”Mortgage Timing”

Sriketan Mahanti, Amrut Nashikar, Marti Subrahmanyam, George Chacko, and Gaurav Mallik
“Latent Liquidity: A New Measure of Liquidity, with an Application to Corporate Bonds

Alexander Ljungqvist, Christopher Malloy, and Felicia Marston
“Rewriting History”

Stijn Van Nieuwerburgh and Laura Veldkamp
“Information Immobility and the Home Bias Puzzle”

Daniel Wolfenzon, Morten Bennedsen, Kasper Nielsen, and Francisco Perez-Gonzalez
“Inside the Family Firm: The Role of Families in Succession Decisions and Performance”

Jeffrey Wurgler, Jessica Wachter, Lubomir Litov and Malcom Baker
“Can Mutual Fund Managers Pick Stocks? Evidence from their Trades Prior to Earnings Announcements”

Heitor Almeida and Daniel Wolfenzon
“A Theory of Family Business Groups and Pyramidal Ownership”

Viral Acharya and Lasse Pedersen
“Asset Pricing with Liquidity Risk”

David Yermack
“Remuneration, Retention, and Reputation Incentives for Outside Directors”

Holger Muller and Roman Inderest
“Internal vs. External Financing: An Optimal Contracting Approach”

Jessica Wachter
“Habit Formation and Returns on Stocks and Bonds”
Published as: "A Consumption-based Model of the Term Structure of Interest Rates"