## 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 research paper in Finance by a Stern faculty member.

In 2024, the prize amount awarded to the winner of the Yuki Arai Faculty Research Prize in Finance was increased to $15,000.

**2025-2026**
Arpit Gupta (NYU Stern Finance) and Abdoulaye Ndiaye (NYU Stern Econ) with Joshua Coven (City University of New York), Sebastian Golder (University of Hamburg)
[Property Taxes and Housing Allocation Under Financial Constraints](https://abdouecon.github.io/research/papers/Property_Tax.pdf)

Toomas Laarits (NYU Stern Finance) with Ben Matthies (University of Notre Dame), Kaushik Vasudevan (Purdue University), Will Yang (Yale University)
[Policy by Committee](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5364833)

Adam Solomon (NYU Stern Finance)
[When Insurance Markets Fail: Catastrophe-Risk Frictions and Public Reinsurance](https://adam-solomon.com/CyclonePaper.pdf)

**2024-2025**
Viral Acharya, Robert Engle and Olivier Wang (NYU Stern Finance)
[Strategic Commitments to Decarbonize: The Role of Large Firms, Common Ownership, and Governments](https://www.stern.nyu.edu/sites/default/files/2025-05/Wang_NZ_AEW.pdf)

Felix Montag (NYU Stern Econ)
[Mergers, Foreign Competition, and Jobs: Evidence from the U.S. Appliance Industry](https://www.stern.nyu.edu/sites/default/files/2025-05/Montag_2025_FM_MFCJ.pdf)

Indira Puri (NYU Stern Finance)
**Certain vs. Uncertain Timing**

**2023-2024**
Arpit Gupta (NYU Stern Finance), joint with Vrinda Mittal and Stijn van Nieuwerburgh
[Work From Home and the Office Real Estate Apocalypse](https://www.stern.nyu.edu/sites/default/files/2024-07/Gupta%20Mittal%20vanNieuwerburgh.pdf)

Amisha Miller (NYU Stern Management and Organizations), joint with Saurabh Lall, Markus Goldstein, and Joao Montalvao
[Asking Better Questions: The Effect of Changing Investment Organizations' Evaluation Practices on Gender Disparities in Funding Innovation](https://www.stern.nyu.edu/sites/default/files/2024-07/Miller_2023-07-28%20Asking%20Better%20Questions.pdf)

Robert Richmond (NYU Stern Finance), joint with Zhengyang Jiang and Tony Zhang
[Understanding the Strength of the Dollar](https://www.stern.nyu.edu/sites/default/files/2024-07/Jiang%20Richmond%20Zhang.pdf)

**2022-2023**
Giulia Brancaccio (NYU Stern Econ) and Karam Kang (Carnegie Mellon)
[Search Frictions and Product Design in the Municipal Bond Market](http://www.giulia-brancaccio.com/files/papers/muni_complex.pdf)

Viral Acharya (NYU Stern Finance), Simone Lenzu (NYU Stern Finance), and Olivier Wang (NYU Stern Finance)
[Zombie Lending and Policy Traps](https://www.dropbox.com/s/hgoztmauobg8n0l/zombie_live.pdf?raw=1)

**2021-2022**
Thomas Philippon (NYU Stern) and Olivier Wang (NYU Stern)
[Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum](https://www.stern.nyu.edu/admin/content/assets/view/132781)

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](https://www.stern.nyu.edu/admin/content/assets/view/132782)

**2020-2021**
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](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3560195)

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](https://www.stern.nyu.edu/sites/default/files/assets/documents/The%20Financial%20Origins%20of%20the%20Rise%20and%20Fall%20of%20American%20Inflation_0.pdf)

**2019-2020**
Arpit Gupta (NYU Stern) and Stijn Van Nieuwerburgh (Columbia Business School)
[Valuing Private Equity Investments Strip by Strip ](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3466853)

Johannes Stroebel (NYU Stern) and Stefano Giglio (Yale), Matteo Maggiori (Harvard) and Stephen Utkus (Vanguard)
[Five Facts About Beliefs and Portfolios](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3422248)

**2018-2019**
Germán Gutiérrez and Thomas Philippon
[How EU Markets Became More Competitive Than US Markets: A Study of Institutional Drift](/sites/default/files/assets/documents/EUComp_GutierrezPhilippon.pdf)

**2017-2018**
Itamar Drechsler, Alexi Savov, and Philipp Schnabl
[Banking on Deposits: Maturity Transformation without Interest Rate Risk](/sites/default/files/assets/documents/BankingOnDeposits_5Sep2017.pdf)

**2016-2017**
Ralph S.J. Koijen and Motohiro Yogo
“[An Equilibrium Model of Institutional Demand and Asset Prices](/sites/default/files/assets/documents/Demand-1.pdf)”

Michael Bailey, Ruiqing Cao, Theresa Kuchler, and Johannes Stroebel
“[Social Networks and Housing Markets](/sites/default/files/assets/documents/Social%20Network%20and%20Housing%20Markets.pdf)”

**2015-2016**
Itamar Drechsler, Alexi Savov, and Philipp Schnabl
“[The Deposits Channel of Monetary Policy](http://pages.stern.nyu.edu/~pschnabl/public_html/DSS_june2015.pdf)”

**2014-2015**
Johannes Stroebel, Matteo Maggiori, and Stefano Giglio
“[Very Long-run Discount Rates](http://pages.stern.nyu.edu/~jstroebe/research/pdf/GMS_VLRDR_Main.pdf)”

**2013-2014**
Matteo Maggiori
“[Financial Intermediation, International Risk Sharing, and Reserve Currencies](http://people.stern.nyu.edu/mmaggior/Maggiori_FinInt_IntRis_ResCur.pdf)”

Stijn Van Nieuwerburg, Bryan T. Kelley, and Hanno N. Lustig
“[Too-Systemic-To-Fail: What Option Markets Imply About Sector-Wide Government Guarantees](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1762312)”

**2012-2013**
Karthik Balakrishnan, Mary Brooke Billings, Bryan T. Kelly, and Alexander Ljungqvist
“[Shaping Liquidity: On the Causal Effects of Voluntary Disclosure](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1950123)”

**2011-2012**
Viral Acharya, Itamar Dreschler, and Philipp Schnabl
[“A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk” ](http://www.nber.org/papers/w17136)

**2010-2011**
Ashwini K. Agrawal and David Matsa
[“Labor **U**nemployment Risk and Corporate Financing Decisions”](http://ideas.repec.org/a/eee/jfinec/v108y2013i2p449-470.html)

**2009-2010**
Viral Acharya, Douglas Gale, and Tanju Yorulmazer
[“Rollover Risk and Market Freezes”](http://www.nber.org/papers/w15674)

**2008-2009**
Xavier Gabaix and Alex Edmans
[“Tractability and Detail-Neutrality in Incentive Contracting”](http://pages.stern.nyu.edu/~xgabaix/papers/detailfree.pdf)

**2007-2008**
Stijn Van Nieuwerburgh, Otto Van Hemert, and Ralph S. J. Koijen
[”Mortgage Timing” ](http://ideas.repec.org/a/eee/jfinec/v93y2009i2p292-324.html)

**2006-2007**
Sriketan Mahanti, Amrut Nashikar, Marti Subrahmanyam, George Chacko, and Gaurav Mallik
[“Latent Liquidity: A New Measure of Liquidity, with an Application to Corporate Bonds](http://ideas.repec.org/a/eee/jfinec/v88y2008i2p272-298.html)

Alexander Ljungqvist, Christopher Malloy, and Felicia Marston
[“Rewriting History” ](http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2009.01484.x/abstract)

**2005-2006**
Stijn Van Nieuwerburgh and Laura Veldkamp
[“Information Immobility and the Home Bias Puzzle”](http://ideas.repec.org/a/bla/jfinan/v64y2009i3p1187-1215.html)

Daniel Wolfenzon, Morten Bennedsen, Kasper Nielsen, and Francisco Perez-Gonzalez
[“Inside the Family Firm: The Role of Families in Succession Decisions and Performance” ](http://qje.oxfordjournals.org/content/122/2/647.short)

**2004-2005**
Jeffrey Wurgler, Jessica Wachter, Lubomir Litov and Malcom Baker
[“Can Mutual Fund Managers Pick Stocks? Evidence from their Trades Prior to Earnings Announcements” ](http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=7938794)

**2003-2004**
Heitor Almeida and Daniel Wolfenzon
[“A Theory of Family Business Groups and Pyramidal Ownership”](http://business.illinois.edu/halmeida/pyramids.pdf)

**2002-2003**
Viral Acharya and Lasse Pedersen
[“Asset Pricing with Liquidity Risk”](http://ideas.repec.org/a/eee/jfinec/v77y2005i2p375-410.html)

David Yermack
[“Remuneration, Retention, and Reputation Incentives for Outside Directors”](http://www.jstor.org/stable/3694824)

**2001-2002**
Holger Muller and Roman Inderest
[“Internal vs. External Financing: An Optimal Contracting Approach”](http://people.stern.nyu.edu/hmueller/papers/bund.pdf)

Jessica Wachter
“Habit Formation and Returns on Stocks and Bonds”
Published as: ["A Consumption-based Model of the Term Structure of Interest Rates"](http://finance.wharton.upenn.edu/~jwachter/research/Wachter2006jfe.pdf)