The Jensen Prize is an annual prize given to authors with the best corporate finance and organizations research papers published in the Journal of Financial Economics. The award is named after Michael Jensen, a co-founding advisory editor of the journal.[1]
Each year personal and student subscribers to the Journal of Financial Economics vote for the best paper in each of two categories after the journal's editorial office has enumerated all articles and assigned them to either the corporate finance and organizations area or the capital markets and asset pricing areas. Each subscriber may use one vote for each category. Currently the first prize in each category is $5,000 and the second prize is $2,500. The 2007 voting occurred from February 1 - May 31, 2007.[1]
The following table is a complete list of past winners of the Jensen Prize:[2]
| Paper | Author(s) | Year | Issue |
|---|---|---|---|
| "The complexity of compensation contracts" "The decline of takeovers and disciplinary managerial turnover" |
Stacey R. Kole Wayne H. Mikkelson and M. Megan Partch |
1997 | January May |
| "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach" | Kenneth A. Froot and Jeremy C. Stein | 1998 | January |
| "The determinants and implications of corporate cash holdings" | Tim Opler, Lee Pinkowitz, René M. Stulz and Rohan Williamson | 1999 | April |
| "On the optimality of resetting executive stock options" | Viral V. Acharya, Kose John and Rangarajan K. Sundaram | 2000 | July |
| "The theory and practice of corporate finance: Evidence from the field" | John R. Graham and Campbell Harvey | 2001 | May/June |
| "Does diversification destroy value? Evidence from industry shocks" | Owen A. Lamont and Christopher Polk | 2002 | January |
| "Stock market driven acquisitions" | Andrei Shleifer and Robert W. Vishny | 2003 | December |
| "Are dividends disappearing? Dividend concentration and the consolidation of earnings" | Harry DeAngelo, Linda DeAngelo, and Douglas J. Skinner | 2004 | June |
| "Payout policy in the 21st century " | Alon Brav, John R. Graham, Roni Michaely, and Campbell R. Harvey | 2005 | September |
| "Tax shelters and corporate debt policy" | John R. Graham and Alan L. Tucker | 2006 | September |
| "Does backdating explain the stock price pattern around executive stock option grants?" | Randall A. Heron and Erik Lie | 2007 | February |
| "Why do private acquirers pay so little compared to public acquirers?" | Leonce L. Bargeron, Frederik P. Schlingemann, René M. Stulz, and Chad J. Zutter | 2008 | September |
| "Share issuance and cross-sectional returns: International evidence" | R. David McLean, Jeffrey Pontiff, and Akiko Watanabe | 2009 | October |
| "The marketing of seasoned equity offerings" | Xiaohui Gao and Jay Ritter | 2010 | July |
| "Ownership structure and the cost of corporate borrowing" | Lin Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan | 2011 | April |
| "Securitized banking and the run on repo" | Gary Gorton and Andrew Metrick | 2012 | June |
| "Managerial attitudes and corporate actions" | John Graham, Campbell R. Harvey, and Manju Puri | 2013 | July |
| "Firm boundaries matter: Evidence from conglomerates and R&D activity" | Amit Seru | 2014 | February |
| "Target revaluation after failed takeover attempts - Cash versus stock" | John R. Graham, Mark T. Leary, and Michael R. Roberts | 2015 | December |
| "The ownership and trading of debt claims in Chapter 11 restructurings" | Ulrike M. Malmendier, Marcus Opp, and Farzad Saidi | 2016 | January |
| "The U.S. listing gap" | Craig Doidge, G. Andrew Karolyi, and René M. Stulz | 2017 | March |
| "How does hedge fund activism reshape corporate innovation?" | Alon Brav, Wei Jiang, Song Ma, and Xuan Tian | 2018 | November |
| What's in a (school) name? Racial discrimination in higher education bond markets | Casey Dougal, Pengjie Gao, William J. Mayew, and Christopher A. Parsons | 2019 | December |
| How do venture capitalists make decisions? | Paul Gompers, Will Gornall, Steven Kaplan and Ilya A. Strebulaev | 2020 | January |
| Does common ownership really increase firm coordination? | Katharina Lewellen and Michelle Lowry | 2021 | July[3] |