Celebrating the Brattle Group Prizes in Corporate Finance
BOSTON — The Brattle Group and The Journal of Finance are proud to announce the winners of the 2025 Brattle Group Prizes in Corporate Finance, a prestigious recognition that honors exceptional research published in the journal. This annual award reflects the commitment of the Brattle Group to support rigorous analysis and thoughtful discussions on significant issues within the corporate finance arena.
Unveiling the Winners
In a special announcement made during the American Finance Association's Annual Meeting, the winners were revealed, with Brattle Principal Dr. Sandy Shastri presenting the awards. The evaluation criteria include papers published in the first five issues of The Journal of Finance for that year and the December issue from the previous year. The prestigious First Prize carries a rewarding sum of $25,000, while two distinct papers earn the Distinguished Paper awards of $10,000 each.
First Prize Winner
The notable First Prize was awarded to the paper titled "Mortgage Lock-in, Mobility, and Labor Reallocation", authored by Julia Fonseca and Lu Liu. This compelling study explores the implications of increasing mortgage rates on household mobility and labor market shifts, revealing unexpected effects of monetary policies, particularly concerning long-term fixed-rate mortgages.
Distinguished Paper Awards
Two distinguished papers also received accolades for their insightful contributions:
- "Scope, Scale, and Concentration: The 21st-Century Firm" by Gerard Hoberg and Gordon M. Phillips. This insightful paper draws from firm 10-K filings, documenting the substantial expansion of operations among US firms over the last thirty years, driven predominantly by acquisitions and investment in research and development.
- "Regulatory Fragmentation" by Joseph Kalmenovitz, Michelle Lowry, and Ekaterina Volkova. This research unfolds the complexities and costs of regulatory fragmentation, demonstrating how the oversight by numerous federal agencies within a specific policy area escalates operational costs while negatively affecting productivity and profitability.
Importance of Academic Research
Dr. Sandy highlights the significance of these awards, stating, "The Brattle Group Prizes celebrate the vital role of rigorous academic research in enhancing our understanding of intricate corporate finance issues, pertinent to both practitioners and regulators alike." He expressed pride in the winners and the broader implications of their findings, which stretch far beyond academic confines.
Dr. Antoinette Schoar, Executive Editor of The Journal of Finance, added, "The winning papers reflect the relevance of financial research across varying socially and economically significant subjects, such as labor market adaptability, firm growth, and the nuances of regulatory frameworks in the U.S. The Brattle Group Prizes play an important role in recognizing this vital work."
The Brattle Group's investment in such awards illustrates its dedication to elevating the discourse in the field of finance. Through these prizes, the company not only encourages scholarly work but also fosters a deeper understanding of the challenges facing today’s financial landscape.
Frequently Asked Questions
What are the Brattle Group Prizes in Corporate Finance?
The Brattle Group Prizes are annual awards recognizing outstanding research contributions published in The Journal of Finance, particularly emphasizing their relevance in corporate finance.
Who won the First Prize for 2025?
The First Prize was awarded to Julia Fonseca and Lu Liu for their paper on the impact of mortgage rates on labor reallocation and household mobility.
How much do the prizes offer?
The First Prize winner receives $25,000, while two Distinguished Paper awards provide $10,000 each to the authors of those papers.
What themes did the distinguished papers address?
The distinguished papers explored the expansion of firm operations through acquisitions, investment in innovation, and the challenges posed by regulatory fragmentation in the U.S.
How does the Brattle Group contribute to finance research?
Brattle supports finance research through initiatives like the Brattle Group Prizes, promoting analytical rigor and academic contributions that address critical financial issues.