Celebrating Academic Excellence: The Brattle Group Prizes in Corporate Finance for 2025
The Brattle Group, in collaboration with The Journal of Finance, has proudly announced the winners of the 2025 Brattle Group Prizes in Corporate Finance. This prestigious award celebrates the most impactful research published in The Journal of Finance and is designed to promote rigorous academic inquiry into pressing corporate finance topics. The selection of winning papers is overseen by the Associate Editors of the Journal, highlighting the commitment of both organizations to enhance awareness of critical financial issues.
The accolades were presented at the Annual Meeting of the American Finance Association in January, where Brattle Principal Shastri Sandy took the stage to share the honors with the recipients. Notably, the eligible papers for the awards were those published in the first five editions of The Journal of Finance during the year, along with the December edition from the previous year. The winners receive substantial monetary support, with the top paper awarded a First Prize of $25,000 and two additional papers recognized with $10,000 Distinguished Paper awards.
This year, the First Prize was awarded to Julia Fonseca and Lu Liu for their paper titled "Mortgage Lock-in, Mobility, and Labor Reallocation." Featured in the December 2024 issue, their research sheds light on the implications of rising mortgage rates on household mobility and labor market dynamics, exposing the unintended consequences of monetary policy changes when long-term fixed-rate mortgages are prevalent. Their work underscores the complex interplay between finance and real estate markets in shaping economic behavior.
Meanwhile, the two Distinguished Paper awards were given to Gerard Hoberg and Gordon M. Phillips for "Scope, Scale, and Concentration: The 21st-Century Firm," published in February 2025, and to Joseph Kalmenovitz, Michelle Lowry, and Ekaterina Volkova for their paper "Regulatory Fragmentation," featured in April 2025. Hoberg and Phillips's paper investigates the significant evolution of U.S. firms over the last thirty years, particularly due to mergers, acquisitions, and increased investment in research and development. This work provides critical insights into how firms are adapting to the demands of modern markets.
Meanwhile, Kalmenovitz and his co-authors' paper reveals systematic evidence on the challenges posed by regulatory fragmentation, where multiple federal agencies oversee the same policy issues. Their findings indicate that such fragmentation not only escalates operational costs for firms but also adversely impacts productivity and profitability.
Dr. Sandy, Co-Leader of Brattle's White Collar Investigations and Litigation practice, emphasized the importance of these awards, stating, "The Brattle Group Prizes celebrate the essential role that robust academic research plays in shaping our understanding of complex corporate finance issues, including those faced by practitioners in litigation and regulatory settings." His remarks highlight the significance of academic contributions to practical finance landscapes.
Additionally, Dr. Antoinette Schoar, Executive Editor of The Journal of Finance, reflected on the relevant themes present in this year's winners, underscoring the social and economic ramifications linked to labor market mobility, firm operations, and regulatory challenges.
For those interested in exploring the impact of these awards and past winners, further information can be found on the Brattle Group's official website. By supporting scholarly work, the Brattle Group reinforces its dedication to high-quality research in finance, ultimately contributing to the understanding and resolution of contemporary finance-related challenges faced in the corporate sphere.
The accolades were presented at the Annual Meeting of the American Finance Association in January, where Brattle Principal Shastri Sandy took the stage to share the honors with the recipients. Notably, the eligible papers for the awards were those published in the first five editions of The Journal of Finance during the year, along with the December edition from the previous year. The winners receive substantial monetary support, with the top paper awarded a First Prize of $25,000 and two additional papers recognized with $10,000 Distinguished Paper awards.
This year, the First Prize was awarded to Julia Fonseca and Lu Liu for their paper titled "Mortgage Lock-in, Mobility, and Labor Reallocation." Featured in the December 2024 issue, their research sheds light on the implications of rising mortgage rates on household mobility and labor market dynamics, exposing the unintended consequences of monetary policy changes when long-term fixed-rate mortgages are prevalent. Their work underscores the complex interplay between finance and real estate markets in shaping economic behavior.
Meanwhile, the two Distinguished Paper awards were given to Gerard Hoberg and Gordon M. Phillips for "Scope, Scale, and Concentration: The 21st-Century Firm," published in February 2025, and to Joseph Kalmenovitz, Michelle Lowry, and Ekaterina Volkova for their paper "Regulatory Fragmentation," featured in April 2025. Hoberg and Phillips's paper investigates the significant evolution of U.S. firms over the last thirty years, particularly due to mergers, acquisitions, and increased investment in research and development. This work provides critical insights into how firms are adapting to the demands of modern markets.
Meanwhile, Kalmenovitz and his co-authors' paper reveals systematic evidence on the challenges posed by regulatory fragmentation, where multiple federal agencies oversee the same policy issues. Their findings indicate that such fragmentation not only escalates operational costs for firms but also adversely impacts productivity and profitability.
Dr. Sandy, Co-Leader of Brattle's White Collar Investigations and Litigation practice, emphasized the importance of these awards, stating, "The Brattle Group Prizes celebrate the essential role that robust academic research plays in shaping our understanding of complex corporate finance issues, including those faced by practitioners in litigation and regulatory settings." His remarks highlight the significance of academic contributions to practical finance landscapes.
Additionally, Dr. Antoinette Schoar, Executive Editor of The Journal of Finance, reflected on the relevant themes present in this year's winners, underscoring the social and economic ramifications linked to labor market mobility, firm operations, and regulatory challenges.
For those interested in exploring the impact of these awards and past winners, further information can be found on the Brattle Group's official website. By supporting scholarly work, the Brattle Group reinforces its dedication to high-quality research in finance, ultimately contributing to the understanding and resolution of contemporary finance-related challenges faced in the corporate sphere.
Topics Financial Services & Investing）
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