Written on 01 September 2011.
The paper was originally published in the January 2010 issue of EFM Journal.
The EFM Award for Scholarship in Financial Research recognises those researchers who have most contributed to understanding of an important area in financial management through an article published in European Financial Management. The winners of the EFM Best Paper Award are selected by a vote of the EFM Editorial Board.
Professor Boehmer was among nine scholars to receive a Distinguished Referee Award from the Review of Financial Studies, one the most prestigious scientific journals dedicated to finance. The journal's referee awards are meant to honour those who contribute their time far above and beyond the call of duty to the Review of Financial Studies. Professor Boehmer was also invited by the Review of Financial Studies to serve as Associate Editor for a three-year period from July 2011.
Frank J. Fabozzi, PhD, CFA, CPA, is Professor of Finance at EDHEC. He has been the editor of the Journal of Portfolio Management since 1986 and joined EDHEC from his position as Professor in the Practice of Finance and Becton Fellow at Yale University's School of Management. Prior to joining the Yale faculty in 1994, he was a Visiting Professor of Finance at the Sloan School of Management at MIT. In November 2002, he was inducted into the Fixed Income Analysts Society Hall of Fame and in 2007 was the recipient of the C. Stewart Sheppard Award given by CFA Institute.
Ekkehart Boehmer, PhD, joined EDHEC as Professor of Finance in January 2011. He was previously the John B. Rogers Professor of Banking and Finance at the University of Oregon Lundquist College of Business and prior to that, the holder of the Nichols Professorship of Finance at Texas A&M University Mays Business School. He has also held positions in the financial industry, as Director of Research at the New York Stock Exchange and Senior Economist at the U.S. Securities and Exchange Commission. His research focuses on equity markets with emphasis on micro-structure, short-selling, market efficiency, and initial public offerings. He has published in leading journals, including the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of Financial Intermediation, and Review of Financial Studies.