Vol. 2 Issue 3 Home Message from the Dean Message from Ashok Sani Career Resource Series Author Lecture Series NYU Alumni Weekend Notes from the Undergraduate College Greetings from Dean Choi Undergraduate Students Compete in Case Competitions News Stories Berkley Center Competition Alumni Buddy Program Vault.com Alumni Support OCD Glucksman Awards Robert Kavesh Honored Recent Events Alumni Wine Tasting Reception for January Langone Graduates Reception in Israel Lecture in San Francisco Update from Washington, D.C. Alumni Corner Upcoming Events Stern in the News Feedback STERN@lumni Home Contact Us Office of Alumni Affairs NYU Stern School of Business 44 West Fourth Street, 10th Floor New York, NY 10012 Phone: (212) 998-4040 Fax: (212) 995-4515 E-Mail: alumni@stern.nyu.edu Suzette Lemson, Assistant Dean Jeanne Marano, Director Elena Piercy, Associate Director Sheri Pillo , Associate Director Hae Soo Kim, Coordinator Debra Stern, Administrative Aide Joanne Marone, Secretary Office of Alumni Affairs Home		Glucksman Institute Announces 2002-2003 Research Competition Prizes The Glucksman Institute has announced the winners of the 2002-2003 competition for the best research paper in finance. Full-time faculty members at Stern are eligible to submit completed research papers that are currently under review at professional journals. Given the quality of the submissions, the awards committee, consisting of Professors Robert Engle, Anthony Saunders and William Silber, announced ties for the first place and runner-up awards. Twenty-four papers, representing the research output of 51 authors, were submitted for consideration this year. "It has become increasingly difficult to differentiate among these papers," said Professor Silber, Director of the Glucksman Institute. "Almost all wind up being accepted at the most prestigious peer-reviewed journals in the field." Following are a list of the winners of the 2002-2003 competition for best research paper in finance with links to each document. *Please note that in order to open the following documents, you must have the Adobe Acrobat Reader. First Place Award The first place award winners will share a $6,000 prize. They are: "Asset Pricing with Liquidity Risk" Viral Acharya and Lasse Pedersen "Remuneration, Retention, and Reputation Incentives for Outside Directors" David Yermack Runner-Up Award The runner-up award winners will share a $3,000 prize. "Conflicts of Interest and Efficient Contracting in IPOs" Alexander Ljungqvist "Limited Arbitrage and Short Sales Restrictions: Evidence from the Options Markets" Eli Ofek, Matthew Richardson and Robert Whitelaw About the Glucksman Institute The Glucksman Institute, endowed by a grant from Lewis Glucksman, MBA '51, offers grants to faculty and students to support research on financial instruments and the markets. To recognize and promote excellence in research, the Institute awards annual prizes for the best research papers in finance by a Stern faculty member. In addition, twenty-five of the highest-ranking first year MBA students are invited to apply for five Glucksman Fellow awards. During the second year of their MBA program, these Fellows receive cash stipends and are paired with full-time faculty members to conduct research projects. This program exposes some top MBA students to the rigors of formal academic research in the practical areas of financial economics.