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  From left: Profs. Polk, Skiadas and Pulvino
© Nathan Mandell
From left: Profs. Polk, Skiadas and Pulvino
Three Kellogg School faculty members win awards from top finance journals

By Deborah Leigh Wood

Kellogg School Assistant Professors of Finance Christopher Polk and Todd Pulvino recently received first place awards for "best paper," and Professor of Finance Costis Skiadas earned a runner-up award for best paper from what are considered the nation's three premier journals of finance: The Journal of Finance Economics, The Journal of Finance and The Review of Financial Studies.

"These are the three top finance journals, so I'm especially delighted to see our faculty's excellent research recognized by their professional peers," said Michael J. Fishman, chair of the Finance Department at Kellogg. Fishman also is an editor of The Review of Financial Studies and a past winner of an award given by The Journal of Finance.

Polk received the Jensen Prize for Corporate Finance and Organizations from the Journal of Financial Economics, The $5,000 award is given annually to the best corporate paper published in the Journal during the previous year.

Polk's paper, "Does diversification destroy value: Evidence from the industry shocks," finds that diversity does cause a reduction in shareholder value. Polk, who specializes in the field of diversification, co-authored the paper with Owen A. Lamont, associate professor of finance at the University of Chicago Graduate School of Business.

Pulvino won a $10,000 Smith Breeden prize for "Limited Arbitrage in Equity Markets," published in The Journal of Finance.

Pulvino and his Harvard Business School co-authors, Associate Professor Mark L. Mitchell and Assistant Professor Erik Stafford, demonstrate why the Law of One Price, which maintains that two identical securities should trade at the same price, does not hold true in all situations.

Skiadas won $5,000 as runner-up of the Barclay Global Investors Michael Brennan Prize for best paper published in The Review of Financial Studies. "An Isomorphism between Asset Pricing Models with and without Linear Habit Formation" provides what Skiadas calls a "powerful new methodology" that transforms any consumer-consumption model that doesn't deal with habit formation into one that does. The new methodology, he says, simplifies the literature on habit formation and generates new solutions to the problem of consumption savings and its impact on the economy.

©2002 Kellogg School of Management, Northwestern University