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Cambridge Endowment for Research in Finance (CERF)


Cambridge Finance is proud to announce that the winners of the Best student Paper Award for are:

2023 - 2024


Charles Parry (Faculty of Economics)

  PDF icon Start Up Financing, Entry and Innovation 

Runner Up:

Lennart Niermann (Faculty of Economics)

 PDF icon Tying Yourself to the Mast: Painful Debt as a Commitment Device in Self-Fueling Debt Crises

2022 - 2023

Alba Patozi (Faculty of Economics)

Green Transmission: Monetary Policy in the Age of ESG

2021 - 2022

Niklas Schmitz (Faculty of Economics)

The Downside Risk Channel of Monetary Policy


Yuxia Zou (Cambridge Judge Business School)

Corporate Social Responsibility Committee:
International Evidence

2020 - 2021

Best paper prize awarded to Daniel Ostry, Faculty of Economics, for his paper 

Tails of Foreign Exchange at Risk (FEaR): Exchange Rate Disasters and Dollar Liquidity Yields

Honourable mention given to Naoki Yago, Faculty of Economics, for his paper Financial Market Globalization and Asset Price Bubbles

2019 - 2020

Shiqi Chen

(Cambridge Judge Business School)

Financial Policies and Internal Governance with Heterogeneous Risk Preference

Seung Huyn (Fred) Maeng

(Faculty of Economics)

Debt crises, fast and slow 


Zhenbin Zuo (Faculty of Law)

received a Honourable mention for the paper tited

Governance by Algorithm:China’s Social Credit System 

2018 - 2019

Margit  Reischer

(Faculty of Economics)

Finance-thy-Neighbor. Trade Credit Origins of Aggregate Fluctuations


Chariklea Kaffe

(Cambridge Judge Business School)

Peer Effects in Investment Manager Selection: Evidence from University Endowments

2017 - 2018

Maarten de Ridder (Faculty of Economics)

Investment in Productivity and the Long-Run Effect of Financial Crises on Output

Tom Auld (Faculty of Economics)

The Behaviour of Betting and Currency Markets on the Night of the EU Referendum

2016-2017 :

Ekaterina Smetanina (Faculty of Economics)

Real-time GARCH: Modelling and forecasting the tail

behaviour of asset returns


Emile Marin (Faculty of Economics)

Self-fulfilling Crises and Country Solidarity


Vaska Atta-Darkua (Cambridge Judge Business School)

Received Honourable Mention

for her paper:

Corporate Ethical Behaviours and Equity Value:

evidence from the Norwegian Sovereign Wealth

Fund's ethical exclusions


Simon Lloyd (Faculty of Economics)

Estimating Nominal Interest Rate Expectations: Overnight Indexed Swaps and the Term Structure

Jonathan Smith (Faculty of Economics)

Received Honourable Mention

for his paper 

The Leverage Ratio, Risk-Taking and Bank Stability


Scott Lang (Department of Law)

Received Honourable Mention

for his paper

A Critical Analysis of Whether the Zone Tax Offset contravenes the Australian Constitutional Prohibition on Taxes that Discriminate between States or Parts of States


Anil Ari, Faculty of EconomicsSovereign Risk and Bank Risk-Taking


Jeroen Dalderop, Faculty of Economics, Nonparametric State-Price Density using High-Frequency Data


D. B. R. Derrett, Diffusion-generated Jump Processes:A Framework for Efficient Pricing with Jumps and Stochastic Volatility


Nicky Ferguson (co-authored with P. Raghavendra Rau), Understanding Equity Co-movement: An Information Based Approach

Edmond Smith Received Honourable Mention for his paper, Crowdfunding an Early Modern Start-up: Mapping Investment in the East India Company


Arun Thillaisundaram, The Merton Problem with a Drawdown Constraint on Consumption


Gabor Pinter (joint paper with Peter N. Gal) - Capital in the Business Cycle: Renting versus Ownership

2010-2011 (awarded to 2 papers):

Henri Buchsteiner, Cambridge Judge Business School & Kiril Zavadov, Department of Land Economy - 'Bubbles & Crises in Open Economies'

Ezequiel Antar, Statistical Laboratory - 'Mutually beneficial contingent claims in incomplete markets'


Sergejs Saksonovs, Faculty of Economics - Explaining external asset allocation: a multi-country model with preference heterogeneity


Dapeng Gu, Faculty of Economics - External imbalances and sustainability

The deadline for submission of papers is 31st May each year.

The winner is announced at the Cambridge Finance student lunch in June.

View full details of the entry criteria here.