Associate Professor Wins Award For Research Paper
Associate Professor of Finance Andrea Eisfeldt of the Anderson School of Management and co-author Dimitris Papanikolaou of the Kellogg School of Management won the 2013 Smith Breeden Prize. Awarded annually to the best paper published in the Journal of Finance, the Smith Breeden Prize is presented at the American Finance Association meetings. This isn’t Eisfeldt’s first time at the rodeo either—she previously received recognition for a distinguished paper in the Journal.
“It makes me feel even more excited about the research and grateful for a fantastic co-author. I think this work is important and it is also a lot of fun,” Eisfeldt said after winning the award.
The prize-winning paper, titled “Organization Capital and the Cross-section of Expected Returns,” models the effect of organization capital on asset prices and argue that “shareholders consider firms with high levels of organization capital to be riskier than firms with more physical capital. The paper is the first to measure how the value of organization capital manifests in a market sense.
Eisfeldt says she plans to continue researching the implications of organizational capital, joined other UCLA Anderson Professors like Bhagwan Chowdhry, Bruce Carlin, Mark Garmaise and Hanno Lustig, all of whom have researched this topic. The implication of the research is significant to the companies of the future, especially those in the technology space, since those companies will only see their levels of organizational capital increase.
