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Fuqua Finance Professors Receive Jensen Prize

September 26, 2002

charvey
graham
Campbell R. Harvey
John R. Graham

DURHAM, N.C. -- John R. Graham and Campbell R. Harvey, finance professors at Duke University’s Fuqua School of Business, were recently awarded first prize in the annual Jensen Prizes for Corporate Finance and Organizations competition. The award was given for the best corporate financial paper published during 2001 in the Journal of Financial Economics.

In the paper, “The Theory and Practice of Corporate Finance,” Graham and Harvey reported interview and survey results from 392 chief financial officers of public and private firms and compared their responses (i.e., the practice of corporate finance) to what academic theory says they should be doing (i.e., the theory of corporate finance). Where they note inconsistencies between practice and theory, Graham and Harvey hope to encourage practitioners and academics to reevaluate their positions. Their paper was the number one downloaded paper from the journal, registering nearly 2000 downloads.

Graham is an associate professor of finance at Fuqua. He teaches corporate finance to MBAs and is the director of the FEI-Fuqua survey of chief financial officers.

Harvey is the J. Paul Sticht Professor of International Business at Fuqua. He is also a research associate of the National Bureau of Economic Research in Cambridge, Massachusetts.

The Jensen Prizes for Corporate Finance and Organizations are awarded annually to the best corporate financial paper published during the previous year in the Journal of Financial Economics. The winners of the Jensen Prizes are determined by an online election of Journal of Financial Economics subscribers.