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Arvind Krishnamurthy, the Harold Stuart Professor of Finance, has received one of the finance field's top honors: the first-place 2008 Smith Breeden Prize. The prestigious prize is bestowed annually on the top paper published in The Journal of Finance in any area, excluding corporate finance. In addition to the first-place prize, two distinguished prizes are awarded by the journal's associate editors. Krishnamurthy's paper, "Collective Risk Management in a Flight-to-Quality Episode," was co-authored with Ricardo J. Caballero, the Ford International Professor of Economics at the Massachusetts Institute of Technology. Their prize-winning paper examines the causes and consequences of "Flight-to-quality" episodes, when fear in the marketplace provokes investors to drop high-risk investments in favor of those that are safer and lower-risk.
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