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The recipient of the “Jaime Fernández de Araoz
Corporate Finance” Award will be given:
An amount of 10,000€.
A sculpture by Martín Chirino (www.martinchirino.com), symbol of the Award.
The recipient of the Jaime Fernández de Araoz
Corporate Finance Award will be given:

The Award

The purpose of the Award, tthe only one of its kind in Spain, is to contribute to developing the economy and corporate finance through acknowledging an applied research work in this field. This edition of the Award, has the collaboration of CUNEF and Universia, and includes a cash prize of €10,000 and a sculpture by Martín Chirino.

The members of the Jury are people of recognised prestige from the economic, business and academic spheres. The Jury is chaired by Mr Eduardo Serra Rexach, president of the Transforma España Foundation. Since the Award was launched in 2005, 255 submissions on a wide range of subjects have been received from authors representing more than 28 nationalities. In the first edition of the Award, the winner was a paper on investor protection in international transactions; in 2007, the winning paper was on executive compensation; in 2009, on internal corporate governance; in 2011, on the talent market in the United States; in 2013, on the relationship between tax incentives and the capital structure of companies; in 2015, on the relationship between tight credit and employment; and in the previous edition, on the effect of the cost of external capital (issuance of shares to investors other than the founding entrepreneurs), on investment by young companies. In this last edition the paper analyses how management decisions taken by the directors of index funds have a considerable impact on good corporate governance and on the functioning of listed companies and the economy.

In this eighth edition of the Jaime Fernández de Araoz Award on Corporate Finance, 32 papers from 83 authors of 26 different nationalities were submitted. Most of the authors come from academic and university backgrounds, and they represent the world’s leading universities and business schools.

The Award pays tribute to Jaime Fernández de Araoz Gómez-Acebo, a Graduate in Economics and Business Studies from CUNEF, who devoted his professional career to investment banking. Between 1989 and 2003 he worked for Lehman Brothers and Banco Santander before being appointed Managing Director of Citigroup, where his outstanding qualities, both personal and professional, were always clearly in evidence. He died in an accident in 2003, at the age of 37.

Award Rules

Object
The Award aims to encourage the development of Corporate Finance, recognizing the work of those individuals or teams which have contributed to this field with their research work or applied experience.

Participants
The Award is open to individuals and/or research teams from any institution within the academic sphere and the business and corporate environment from any country in the world. Should the participant be a team, the director of the team or the principal researcher will be identified. Each individual or team may only enter one paper.

Research areas
The paper should fit into the wide framework defined by Corporate Finance. As an example, the following list of possible topics may serve as a guide:

  • Company valuation techniques
  • Investment and financing decisions
  • Corporate financial structure
  • Bank financing and market financing
  • Dividend policy
  • Risk mangement policy
  • Mergers, acquisitions and takeover bids
  • Flotations and procedures for the placement and underwriting of issues
  • Implications of the International Financial Reporting Standars (IFRS)
  • The role of investment banks
  • Venture capital and private equity
  • The role of rating agencies
  • Executives’ compensation
  • Corporate governance
  • Regulatory and fiscal framework

Such topics may be considered from an economic, financial, legal or any other type of perspective.

Relevant merits
The Jury will appraise the originality of the area of study, the quality of the paper and it’s applied nature.

Requirements and method for entering papers
Papers must be original and unpublished, written in Spanish or English and titled. They will enclose an abstract with principal conclusions.

Value of the Prize
A sole prize will be awarded and it will carry a cash award of 10,000€ and a sculpture by Martín Chirino.


The Jury

The Jury will be made up of individuals with well-known prestige in the economic, business and academic world and members of the Fernández de Araoz Family. The Chairman and the Secretary of the Jury will be appointed by the Fernández de Araoz Family.
Each member of the Jury shall have one vote. The decision will be made by a simple majority of votes. In the case of a draw, the vote of the Chairman will decide the result.
The Jury shall appoint a Speaker or a Delegate Commission who will be responsible for describing the merits and circumstances for the decision of the Award.
The Jury’s decision will be unappealable.

Award Ceremony
The Award will be presented in a ceremony whose date shall be communicated with sufficient notice. The winning author or team should be present at the Award Ceremony.

Acceptance of the Award Rules
The presentation of a paper for entering the Award implies the whole and unconditional acceptance of these Rules, as well as:
a) The consent to the disclosure of the paper in the case of being awarded the prize, without affecting to the publishing rights which shall belong in all cases to the author.
b) The guarantee of the authorship and originality of the paper presented and its unpublished nature.