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  I Edition of the
“Jaime Fernández de Araoz Corporate Finance” Award

The team made up by Spaniard Arturo Bris and Christos Cabolis from Greece, both professors at Yale University, won the I Edition of the “Jaime Fernández de Araoz Corporate Finance” Award in 2005, with their paper titled “The value of investor protection: evidence based on international mergers”. The winners claim in their study that better corporate governance gives more value to shareholders.

The Award, the only one of its type in Spain, was sponsored by Citigroup and the Spanish Institute of Financial Analysts.

It also had support and assistance from the Fundación Ramón Areces, and offered a cash prize of six thousand euros and a sculpture by Martín Chirino.

The 35 papers submitted in this edition came from the university environment and the business, corporate and institutional world.