NES Professor Sergey Kovbasyuk's article “Advertising Arbitrage” has been voted to receive the IQAM Best Paper Prize 2023 as the best investment paper published in the Review of Finance. The article is co-authored with Marco Pagano, University of Naples Federico II Professor of Finance. It describes how an arbitrageur who is informed about many assets optimally concentrates his advertising on just a few assets in order to maximize the price impact of his advertising.
IQAM Prize (known as the Spängler-IQAM Prize prior to 2021) is awarded from 2011 for the best paper on investment published in the journal of the European Finance Association, the Review of Finance. The prize-winning paper is selected by the Editorial Board of the journal. The Association announced the prize during the EFA Meeting in Amsterdam (Aug 16-Aug19).
Congratulations to Sergey!