Brattle Distinguished Paper Prize to Jungsuk Han

Congratulations Jungsuk Han whose paper “The Paradox of Financial Fire Sales: The Role of Arbitrage Capital in Determining Liquidity”, written with James Dow, was awarded Brattle Distinguished Paper Prize.


Jungsuk’s paper explores the mechanisms of financial fire sales. During a crisis, prices become less informative as specialist investors become more constrained. Non-specialist investors, worrying about potential adverse selection, become less unwilling to supply capital to support the price.  The stabilizing mechanism of capital from non-specialist investors fails which in turn increases the risk of financial fire sales.


The Brattle Group Prizes are awarded annually for outstanding academic papers in the field of corporate finance. They are chosen by the associate editors of The Journal of Finance from papers published in The Journal during the prior year. The Journal of Finance is widely regarded as one of the world’s top three journals in finance. More about the Brattle Group Prizes and previous winners here: