Award Rules


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.


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Papers must be original and unpublished, written in Spanish or English and titled.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.