| 2019 | Winning Paper:
Quasi-dark trading: The effects of banning dark pools in a world of many alternatives | Thomas Johann, Talis Putnins, Satchit Sagade, and
Christian Westheide |
| 2018 | Winning Paper:
Market power on exchanges: linking price impact to trading fees | Sarah Draus |
| 2017 | Winning Paper:
Overestimated effective spreads: Implications for investors | Björn Hagströmer |
| 2017 | Special Mention
Regulatory Integration of International Capital Markets | Jean-Marie A. Meier from the London Business School. |
| 2016 | Winning Paper:
Discrete or continuous trading? HFT competition and liquidity on batch auction markets"
| Marlene D. Haas and Marius A. Zoican |
| 2016 | Special mention:
BackRunning: Seeking and Hiding Fundamental Information in Order Flows | Liyan Yang and Haoxiang Zhu. |
| 2015 | Winning Paper:
High-Frequency Trading and Market Stability | Dion Bongaerts and Mark Van Achter |
| 2014 | Winning Paper:
Price Discovery in European Volatility Interruptions | Kai Zimmermann |
| 2013 | Winning Paper:
Liquidity Supply across Multiple Trading Venues | Laurence Lescourret and Sophie Moinas |
| 2011 | Winning Paper:
Adverse selection, transaction fees, and multi-market trading | Peter Hoffmann |
| 2009 | Winning Paper:
Latency, Liquidity and Price Discovery | Ryan Riordan and Andreas Storkenmaier |
| 2008 | Winning Paper:
Continuous Linked Settlement: An Empirical Approach | Alexandra Schaller |
| 2007 | Winning Paper:
Stock Exchange Merger and Liquidity | Ulf Nielsson |
| 2006 | Winning Paper:
The one-share-one-vote controversy in the EU | Arman Khachaturyan |
| 2006 | Special mention:
Insider Ownership, Corporate Performance and the
German Entrepreneurial Index (GEX) – Practical and Academic Evidence from Germany | Benjamin Moldenhauer |
| 2005 | Joint winning paper:
Decomposing European Bond and Equity Volatility | Professor Charlotte Christiansen |
| 2005 | Joint winning paper:
Volatility Regimes and the Provision of Liquidity in Order Book Markets | Helena Beltran,
Professor Alain Durré and
Professor Pierre Giot |
| 2004 | Winning Paper:
On the Hidden Side of Liquidity | Angel Pardo and Roberto Pascual |
| 2004 | Special mention:
IPO Pricing and Informational Efficiency:
The Role of Aftermarket Short Covering | Björn Bartling and Andreas Park |
| 2003 | Winning Paper:
Competition among Alternative Option Market Structures: Evidence from
Eurex vs. Euwax | Söhnke Bartram and Frank Fehle |
| 2003 | Special mention:
Crossing Network Trading and the Liquidity of a Dealer Market:
Cream-Skimming or Risk Sharing? | Carole Gresse |
| 2003 | Special mention:
Block Trades and The Benefits from Control in Slovenia | Aleksandra Gregoric and Cristina Vespro |
| 2002 | Winning Paper:
An Empirical Assessment of the Efficiency of Trading Halts to Disseminate Price-Sensitive
Information during the Opening Hours of a Stock Exchange - the Case of Brussels | Peter-Jan Engelen |
| 2002 | Special mention:
Pricing Initial Public Offerings in Premature Capital Markets: the Case of Hungary | Ibolya Schindele and Enrico Perotti, |
| 2001 | Winning Paper:
Splitting Orders in Fragmented Markets – Evidence from Cross-Listed Stocks | Albert J. Menkveld |
| 2001 | Special mention:
Isolation or Association: A Difficult Choice for a Regional Exchange –
the Example of the Budapest Stock Exchange | Nóra Szeles and Gábor Marosi |
| 2000 | Winning Paper:
Information and Geography: Evidence from the German Stock Market | Professor Harald Hau |
