This year, the Josseph de la Vega Prize 2002 has been awarded to Peter-Jan Engelen for his research 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 ".
The Josseph de la Vega Special Prize 2002 for a paper on Emerging Markets issues went to Ibolya Schindele and Enrico Perotti, for their paper "Pricing Initial Public Offerings in Premature Capital Markets: the Case of Hungary".
For further details about this prestigious prize, see:
 | Press release on the 2002 prize winners |
| Information for applicants for the 2003 prize |
| Previous winners |
| About Josseph de la Vega |
| FESE Contact |
| Press release on the 2001 prize winners |
| Information for Applicants for the 2003 prize |
The rules for the Josseph de la Vega 2003 prize will remain broadly unchanged. Full details however will be published in September 2002 and the deadline for submitting research papers is expected to be in February or March next year.
Applicants have to submit papers which focus on the securities markets in Europe. The main emphasis has to be on practical issues covering strategic, technological, regulatory, and/or related topics; a discussion of possible future developments is particularly welcome.
The authors have to be of European origin or should have performed most of their research activity in Europe. There is an age limit of 35 years.
Papers submitted have to be written in English and not exceed 50 pages in typing. Shorter papers of high quality and excerpts from longer academic papers are welcome.
If a paper submitted has been published or presented in an academic environment before, this publication or presentation should not date back more than one year from the date of submission for the Josseph de la Vega Prize.
The maximum amount to be awarded is € 7,500.
In addition to this main prize, the jury may award a special prize for a paper from authors from Central and Eastern European countries and from other European countries with emerging securities markets. Papers have to focus on aspects particular to such markets and to their integration into the European capital market. The maximum amount to be awarded for the special prize amounts to € 2,500.
The jury for both prizes is formed from the community of researchers, academics and practitioners in the field of financial markets in Europe. The independent Members of the jury are appointed by ECMI and FESE. The Federation secures a wide distribution of all submitted papers (subject to author's approval).
The prize or prizes are awarded at the European Financial Markets Convention which takes place annually in May or June each year in a FESE member country. The winner(s) will be invited to join the Convention.
| Previous winners |
In 2000, the first Josseph de la Vega Prize was awarded in June 2000 to Prof. Harald Hau for his research paper "Information and Geography: Evidence from the German Stock Market".
In 2001, the second Josseph de la Vega Prize was awarded in June 2001 to Albert J. Menkveld for his research paper "Splitting Orders in Fragmented Markets - Evidence from Cross-Listed Stocks".
Also in 2001, the Josseph de la Vega Special Prize for a paper on Emerging Markets issues went to Nóra Szeles and Gábor Marosi, Budapest, for their paper "Isolation or Association: A Difficult Choice for a Regional Exchange - the Example of the Budapest Stock Exchange" Honourable mention was given to Caspar Rose, Frederiksborg (Denmark) for his paper "The Impact of Investors Meetings/Presentations on Share Prices, Insider Trading and Securities Regulation".
| About Josseph (Penso) de la Vega |
Josseph (Penso) de la Vega was born around 1650 into a family of originally Spanish Jews. He spent most of his life in Amsterdam where his father Isaac was occupied in the banking business. He was elected to several posts in the Jewish and in the financial communities.
After several dramatic works and novels, in 1688 Josseph de la Vega published "Confusion de Confusiones", a book of dialogues concerned with the operations of the Amsterdam Stock Exchange (which had been founded in 1602). In the preface to his book, de la Vega gives three motives for writing the dialogues: (a) for his own pleasure; (b) to describe this "on the whole most honest and most useful of all businesses" to those who were not in the financial business; and (c) to describe, on the other hand "all the tricks the rascals know how to employ".
FESE believes that de la Vega's observations were highly accurate and are still of the greatest relevance today. This is why the Federation has chosen Josseph de la Vega as the patron for its prize.
Copies of an English translation of excerpts from de la Vega's book (published by the Harvard Business School) are available from the FESE Secretariat at cost
| FESE Contact |
Any further information may be obtained from and all correspondence should be addressed to Gregor Pozniak at the FESE Secretariat
