Professor Anna Pavlova receives JFE Best Paper Award and honorary doctorate
Two honours celebrate the Professor’s contributions to finance research and academic excellence
London Business School is celebrating two prestigious honours awarded to Professor Anna Pavlova, recognising her outstanding contributions to finance research and academia. The Professor of Finance received the Journal of Financial Economics' Best Paper Award for the global impact of her research, alongside an Honorary Doctorate from the University of St. Gallen in recognition of her academic achievements.
Expanding on this achievement, Professor Pavlova, together with Associate Professor Svetlana Bryzgalova and former London Business School PhD student Taisiya Sikorskaya, currently at the Booth School of Business of the University of Chicago, received the Journal of Financial Economics (JFE) Best Paper Award for their paper 'Strategic arbitrage in segmented markets'.
The award was presented at the recent 2026 annual meeting of the Western Finance Association in Denver, Colorado. The JFE is widely regarded as one of the world’s leading finance journals, while the Western Finance Association conference is among the discipline’s most respected academic gatherings.
The research examines how professional traders exploit pricing discrepancies when they interact repeatedly over time. The study shows that arbitrageurs may strategically avoid competing aggressively for every opportunity, instead specialising in different trades. This behaviour can allow pricing discrepancies to persist, even in sophisticated financial markets, a finding supported by evidence from the U.S. options market.
Reflecting on the award, Professor Pavlova said: “We are delighted that this study received the JFE Best Paper Award. This recognition is especially meaningful because it was co-authored at London Business School by an all-LBS team: my faculty colleague Associate Professor Svetlana Bryzgalova, our then PhD student Taisiya Sikorskaya, and myself. It is wonderful to see research developed within the School community recognised by one of the leading journals in finance, and I am very grateful to Svetlana and Taisiya for what was a true team effort.”
In addition, Professor Pavlova was awarded an Honorary Doctorate in Management, Finance and Computer Science from the University of St.Gallen, Switzerland. Since 1949, the University has conferred honorary doctorates on distinguished individuals, whose achievements have made a significant contribution to academia, business and society. The Professor’s pioneering research in financial markets and asset pricing has helped advance more responsible financial systems and earned widespread recognition.
Commenting on her Honorary Doctorate, Professor Pavlova said: “I am deeply honoured to receive an honorary doctorate from the University of St Gallen. It is a very special recognition from an institution with an outstanding international reputation, and I am grateful to the University for this distinction. Academic research is never a solitary endeavour and I see this honour as a reflection of the many colleagues, co-authors, students and mentors who have and supported my work over the years.”
Together, these honours underscore Professor Pavlova's international standing as a leading finance scholar and reflect London Business School's commitment to research that advances the knowledge and mechanics of global financial markets.