International Academic Award for Dr. Christos Cabolis, Assistant Professor of Economics & Finance

Christos Cabolis, Assistant Professor of Economics & Finance at ALBA, achieved an important international distinction by been awarded the 'First Jaime Fernández de Araoz Award in Corporate Finance' for his paper The Value of Investor Protection: Firm Evidence from Cross-Border Mergers co-authored with Arturo Bris, the Robert B. & Candice Haas Associate Professor of Corporate Finance at Yale School of Management and Fellow at the European Corporate Governance Institute.

The 'Jaime Fernandez de Araoz' Award initiative is designed to contribute to the development of corporate finance, rewarding the individuals or teams that have contributed significantly to this field through their research or experience. A Jury of distinguished academics and practitioners evaluate the quality, applicability and innovative nature of the papers submitted.

The award was presented by Crown Prince Felipe and Princess Letizia of Spain in a ceremony that took place in Madrid on June 13, 2005.

ALBA congratulates Dr. Cabolis for receiving this international award that reflects the institution´s mission to promote innovation and excellence in research and to advance knowledge in the field.

For more information and a copy of the article, please contact the Communications and Corporate Relations Department, ALBA, tel. 210-8964531 or e-mail: [email protected] .