Tino Cestonaro and Niklas Trimpe won the SFA Best PhD Paper Award.

efl members Tino Cestonaro and Niklas Trimpe won the SFA (Southern Finance Association) Best PhD Paper Award for their paper "Efficient or not? Price measures in market microstructure". In their paper, the authors demonstrate that commonly used price measures, such as the transaction price and midpoint, incorporate public information with substantial delay, whereas advanced measures like the micro-price capture it almost instantaneously. Their findings show that relying on inefficient price proxies can cause systematic distortions in research and trading, providing essential guidance for future studies and investor decision-making. Congratulations!