Finance’s Francesca Carrieri and Vihang Errunza (along with Ked Hogan of Barclays Global Investors) wrote the paper, "Characterizing World Market Integration through Time", which has won the 2007 William F. Sharpe Award for the best paper published in the Journal of Financial and Quantitative Analysis (JFQA). The JFQA is published quarterly by the Michael G. Foster School of Business at the University of Washington. It publishes theoretical and empirical research in financial economics covering corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. The William F. Sharpe Award for Scholarship in Financial Research recognizes researchers who, through their articles published in the JFQA, have most contributed to our understanding of important areas of financial economics. Nominees for the Sharpe Award are chosen by a vote of JFQA readers and Associate Editors. The final selection is made by JFQA Associate Editors. The award carries with it a $5000 cash prize.