On July 3, 2016, the winners list of the 2nd Sun Yefang Financial Innovation Paper Award was announced. Professor CHEN Xiao and Professor XUE Jian, Department of Accounting at Tsinghua University School of Economics and Management (Tsinghua SEM), won this award for their joint paper "The Sensitivity of Corporate Cash Holdings to Corporate Governance" which was published onThe Review of Financial Studiesin September 2012. Tsinghua SEM doctoral student in Finance LIU Zehao was also on the winners list for his joint paper "The Financial Stratification of Chinese Goods and the Driving Mechanism of Inflation" which was published onEconomics Researchin January 2014.