SIRCA is pleased ​to announce the winners of the 2016 Philip Brown Prize. At the 2017 AFAANZ Conference in Adelaide on Tuesday 4 July, SIRCA announced the 2016 winners of the ​Philip Brown Prize ​for the Best Published Paper. Congratulations to ​both ​Zheyao Pan and Jianlei Han​ for the publication of their paper in an A* journal, titled ‘On the relation between liquidity and the futures-cash basis: Evidence from a natural experiment’. ​Their paper was published in the Journal of Financial Markets, which, in response to the 2015 Chinese stock market crash, tests the hypothesis that liquidity and pricing efficiency causally affects each other. Their outstanding studies found that resulting shift in the arbitrage boundary led to the breakdown of the two-way causality relation between liquidity and the absolute futures-cash basis.