Awards

Harry M. Markowitz Award

The Harry M. Markowitz Award (sponsored jointly by JOIM and New Frontier Advisors, LLC) recognizes the seminal and transcendent impact of Dr. Markowitz’s work as a financial economist and mathematician on both theoretical finance and the practice of asset management. The award has been established to honor his legacy and to support future research and innovation in practical asset management. Candidates for the annual award are chosen by the JOIM’s Associate Editors from the papers published in JOIM in a calendar year. Final selection of the prize winners is conducted from the Nobel Prize Laureates who are members of the JOIM Advisory Board. A honorarium of $10,000 will be bestowed to the winning paper. Two additional finalist papers will receive a Special Distinction Award and a $5,000 honorarium.

Award	Article
2024
Harry Markowitz	Night Moves: Is the Overnight Drift the Grandmother of all Market Anomalies? By Victor Haghani, Vladimir Ragulin and Richard Dewey Volume 22, No. 2, Second Quarter 2024	Read Article
Special Distinction	Arbitrage Pricing Theory 50 Years After Black Merton Scholes By Robert A. Jarrow Volume 22, No. 4, Fourth Quarter 2024	Read Article
Special Distinction	Stock Market Insurance Prices, BL Skew, Conditional Marginal Utilities and the Equity Risk Premium By Douglas T. Breeden Volume 22, No. 3, Third Quarter 2024	Read Article
2023
Harry Markowitz	The Determinants of Inflation By William Kinlaw, Mark Kritzman, Michael Metcalfe and David Turkington Volume 21, No. 3, Third Quarter 2023	Read Article
Special Distinction	The Diminishing Role of Active Mutual Funds: Flows and Returns By James X. Xiong, Thomas M. Idzorek and Roger G. Ibbotson Volume 21, No. 4, Fourth Quarter 2023	Read Article
Special Distinction	Financing Fusion Energy By Abdullah Alhamdan, Zachery M. Halem, Irene Hernandez, Andrew W. Lo, Manish Singh and Dennis Whyte Volume 21, No. 1, First Quarter 2023	Read Article
2022
Harry Markowitz	Relevance By Megan Czasonis, Mark Kritzman and David Turkington Volume 20, No. 1, First Quarter 2022	Read Article
Special Distinction	Carbon Emissions and Asset Management By Ashwin Alankar and Myron Scholes Volume 20, No. 4, Fourth Quarter 2022	Read Article
Special Distinction	Characteristic-Based Returns: Alpha or Smart Beta? By Soohun Kim, Robert A. Korajczyk and Andreas Neuhierl Volume 20, No. 1, First Quarter 2022	Read Article
2021
Harry Markowitz	What Happens with More Funds than Stocks? Analysis of Crowding in Style Factors and Individual Equities By Ananth Madhavan, Aleksander Sobczyk and Andrew Ang Volume 19, No. 2, Second Quarter 2021	Read Article
Special Distinction	How Do Factor Premia Vary Over Time? A Century of Evidence By Antti Ilmanen, Ronen Israel, Rachel Lee, Tobias J. Moskowitz and Ashwin Thapar Volume 19, No. 4, Fourth Quarter 2021	Read Article
Special Distinction	Active Investing and the Efﬁciency of Security Markets By Russ Wermers Volume 19, No. 1, First Quarter 2021	Read Article
2020
Harry Markowitz	Can Machines “Learn” Finance? By Ronen Israel, Bryan Kelly and Tobias Moskowitz Volume 18, No. 2, Second Quarter 2020	Read Article
Special Distinction	A Six-Component Integrated Approach to Addressing the Retirement Funding Challenge By Robert C. Merton and Arun Muralidhar Volume 18, No. 4, Fourth Quarter 2020	Read Article
Special Distinction	Measuring Risk Preferences and Asset-Allocation Decisions: A Global Survey Analysis By Andrew W. Lo, Alexander Remorov, and Zied Ben Chaouch Volume 18, No. 3, Third Quarter 2020	Read Article
2019
Harry Markowitz	Funding Long Shots By John Hull, Andrew W. Lo and Roger M. Stein Volume 17, No. 4, Fourth Quarter 2019	Read Article
Special Distinction	Does Trading by ETF and Mutual Fund Investors Hurt Performance? Evidence from Time- and Dollar-Weighted Returns By Ananth Madhavan and Aleksander Sobczyk Volume 17, No. 3, Third Quarter 2019	Read Article
Special Distinction	Quantifying the Skewness Loss of Diversification By James X. Xiong and Thomas M. Idzorek Volume 17, No. 2, Second Quarter 2019	Read Article
2018
Harry Markowitz	A New Approach to Goals-Based Wealth Management By Sanjiv R. Das, Daniel Ostrov, Anand Radhakrishnan and Deep Srivastav Volume 16, No. 3, Third Quarter 2018	Read Article
Special Distinction	Automation, Intermediation and the Flash Crash By Andrei Kirilenko, Albert S. Kyle, Mehrdad Samadi and Tugkan Tuzun Volume 16, No. 4, Fourth Quarter 2018	Read Article
Special Distinction	Defined Contribution Pension Plans and Mutual Fund Flows By Clemens Sialm, Laura Starks and Hanjiang Zhang Volume 16, No. 3, Third Quarter 2018	Read Article
2017
Harry Markowitz	Moore’s Law Vs. Murphy’s Law in the Financial System: Who’s Winning? By Andrew W. Lo Volume 15, No. 1, First Quarter 2017	Read Article
Special Distinction	Measuring Portfolio Performance: Sharpe, Alpha, or the Geometric Mean? By Moshe Levy Volume 15, No. 3, Third Quarter 2017	Read Article
Special Distinction	A Pitfall in Ethical Investing: ESG Disclosures Reflect Vulnerabilities, not Virtues By Gerald T. Garvey, Joshua Kazdin, Ryan LaFond, Joanna Nash and Hussein Safa Volume 15, No. 2, Second Quarter 2017	Read Article
2016
Harry Markowitz	How Do Private Equity Investments Perform Compared to Public Equity? By Robert S. Harris, Tim Jenkinson and Steven N. Kaplan Volume 14, No. 3, Third Quarter 2016	Read Article
Special Distinction	Market Risk, Mortality Risk, And Sustainable Retirement Asset Allocation: A Downside Risk Perspective By W. V. Harlow and Keith C. Brown Volume 14, No. 2, Second Quarter 2016	Read Article
Special Distinction	It’s Easy to Beat the Market By Moshe Levy Volume 14, No. 3, Third Quarter 2016	Read Article
2015
Harry Markowitz	Momentum, Acceleration, and Reversal By James X. Xiong and Roger G. Ibbotson Volume 13, No. 1, First Quarter 2015	Read Article
Special Distinction	Consumption, Investment and Insurance in the Game of Life By Harry M. Markowitz Volume 13, No. 3, Third Quarter 2015	Read Article
Special Distinction	Investing With Style By Clifford S. Asness, Antti Ilmanen, Ronen Israel and Tobias J. Moskowitz Volume 13, No. 1, First Quarter 2015	Read Article
2014
Harry Markowitz	Sovereign Wealth and Risk Management: A Framework for Optimal Asset Allocation of Sovereign Wealth By Zvi Bodie and Marie Briere Volume 12, No. 1, First Quarter 2014	Read Article
Special Distinction	Hedge Fund Beta Replication: A Five-Year Retrospective By Peter A. Lee and Andrew W. Lo Volume 12, No. 3, Third Quarter 2014	Read Article
Special Distinction	Restoring Value to Minimum Variance By Lisa Goldberg, Ran Leshem and Patrick Geddes Volume 12, No. 2, Second Quarter 2014	Read Article
2013
Harry Markowitz	LIBOR Versus OIS: The Derivatives Discounting Dilemma By John Hull and Alan White Volume 11, No. 3, Third Quarter 2013	Read Article
Special Distinction	Price Inflation and Wealth Transfer During the 2008 SEC Short-Sale Ban By Lawrence E. Harris, Ethan Namvar and Blake Phillips Volume 11, No. 2, Second Quarter 2013	Read Article
Special Distinction	Investing in What You Know: The Case of Individual Investors and Local Stocks By Mark S. Seasholes and Ning Zhu Volume 11, No. 1, First Quarter 2013	Read Article
2012
Harry Markowitz	A New Perspective on the Validity of the CAPM: Still Alive and Well By Moshe Levy and Richard Roll Volume 10, No. 3, Third Quarter 2012	Read Article
Special Distinction	Lifecycle Consumption-Investment Policies and Pension Plans: A Dynamic Analysis By Zvi Bodie, Jérôme Detemple and Marcel Rindisbacher Volume 10, No. 1, First Quarter 2012	Read Article
2011
Harry Markowitz	Predicting Financial Distress and the Performance of Distressed Stocks By John Y. Campbell, Jens Hilscher and Jan Szilagyi Volume 9, No. 2, Second Quarter 2011	Read Article
Special Distinction	The National Transportation Safety Board: A Model for Systemic Risk Management By Eric Fielding, Andrew W. Lo and Jian Helen Yang Volume 9, No. 1, First Quarter 2011	Read Article
Special Distinction	The Supply and Demand of Alpha By Harry Markowitz, Robert Snigaroff and David Wroblewski Volume 9, No. 1, First Quarter 2011	Read Article
2010
Harry Markowitz	Warning: Physics Envy May Be Hazardous to Your Wealth! By Andrew W. Lo and Mark T. Mueller Volume 8, No. 2, Second Quarter 2010	Read Article
Special Distinction	An Improved Implied Copula Model and Its Application to the Valuation of Bespoke CDO Tranches By John Hull and Alan White Volume 8, No. 3, Third Quarter 2010	Read Article
Special Distinction	Non-Normality Facts and Fallacies By David N. Esch Volume 8, No. 1, First Quarter 2010	Read Article