Harry M. Markowitz Award
Harry M. Markowitz
1927-2023
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.
2024 Harry Markowitz Award
Night Moves: Is the Overnight Drift the Grandmother of all Market Anomalies?
Victor Haghani, Vladimir Ragulin and Richard Dewey
2024 Special Distinction Awards
Arbitrage Pricing Theory 50 Years After Black Merton Scholes
Robert A. Jarrow
&
Stock Market Insurance Prices, BL Skew, Conditional Marginal Utilities and the Equity Risk Premium
Douglas T. Breeden
The awards will be presented at the upcoming JOIM Spring Conference.
JOIM Spring Conference – AI in Finance II
April 21 – 23, 2025 / Santa Clara University campus
Registration open – further details: ( visit )
| Year | Award | Author(s) | Title |
| 2023 | Harry Markowitz | William Kinlaw, Mark Kritzman, Michael Metcalfe and David Turkington | The Determinants of Inflation Vol. 21, No. 3, 2023 |
| 2023 | Special Distinction | James X. Xiong, Thomas M. Idzorek and Roger G. Ibbotson | The Diminishing Role of Active Mutual Funds: Flows and Returns Vol. 21, No. 4, 2023 |
| 2023 | Special Distinction | Abdullah Alhamdan, Zachery M. Halem, Irene Hernandez, Andrew W. Lo, Manish Singh and Dennis Whyte | Financing Fusion Energy Vol.21, No.1, 2023 |
| 2022 | Harry Markowitz | Megan Czasonis, Mark Kritzman and David Turkington | Relevance Vol. 20, No. 1, 2022 |
| 2022 | Special Distinction | Ashwin Alankar and Myron Scholes | Carbon Emissions and Asset Management Vol. 20, No. 4, 2022 |
| 2022 | Special Distinction | Soohun Kim, Robert A. Korajczyk and Andreas Neuhierl | Characteristic-Based Returns: Alpha or Smart Beta? Vol. 20, No. 1, 2022 |
| 2021 | Harry Markowitz | Ananth Madhavan, Aleksander Sobczyk and Andrew Ang | What Happens with More Funds than Stocks? Analysis of Crowding in Style Factors and Individual Equities Vol. 19, No. 2, 2021 |
| 2021 | Special Distinction | Antti Ilmanen, Ronen Israel, Rachel Lee, Tobias J. Moskowitz and Ashwin Thapar |
How Do Factor Premia Vary Over Time? A Century of Evidence |
| 2021 | Special Distinction | Russ Wermers | Active Investing and the Efficiency of Security Markets Vol. 19, No. 1, 2021 |
| 2020 | Harry Markowitz | Ronen Israel, Bryan Kelly and Tobias Moskowitz | Can Machines “Learn” Finance? Volume 18, No. 2, 2020 |
| 2020 | Special Distinction | Andrew W. Lo, Alexander Remorov and Zied Ben Chaouch | Measuring Risk Preferences and Asset-Allocation Decisions: A Global Survey Analysis Volume 18, No. 3, 2020 |
| 2020 | Special Distinction | Robert C. Merton and Arun Muralidhar | Six-Component Integrated Approach to Addressing the Retirement Funding Challenge Volume 18, No. 4, 2020 |
2019 |
Harry Markowitz | John Hull, Andrew W. Lo, Roger Stein | Funding the Long Shot Vol. 17, No. 4, 2019 |
| 2019 | Special Distinction | Ananth Madhavan and Aleksander Sobczyk | Does Trading By ETF and Mutual Fund Investors Hurt Performance? Evidence from Time-and Dollar-Weighted Returns Vol. 17, No. 3, 2019 |
| 2019 | Special Distinction | James X. Xiong and Thomas M. Idzorek | Quantifying the Skewness Loss of Diversification Vol. 17, No. 2, 2019 |
| 2018 | Harry Markowitz | Sanjiv R. Das, Daniel Ostrov, Anand Radhakrishnan and Deep Srivastav | A New Approach to Goals-Based Wealth Management Vol. 16, No. 3, 2018 |
| 2018 | Special Distinction | Clemens Sialm, Laura Starks and Hanjiang Zhang | Defined Contribution Pension Plans and Mutual Fund Flows Vol. 16, No. 4, 2018 |
| 2018 | Special Distinction | Andrei Kirilenko, Albert S. Kyle, Mehrdad Samadi and Tugkan Tuzun | Automation, Intermediation and the Flash Crash Vol. 16, No. 3, 2018 |
| 2017 | Harry Markowitz | Andrew W. Lo | Moore’s Law Vs. Murphy’s Law in the Financial System: Who’s Winning? Vol. 15, No. 1, 2017 |
| 2017 | Special Distinction | Gerald T. Garvey, Joshua Kazdin, Ryan LaFond, Joanna Nash and Hussein Safa | A Pitfall in Ethical Investing: ESG Disclosures Reflect Vulnerabilities, not Virtues Vol. 15, No. 2, 2017 |
| 2017 | Special Distinction | Moshe Levy | Measuring Portfolio Performance: Sharpe, Alpha, or the Geometric Mean Vol. 15, No. 3, 2017 |
| 2016 | Harry Markowitz | Robert S. Harris, Tim Jenkinson and Steven N. Kaplan | How Do Private Equity Investments Perform Compared to Public Equity? Vol. 14, No. 3, 2016 |
| 2016 | Special Distinction | Moshe Levy | It’s Easy to Beat the Market Vol. 14, No. 3, 2016 |
| 2016 | Special Distinction | W.V. Harlow and Keith C. Brown | Market Risk, Mortality Risk, And Sustainable Retirement Asset Allocation: A Downside Risk Perspective Vol. 14, No. 2, 2016 |
| 2015 | Harry Markowitz | James X. Xiong and Roger G. Ibbotson | Momentum, Acceleration, and Reversal Vol. 13, No. 1, 2015 |
| 2015 | Special Distinction | Clifford S. Asness, Antti Ilmanen, Ronen Israel and Tobias J. Moskowitz | Investing with Style Vol. 13, No. 1, 2015 |
| 2015 | Special Distinction | Harry M. Markowitz | INSIGHTS – Consumption, Investment and Insurance in the Game of Life Vol. 13, No. 3, 2015 |
| 2014 | Harry Markowitz | Zvi Bodie and Marie Briere | Sovereign Wealth and Risk Management: A Framework for Optimal Asset Allocation of Sovereign Wealth Vol. 12, No. 1, 2014 |
| 2014 | Special Distinction | Peter Lee and Andrew W. Lo | Hedge Fund Beta Replication: A Five Year Retrospective Vol. 12, No. 3, 2014 |
| 2014 | Special Distinction | Lisa Goldberg, Ran Leshem and Patrick Geddes | Restoring Value to Minimum Variance Vol. 12, No. 2, 2014 |
| 2013 | Harry Markowitz | John C. Hull Alan White | LIBOR Versus OIS: The Derivatives Discounting Dilemma Vol. 12, No. 3, 2013 |
| 2013 | Special Distinction | Mark Seasholes and Ning Zhu | Investing in What You Know The Case of Individual Investors and Local Stock Vol. 11, No. 1, 2013 |
| 2013 | Special Distinction | Lawrence E. Harris, Ethan Namvar and Blake Phillips | Price Inflation and Wealth Transfer During the 2008 SEC Short Sale Ban Vol. 11, No. 2, 2013 |
| 2012 | Harry Markowitz | Moshe Levy and Richard Roll | A New Perspective on the Validity of the CAPM: Still Alive and Well Vol. 10, No. 3, 2012 |
| 2012 | Special Distinction | Zvi Bodie, Jerome Detemple and Marcel Rindisbacher | Lifecycle Consumption-Investment Policies and Pension Plans: a Dynamic Analysis Vol. 10, No. 1, 2012 |
| 2012 | Special Distinction | Jeffrey Graham | Comment on the Theoretical and Empirical Evidence of Fundamental Indexing Vol. 10, No. 1, 2012 |
| 2011 | Harry Markowitz | John Y. Campbell, Jens Hilscher and Jan Szilagyi | Predicting Financial Distress and the Performance of Distressed Stocks Vol. 9, No. 2, 2011 |
| 2011 | Special Distinction | Harry M. Markowitz, Robert Snigaroff and David Wroblewski | The Supply and Demand of Alpha Vol. 9, No. 1, 2011 |
| 2011 | Special Distinction | Eric Fielding, Andrew W. Lo and Jian Helen Yang | The National Transportation Safety Board: A Model for Systemic Risk Management Vol. 9, No. 1, 2011 |
| 2010 | Harry Markowitz | Andrew W. Lo and Mark T. Mueller | Warning: Physics Envy May Be Hazardous to Your Wealth! Vol. 8, No. 2, 2010 |
| 2010 | Special Distinction | David N. Esch | Non-Normality Facts and Fallacies Vol. 8, No. 1, 2010 |
| 2010 | Special Distinction | John Hull and Alan White | An Improved Implied Copula Model and Its Application to the Valuation of Bespoke CDO Tranches Vol. 8, No. 3, 2010 |
