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Award Recipients

2021

Jeffrey Jaffe
Investment Consulting Impact Award: Jeffrey F. Jaffe, Ph.D.


Garry Bridgeman
Wealth Management Impact Award: Garry W. Bridgeman


Marcel Kahan  Edward Rock
Governance Insight Award: Index Funds and Corporate Governance: Let Shareholders be Shareholders, Marcel Kahan, J.D., and Edward B. Rock, J.D.


Dan Awrey  Kathryn Judge
Governance Insight Award Honorable Distinction: Why Financial Regulation Keeps Falling Short, Dan Awrey, D.Phil., LL.M., and Kathryn Judge, J.D.


Florian Berg  Julian Kölbel  

Roberto Rigobon
Governance Insight Award Honorable DistinctionAggregate Confusion: The Divergence of ESG Ratings, Florian Berg, Ph.D., Julian F. Kölbel, Ph.D., and Roberto Rigobon, Ph.D.


Sid Muralidhar  Arun Muralidhar
Journal Research Award:
Behavioral Finance in Investing: The Existence and Importance of ‘Investment Tribes’ and Risk-Preference Diversity, Sid Muralidhar and Arun Muralidhar, Ph.D.


Sanne DeBoer
Journal Research Award Honorable Distinction: Nonlinear Factor Attribution, Sanne de Boer, Ph.D.


John Nersesian
Writing Award: A Practical Approach to Behavioral Guidance, John Nersesian

    
Dorothy Bossung
Writing Award Honorable Distinction: Retirement Policy Statements: A Concrete Plan for Retirement
​, Dorothy Bossung


Margaret Towle
Writing Award Honorable Distinction: Environmental, Social, and Governance Investing: Myths versus Reality, Margaret M. Towle, Ph.D.



2020

Investment Consulting Impact Award: Jeremy J. Siegel, Ph.D.
Wealth Management Impact Award: Anthony B. Davidow
Governance Insight Award: Harmonizing Regulation Best Interest with Fiduciary Practices, Duane Thompson
Journal Research Award: Chaos and Retirement Income, James B. Sandidge, JD
Writing Award: Bloom, Not Bust: The Rise of Impact Investing and the Next Wave of Wealth, Noel Pacarro Brown
Writing Award Honorable Distinction: Unbundling of the TAMP and Rise of the Model Marketplace, Michael Kitces
Writing Award Honorable Distinction: Coming to Portfolios Near You: Investment Ideas You Should Be Paying More Attention To (The Sequel), Scott Welch



2019

Investment Consulting Impact Award: Margaret M. Towle
Wealth Management Impact Award: Tim Kochis
Governance Insight Award: The Harmonization Trap: Why Advisors Should Demand Truth-in-Labeling Rather Than a Uniform Fiduciary Standard, Scott MacKillop
Journal Research Award: Safety Zones, Danger Zones, and The Critical Path: Visualizing U.S. Asset Class Returns Based on Time Horizons Size and Style, Stephen J. Huxley Ph.D and Brent Burns
Writing Award: The Decumulation Paradox: Why Are Retirees Not Spending More? Todd Taylor, Nick Halen, and Dylan Huang
Writing Award Honorable Distinction: Implications for Advisors: Quantitative Easing to Quantitative Tightening, Bob Rice

2018

Matthew R. McArthur Industry Pioneer Award: Richard H. Thaler
J. Richard Joyner Wealth Management Impact Award: John A. Nersesian, CIMA®, CPWA®, CIS, CFP®
Richard J. Davis Ethics, Legal, Regulatory Insight Award: Basic Legal Protections Vary Widely for Participants in Public Retirement Plans, The Pew Charitable Trusts
Davis Award Honorable Distinction: 
Five Traps for the Unwary: Due Diligence and the DOL Fiduciary Rule, Duane Thompson, AIFA®
Edward D. Baker III Journal Research Award: Active Share and Emerging Market Equity Funds, Aron Gottesman, Ph.D., and Matthew Morey, Ph.D.
Stephen L. Kessler Writing Award: The Upside of the Downside of Modern Portfolio Theory and Private Equity for Individual Investors: Historical Impediments and New Opportunities, Bob Rice


2017


Matthew R. McArthur Industry Pioneer Award: Keith Ambachtsheer
J. Richard Joyner Wealth Management Impact Award: Harold Evensky
Richard J. Davis Ethics, Legal, Regulatory Insight Award: Advisor’s Guide to DOL Fiduciary and the New Best Interests Contract (BIC) Requirement, Michael Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL
Davis Award Honorable Distinction: 
Turning Lemons into Lemonade: DOL Requirement Create Win-Win for Those Who Embrace Goals-Based Wealth Management, Jack Sharry
Edward D. Baker III Journal Research Award: Adaptive Distribution Theory, James B. Sandidge, JD
Stephen L. Kessler Writing AwardStrategic Beta Strategies: An Evaluation of Different Approaches, Anthony B. Davidow, CIMA®
Kessler Award Honorable Distinction: 
How Delaying Social Security Can Trump Long-Term Portfolio Returns or a Lifetime Annuity, Michael Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL
Impact Investing in the Context of a Diversified Portfolio, Tim Macready, CIMA®, and Simba Marekera

 

2016

Matthew R. McArthur Industry Pioneer Award: Don Phillips
J. Richard Joyner Wealth Management Impact Award: Charlotte B. Beyer
Richard J. Davis Ethics, Legal, Regulatory Insight Award: The Gordon Gekko Effect: The Role of Culture in the Financial Industry, Andrew W. Lo, PhD
Edward D. Baker III Journal Research Award: Foreign Investors in Emerging Equity Markets: Currency Effect Perspective, Cheng Yan, PhD
Stephen L. Kessler Writing Award: Managing Client Relationships in a Goals-Based Framework, Scott Welch, CIMA®
Kessler Award Honorable Distinction:
Bracketology: Lowering Client Taxes with Bracket Management, Brian Laible, CIMA®
The Trinity of Asset Location: Taxes, Returns, and Time Horizon, Brian Laible, CIMA®

 

2015

Matthew R. McArthur Industry Pioneer Award: Meir Statman, PhD
J. Richard Joyner Wealth Management Impact Award: Jean L. P. Brunel, CFA®
Richard J. Davis Ethics, Legal, Regulatory Insight Award: Broker-Dealers and Investment Advisers: A Behavioral-Economics Analysis of Competing Suggestions for Reform, Polina A. Demina
Davis Award Honorable Distinction: The New Financial Industry, Tom C. W. Lin, JD
Edward D. Baker III Journal Research Award: Multi-Style Global Equity Investing: A Statistical Study on Combining Fundamentals, Momentum, Risk, and Valuation for Improved Performance, David J. Garff, CIMA®
Baker Award Honorable Distinction: The Relative Asset Pricing Model: Toward a Unified Theory of Asset Pricing, Arun Muralidhar, PhD, Kazuhiko Ohashi, PhD, and Sunghwan Shin, PhD
Stephen L. Kessler Writing Award: Master Limited Partnership Investing: A Case for MLPs as a Core Allocation in Your Portfolio, Michael Underhill
Kessler Award Honorable Distinction:
Alternative Beta Strategies: An Evaluation of Different Approaches, Anthony B. Davidow, CIMA®
Six Habits of Highly Successful Advisors, Scott D. Welch, CIMA®

 

2014

Matthew R. McArthur Award: Richard Marston
Richard J. Davis Legal/Regulatory/Ethics Award: The Fiduciary Obligations of Financial Advisers under the Law of Agency, Robert H. Sitkoff, JD
Davis Award Honorable Distinction: Ethics and Financial Markets: The Role of the Analyst, Marianne M. Jennings
Edward D. Baker III Journal Award: Endogenous Risk and Dangers to Market Stability, Jim Pasztor, MSF, MPASSM, CFP®
Stephen L. Kessler Writing Award: The Reality Linking Investment Selection, Dynamic Asset Allocation, and Risk Management, Brian Hunter, CIMA®, and Ashish Kulkarni, CFA®, FRM
Kessler Award Honorable Distinction:
The Price of Safe Withdrawal Rates, David B. Loeper, CIMA®, CIMC®
Risk Parity: An Alternative Approach to Asset Allocation, Robert G. Smith III, CIMC®, Alexander Pekker, PhD, CFA®, ASA, and Meghan P. Elwell, JD, AIFA®

 

2013

Matthew R. McArthur Award: Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower
Richard J. Davis Legal/Regulatory/Ethics Award: Selling Advice and Creating Expectations: Why Brokers Should Be Fiduciaries, Arthur B. Laby
Edward D. Baker III Journal Award: Questionnaires of Risk Tolerance, Regret, Overconfidence, and Other Investor Propensities, Carrie H. Pan, PhD, and Meir Statman, PhD
Stephen L. Kessler Writing Award: Choosing Investment Risk Systems, Bruce Curwood, CIMA®, CFA®, and Thomas Gillespie, PhD
Kessler Honorable Distinction Award:
Maximizing the Benefit of Risk Analysis, Bruce Curwood, CIMA®, CFA®, and Thomas Gillespie, PhD
Pretty Good Protection , Rex Macey, CIMA®, CFA®

 

2012

Matthew R. McArthur Award: Rosalind M. Hewsenian
Richard J. Davis Legal/Regulatory/Ethics Award: The Flawed State of Broker-Dealer Regulation and the Case for an Authentic Federal Fiduciary Standard for Broker–Dealers, Gary A. Varnavides, Esq.
Edward D. Baker III Journal Award: Dynamic Beta: Getting Paid to Manage Risks, Timothy B. Barrett, CFA®, Donald Pierce, CFA®, James Perry, CFA®, CAIA, and Arun Muralidhar, PhD
Stephen L. Kessler Writing Award: Building a Balanced Portfolio, Alex Shahidi, JD, CIMA®, CFA®, CFP®
Kessler Honorable Distinction Award:
Foreign Exchange: More Than a By-Product, Robert Colehan and Edward Baker
Global Equity Investing: Do Countries Really Matter? David J. Garff, CIMA®

 

2011

Matthew R. McArthur Award: George F. Russell, Jr.
Richard J. Davis Ethics Award: Giving Voice in a Culture of Silence. From a Culture of Compliance to a Culture of Integrity, Peter Verhezen, PhD
Edward D. Baker III Journal Award: Beta is in the Eye of the Beholder, Ana Cascon, PhD, and William F. Shadwick, PhD
Stephen L. Kessler Writing Award: A Framework for Managing Counterparty Risk, Edward Baker and Robert Colehan
Kessler Honorable Distinction Award: When Bad Things Happen to Good Portfolios, Scott Welch, CIMA®

 

2010

Matthew R. McArthur Award: William L. Fouse and Peter L. Bernstein
Richard J. Davis Ethics Award: The Fiduciary Principle: No Man Can Serve Two Masters, John C. Bogle
Edward D. Baker III Journal Award: A Framework for Portfolio Decumulation, Richard K. Fullmer, CFA®
Stephen L. Kessler Writing Award: Of Tulips and Trumpets: Is Time Diversification a Myth or Reality? Does Time Horizon Affect the Tolerance for Risk? Rex P. Macey, CIMA® CFA®
Kessler Honorable Distinction Award:
Performance Measurement Challenges for Investors Who Live in a Perpetual Time Horizon World, Frederick C. Bruckner, CIMA®, AIF®
Structuring Distribution Strategies for Retirees in a Bear Market, Jack Gardner, CIMA®

 

2009

Matthew R. McArthur Award: Harry M. Markowitz
Richard J. Davis Ethics Award: Hidden Fees as a Source of Fiduciary Risk in Defined Contribution Plans, Elizabeth Piper/Bach, JD, CIMA®
Edward D. Baker III Journal Award: Socially Responsible Investments and Socially Responsible Investors and Their Advisors, Meir Statman, PhD
Stephen L. Kessler Writing Award: The Case for a High and Growing Dividend Stock Strategy in Retirement Portfolios, Jack Gardner, CIMA®
Kessler Honorable Distinction Award:
130/30 Investing: Relaxing the Long-Only Mandate, William J. Coaker II, CIMA®, CFA®, CFP®
Evaluating Target-Date Lifecycle Funds, Ron Surz, CIMA®, and Craig L. Israelsen, PhD

 

2008

Matthew R. McArthur Award: William Sharpe
Richard J. Davis Ethics Award: Ethical Decision Making: More Needed Than Good Intentions, Robert Prentice, JD
Davis Honorable Distinction Award: The Psychology of Ethics in the Finance and Investment Industry, Thomas Oberlechner, PhD
Journalism Award: How the Disposition Effect and Momentum Impact Investment Professionals, Hersh Shefrin, PhD
Stephen L. Kessler Writing Award: The Evolution of Family Governance: Emerging Trends and Their Challenges for the Investment Consultant, Jim Flinchum, CIMA®, and Howard Weiss
Kessler Honorable Distinction Award:
Narrowing the Knowing-Doing Gap in Investments through Effective Fund Governance, Bruce Curwood, CIMA®
Hard Truths of Advising Nonprofit Organizations, Benjamin Valore-Caplan, CIMA®

 

2007

Matthew R. McArthur Award: Richard Ennis and James Knupp
Journalism Award: The CS Character and Limitations of the Sharpe Ratio, Ana Cascon, PhD, and William F. Shadwick, PhD
Stephen L. Kessler Writing Award: The Legal Duties of Fiduciaries to Manage Stock Concentration Risk, Thomas Boczar
Kessler Honorable Distinction Award:
Visit Monte Carlo to Remove the Peer Group Gamble from Hedge Fund Due Diligence, Ron Surz, CIMA®
Multi-Strategy Funds vs. Funds of Funds: The Future of Multimanager Hedge Funds, Scott Welch, CIMA®

 

2006

Matthew R. McArthur Award: Michael J. Clowes
Richard J. Davis Award: Turning to the Positive Side of Ethics in the Financial Services Industry, Joseph A. Holt, JD
Journalism Award: Art as Investment, Michael Moses, PhD, and Jianping Mei, PhD
Stephen L. Kessler Writing Award: “Culture of Compliance” from an Organizational Theory Perspective, Margaret Towle, PhD
Kessler Honorable Distinction Award:
Get Off the Performance Treadmill, John Collins, CIMA®
Winning Mandates from Family Offices, Jim Flinchum, CIMA,® and Howard Weiss

 

2005

Matthew R. McArthur Award: Barr Rosenberg
Richard J. Davis Ethics Award: Fairness in Finance, Meir Statman, PhD
Journalism Award: Investment Temperament and What Do Investors Want, Meir Statman, PhD
Stephen L. Kessler Writing Award: Making Hedge Fund Investing More Tax-Efficient, Thomas Boczar
Kessler Honorable Distinction Award:
Questions the Investment Consultant Should Ask a Hedge Fund of Funds Manager, Ricardo Cortez, CIMA®
Perspectives on 2004 and Beyond, Ron Surz, CIMA®

 

2004

Matthew R. McArthur Award: John O’Brien
Richard J. Davis Ethics Award: Ethics Experts and the Problem of Self-Deception, Gordon Marino, PhD
Journalism Award: Hedge Funds: A Walk Through the Graveyard, Ross Barry
Stephen L. Kessler Writing Award: Thomas Boczar
Kessler Honorable Distinction Award: Stephen DeAngelis, CIMA®, and Harry Marmer

 

2003

Matthew R. McArthur Award: Leonard Reinhart
Journalism Award:
Rating the Raters: An Investigation of Mutual Fund Rating Services, Matthew Morey, PhD
Consultants Adding Value: Lessons from the Past Three Decades, A. Craig MacKinlay, PhD
Stephen L. Kessler Writing Award: David Loeper
Kessler Honorable Distinction Award: Keitha Kinne, CIMA®, and Roger G. Smith III

 

2002

Matthew R. McArthur Award: William Dreher
Journalism Award: Managing Downside Risk in Financial Markets, Frank Sortino
Stephen L. Kessler Writing Award: a series of hypothetical ethical simulations, David Gordon
Kessler Honorable Distinction Award:
Strategies for Fee-Based Advisors in a Maturing Market, Gregory Horn
Taxation without Indexation, Raymond Bonwell and John O. Williams

 

2001

Matthew R. McArthur Award: William Crerend
Journalism Award: Paul Greenwood
Stephen L. Kessler Writing Award: Measuring Performance: A New Direction, Bruce Curwood, CIMA®

 

2000

Matthew R. McArthur Award: Edwin Callan and John Casey

 

1999

Stephen L. Kessler Writing Award: W. Lloyd Williams

 

1998

Stephen L. Kessler Writing Award: Matthew McArthur

 

1997

Stephen L. Kessler Writing Award: Debbie Hall and Bob Padgett
Kessler Honorable Distinction Award: Matthew McArthur and R. Rex Ronfeld

 

1996

Stephen L. Kessler Writing Award: Matthew McArthur
Kessler Honorable Distinction Award: Leonard Armstrong and Fred Weiss

 

1995

Journalism Award: Andrew Rudd and Ronald Kahn
Stephen L. Kessler Writing Award: Rex Macey
Kessler Honorable Distinction Award: Mark Gertner and Stephen Gresham

 

1993

Journalism Award: Ron Surz