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Award Recipients

2022

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Investment Consulting Impact Award: A. Craig MacKinlay, Ph.D.

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Wealth Management Impact Award: Michael E. Kitces
 

Zytnick,-Jon-(3).jpg Governance Insight Award: Do Mutual Funds Represent Individual Investors? Jonathon Zytnick, J.D., Ph.D
Salamatin,-Mikkaela-(1).jpg Governance Insight Award Honorable Distinction: Balancing Innovation and Protection: Understanding the Landscape for DeFi RegulationMikkaela Salamatin, J.D.
 
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Journal Research Award: Managing Misbehavior: Rational Choice in an Uncertain Retirement, 
Jennifer Gongola, Ph.D., Sean Klein, Ph.D., Rene Martel, FSA, and Avi Sharon, Ph.D.

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Anspach,-Dana-(1).jpg Writing Award: Demonstrating Advisor Gamma Through the Household Balance Sheet, Dana Anspach
Pearsall,-Morgan-(1).jpg Writing Award Honorable Distinction: Defeasing Retirement: A New Approach to Retirement Asset Allocation, Morgan Pearsall


 

 

2021


Investment Consulting Impact Award: Jeffrey F. Jaffe, Ph.D.
Wealth Management Impact Award: Garry W. Bridgeman
Governance Insight Award: Index Funds and Corporate Governance: Let Shareholders be Shareholders, Marcel Kahan, J.D., and Edward B. Rock, J.D.
Governance Insight Award Honorable Distinction: Why Financial Regulation Keeps Falling ShortDan Awrey, D.Phil., LL.M., and Kathryn Judge, J.D.
Governance Insight Award Honorable Distinction: Aggregate Confusion: The Divergence of ESG RatingsFlorian Berg, Ph.D., Jullian F. Kölbel, Ph.D., and Roberto Rigobon, Ph.D. 
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.
Journal Research Award Honorable Distinction: Nonlinear Factor Attribution, Sanne de Boer, Ph.D.
Writing Award: A Practical Approach to Behavioral Guidance, John A. Nersesian
Writing Award Honorable Distinction: Retirement Policy Statements: A Concrete Plan for Retirement​, Dorothy Bossung
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 PracticesDuane Thompson
Journal Research Award: Chaos and Retirement Income, James B. Sandidge, J.D.
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 E. Kitces
Writing Award Honorable Distinction: Coming to Portfolios Near You: Investment Ideas You Should Be Paying More Attention To (The Sequel), Scott D. Welch

2019

Investment Consulting Impact Award: Margaret M. Towle, Ph.D.
Wealth Management Impact Award:
Tim Kochis
Governance Insight Award: The Harmonization Trap: Why Advisors Should Demand Truth-in-Labeling Rather Than a Uniform Fiduciary StandardScott 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, Ph.D.
J. Richard Joyner Wealth Management Impact Award: John A. Nersiesian
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
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 OpportunitiesBob 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 E. Kitces
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, J.D.
Stephen L. Kessler Writing AwardStrategic Beta Strategies: An Evaluation of Different Approaches, Anthony B. Davidow
Kessler Award Honorable Distinction: 
How Delaying Social Security Can Trump Long-Term Portfolio Returns or a Lifetime Annuity,
Michael E. Kitces
Impact Investing in the Context of a Diversified Portfolio, Tim Macready 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, Ph.D. 
Edward D. Baker III Journal Research Award: Foreign Investors in Emerging Equity Markets: Currency Effect Perspective, Cheng Yan, Ph.D.
Stephen L. Kessler Writing Award: Managing Client Relationships in a Goals-Based Framework, Scott D. Welch
Kessler Award Honorable Distinction:
Bracketology: Lowering Client Taxes with Bracket Management,
Brian Laible
The Trinity of Asset Location: Taxes, Returns, and Time Horizon, Brian Laible 

2015

Matthew R. McArthur Industry Pioneer Award: Meir Statman, Ph.D.
J. Richard Joyner Wealth Management Impact Award: Jean L. P. Brunel
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, J.D.
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
Baker Award Honorable Distinction: The Relative Asset Pricing Model: Toward a Unified Theory of Asset Pricing,
Arun Muralidhar, Ph.D., Kazuhiko Ohashi, Ph.D., and Sunghwan Shin, Ph.D.
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
Six Habits of Highly Successful Advisors, Scott D. Welch 

2014

Matthew R. McArthur Award: Richard Marston, Ph.D.
Richard J. Davis Legal/Regulatory/Ethics Award: The Fiduciary Obligations of Financial Advisers under the Law of AgencyRobert H. Sitkoff, J.D.
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
Stephen L. Kessler Writing Award: The Reality Linking Investment Selection, Dynamic Asset Allocation, and Risk Management, Brian Hunter and Ashish Kulkarni
Kessler Award Honorable Distinction:
The Price of Safe Withdrawal Rates,
David B. Loeper
Risk Parity: An Alternative Approach to Asset Allocation, Robert G. Smith III, Alexander Pekker, and Meghan P. Elwell, J.D. 

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, Ph.D., and Meir Statman, Ph.D.
Stephen L. Kessler Writing Award: Choosing Investment Risk Systems, Bruce B. Curwood and Thomas Gillespie, Ph.D.
Kessler Honorable Distinction Award: Maximizing the Benefit of Risk Analysis, Bruce B. Curwood and Thomas Gillespie, Ph.D.
Pretty Good Protection, Rex Macey 

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, Donald Pierce, James Perry, and Arun Muralidhar, Ph.D.
Stephen L. Kessler Writing Award: Building a Balanced Portfolio, Alex Shahidi, J.D. 
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 

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, Ph.D.
Edward D. Baker III Journal Award: Beta is in the Eye of the BeholderAna Cascon, Ph.D., and William F. Shadwick, Ph.D.
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 PortfoliosScott D. Welch 

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
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
Kessler Honorable Distinction Award:
Performance Measurement Challenges for Investors Who Live in a Perpetual Time Horizon World,
Frederick C. Bruckner
Structuring Distribution Strategies for Retirees in a Bear Market, Jack Gardner 

2009

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

2008

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

2007

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

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, J.D.
Journalism Award: Art as Investment, Michael Moses and Jianping Mei, Ph.D.
Stephen L. Kessler Writing Award: “Culture of Compliance” from an Organizational Theory Perspective, Margaret M. Towle, Ph.D.
Kessler Honorable Distinction Award:
Get Off the Performance Treadmill,
John Collins
Winning Mandates from Family Offices, Jim Flinchum and Howard Weiss

2005

Matthew R. McArthur AwardBarr Rosenberg
Richard J. Davis Ethics Award: Fairness in Finance, Meir Statman, Ph.D.
Journalism Award: Investment Temperament and What Do Investors Want, Meir Statman, Ph.D.
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
Perspectives on 2004 and Beyond, Ron Surz 

2004

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

2003

Matthew R. McArthur Award: Leonard Reinhart
Journalism Award:
Rating the Raters: An Investigation of Mutual Fund Rating Services,
Matthew Morey, Ph.D. 
Consultants Adding Value: Lessons from the Past Three Decades, A. Craig MacKinlay, Ph.D.
Stephen L. Kessler Writing Award: David Loeper
Kessler Honorable Distinction Award: Keitha Kinne 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 B. Curwood
 

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