Past Award Recipients

View IWI award winners and honorable mentions throughout the years.

2022

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

Wealth Management Impact Award: Michael E. Kitces

Governance Insight Award: Do Mutual Funds Represent Individual Investors? Jonathon Zytnick, J.D., Ph.D.

Governance Insight Award Honorable Distinction: Balancing Innovation and Protection: Understanding the Landscape for DeFi Regulation, Mikkaela Salamatin, J.D.

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.

Writing Award: Demonstrating Advisor Gamma Through the Household Balance Sheet, Dana Anspach

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 Short, Dan Awrey, D.Phil., LL.M., and Kathryn Judge, J.D.

Governance Insight Award Honorable Distinction: Aggregate Confusion: The Divergence of ESG Ratings, Florian 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 Practices, Duane 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 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, 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 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 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 Award: Strategic 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 Agency, Robert 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 Beholder, Ana 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 Portfolios, Scott 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 Award: Barr 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