Researchers at BlackRock
may be breaking out some champagne this week.
| Ananth Madhavan|
Managing Director, Global Head of Research for ETFs and Index Investing
Yesterday Richard Michaud
, president and CEO of New Frontier Advisors
that BlackRock managing director Ananth Madhavan
, BlackRock director Alexsander Sobczyk
, Morningstar Investment Management quantitative research chief James Xiong
, and MIM president Tom Idzorek
won the 2019 "Special Distinction Awards," part of the Harry M. Markowitz Awards
from New Frontier and the Journal of Investment Management
. This is the tenth year of the awards, which are named after the Nobel prize-winning economist.
Madhavan and Sobczyk penned a paper called "Does Trading by ETF and Mutual Fund Investors Hurt Performance? Evidence From Time and Dollar-Weighted Returns." Idzorek and Xiong wrote a paper called "Quantifying the Skewness Loss of Diversification." (The latter pair seem to conclude that diversification is in fact not a free lunch.) For each winning paper, the authors received a $5,000 honorarium for the award.
The top prize (which includes a $10,000 honorarium) went to "Funding Long Shots," a paper by a trio of professors from different schools: John Hull
, professor of derivatives and risk management at the Rotman School of Management at the University of Toronto; Andrew Lo
, finance professor and director of the Laboratory for Financial Engineering at MIT's Sloan School of Management; and Roger Stein
, adjunct professor at the Stern School of Business at NYU.
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