CFA Institute Financial Analysts Journal Names the Winners of the 2016 Graham and Dodd Award of Excellence

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New York , (None), , 6 March 2017

CFA Institute, the global association of investment professionals, announced today the results of the 2016 Graham and Dodd Awards of Excellence, a program recognizing excellence in research and financial writing each year. The article “Interconnectedness in the CDS Market” by Mila Getmansky, Giulo Girardi, and Craig Lewis won the Top award. Scroll awards were given to two articles: “Will Your Factor Deliver? An Examination of Factor Robustness and Implementation Costs” by Noah Beck, Jason Hsu, Vitali Kalesnik, and Helge Kostka, and “The Misrepresentation of Earnings” by Ilia Dichev, John Graham, Campbell Harvey, and Shiva Rajgopal.

Barbara S. Petitt, CFA, managing editor of the Financial Analysts Journal, commented: “I am pleased that the Advisory Council, Editorial Board, and Graham & Dodd Award Committee chose to honor three articles on a broad range of topics related to the practice of investment management. The Top award goes to an article that speaks directly to systemic risk, one of the biggest issues financial markets face. The authors use a network-based approach that captures the interconnectedness between dealers and nondealers of credit default swaps (CDS), an approach that helps assess the stability of the CDS market and the potential contagion among market participants. The Scroll awards go to two different yet equally important and relevant topics. One article focuses the popular topic of factor investing and examines which factors offer “true” premiums once considering implementation costs. The other article provides insight about the prevalence and identification of earnings misrepresentation based on large-scale survey of chief financial officers (CFOs).”

In 2016, CFA Institute made three major changes to the policy and selection process for the awards. First, the number of awards was reduced to a maximum of three: the Top award, created in 1960 to recognize the best research article, and up to two Scroll awards to acknowledge the runner-up articles. Second, a two-stage selection process was adopted, giving CFA Institute members more weight in selecting the award winners. In the first stage, the Financial Analysts Journal Advisory Council and Editorial Board identify a shortlist of six practitioner-relevant articles. In the second stage, the Graham and Dodd Awards Committee, a new committee of six members representing CFA Institute global membership, selects the awards. Finally, to strengthen the conflict-of-interest policy, individuals involved in the award selection process who have an actual or perceived conflict of interest are recused from the selection process. In addition, individuals who serve in an editorial role or are members of a body involved in the selection process are ineligible to receive an award. As a consequence of the revised conflict-of-interest policy, Jason Hsu, who is a member of the Editorial Board, is ineligible to receive a Scroll award, but his co-authors will be presented with the award.

Congratulations to the 2016 award winners!

CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has over 145,000 members in 163 countries and territories, including 140,000 CFA charterholders, and 148 member societies. For more information, visit

Financial Analysts Journal

The Financial Analysts Journal is a flagship publication of CFA Institute. It is published quarterly and its mission is to advance the knowledge and understanding of the practice of investment management through the publication of high-quality, practitioner-relevant research articles. It also features thought-provoking opinion pieces that advance the common level of discourse within the investment management profession. For more information, visit

Graham and Dodd Award

The Graham and Dodd Awards were created in 1960 to recognize excellence in research and financial writing and to honor Benjamin Graham and David L. Dodd for their enduring contributions to the field of financial analysis. The award-winning articles may be accessed online at no cost via