Graham and Dodd Awards of Excellence
About the Awards
TheFinancial Analysts Journal aims to be the leading practitioner journal in the investment management community by advancing the knowledge and understanding of the practice of investment management. As part of this mission, and to honor Benjamin Graham and David Dodd, the Graham and Dodd Awards were created in 1960 to recognize excellence in research and financial writing in the Financial Analysts Journal.
2023 Graham and Dodd Award Winners
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Top AwardTargeting Macroeconomic Exposures in Equity Portfolios: A Firm-Level Measurement Approach for Out-of-Sample Robustness
Mikheil Esakia and Felix Goltz -
Scroll AwardDiversification during Hard Times
Najah Attig and Oumar Sy
Past Graham and Dodd Award Winners
2022
Top Award
"Free Markets to Fed Markets: How Modern Monetary Policy Impacts Equity Markets"
Tālis J. Putniņš
Scroll Award
Which Corporate ESG News Does the Market React To?"
George Serafeim and Aaron Yoon
2021
Top Award
"Enhanced Portfolio Optimization"
Lasse Heje Pedersen, Abhilash Babu, CFA, and Ari Levine
Scroll Award
"Reports of Value’s Death May Be Greatly Exaggerated"
Robert D. Arnott, Campbell R. Harvey, Vitali Kalesnik, and Juhani T. Linnainmaa
2020
Top Award
"The Tax Benefits of Separating Alpha from Beta"
Joseph Liberman, Clemens Sialm, Nathan Sosner, and Lixin Wang
Scroll Award
"Public Sentiment and the Price of Corporate Sustainability"
George Serafeim
2019
Top Award
"What Is Quality?"
Jason Hsu, Vitali Kalesnik, and Engin Kose
Scroll Award
“Comparing Cost-Mitigation Techniques"
Robert Novy-Marx and Mihail Velikov
2018
Top Award
"Buffett's Alpha"
Andrea Frazzini, David Kabiller, CFA, and Lasse Heje Pedersen
Scroll Award
"Hedge Funds and Stock Price Formation"
Charles Cao, Yong Chen, William N. Goetzmann, and Bing Liang
2017
Top Award
"Inefficiencies in the Pricing of Exchange-Traded Funds"
Antti Petajisto
Scroll Awards
"News vs. Sentiment: Predicting Stock Returns from News Stories"
Steven L. Heston and Nitish Ranjan Sinha
"Factor Investing in the Corporate Bond Market"
Patrick Houweling and Jeroen van Zundert, CFA
2016
Top Award
"Interconnectedness in the CDS Market"
Mila Getmansky, Giulio Girardi, and Craig Lewis
Scroll Awards
"Will Your Factor Deliver? An Examination of Factor Robustness and Implementation Costs"
Noah Beck, Jason Hsu,*Vitali Kalesnik, and Helge Kostka
"The Misrepresentation of Earnings"
Llia Dichev, John Graham, Campbell R. Harvey, and Shiva Rajgopal
*Per the policies of the Financial Analysts Journal, individuals who serve in an editorial role are not eligible to receive an award. Accordingly, not all authors of this article will be presented the Scroll Award.
2015
Top Award
"The Only Spending Rule Article You Will Ever Need"
M. Barton Waring and Laurence B. Siegel
Scroll Awards
"No Portfolio Is an Island"
David M. Blanchett, CFA, and Philip U. Straehl
"The Crash Risks of Style Investing: Can They Be Internationally Diversified"
Timothy K. Chue, Yong Wang, CFA, and Jin Xu
Readers' Choice Award
"Low-Volatility Cycles: The Influence of Valuation and Momentum on Low-Volatility Portfolios"
Luis Garcia-Feijóo, CFA, CIPM,* Lawrence Kochard, CFA, Rodney N. Sullivan, CFA,* and Peng Wang, CFA
*Per the policies of the Financial Analysts Journal, individuals who serve in an editorial role are not eligible to receive an award. Accordingly, not all authors of this article will be presented the Scroll Award.
2014
Top Award
"Exotic Beta Revisited"
Mark Carhart, CFA, Ui-Wing Cheah, CFA, Giorgio De Santis, Harry Farrell, and Robert Litterman
Scroll Awards
"Flows, Price Pressure, and Hedge Fund Returns"
Katja Ahoniemi and Petri Jylhä
"The Low-Risk Anomaly: A Decomposition into Micro and Macro Effects"
Malcolm Baker, Brendan Bradley, and Ryan Taliaferro
"Asset Allocation: Risk Models for Alternative Investments"
Niels Pedersen, Sébastien Page, CFA, and Fei He, CFA
Readers' Choice Award
"The Global Multi-Asset Market Portfolio, 1959-2012"
Ronald Doeswijk, Trevin Lam, CFA, and Laurens Swinkels