The Roger F. Murray Prize is conducted annually to recognize excellence and scientific achievement in quantitative financial research. Each year, three prizes ($5,000; $3,000; and $2,000) are awarded to individuals who present outstanding research at the Q Group’s seminars.

Criteria for the award include originality and novelty of ideas and concepts, usefulness and timeliness of the results to the investment community, and comprehensibility of verbal and written presentations.

View Past Winners

About Roger Murray

Roger F. Murray was an economist whose financial acumen made him a frequent adviser to members of Congress and business leaders during the 1950’s and 60’s. As a vice president of the Bankers Trust Company and later a business professor at Columbia University, Dr. Murray helped untangle some of America’s most frustrating problems. In 1962, Dr. Murray, an originator of the individual retirement account concept, worked for passage of the Keogh Act, which enabled self-employed people to have tax-deferred pension accounts. Many of Mr. Murray’s other opinions were particularly forward thinking. In 1952, he warned banks to pursue aggressive equity portfolios, noting that “timing wasn’t everything” when trading stocks. That same year, he opposed a plan by Senator Albert Gore of Tennessee, to tax executive stock options, contending that salaries were not enough to lure executives away from established companies. At Bankers Trust, Mr. Murray quickly found his specialty in investment strategy and, in 1956, carried that specialty to Columbia University, where he was associate dean, S. Sloan Colt Professor of Banking and Finance, professor emeritus and distinguished lecturer. He retired from Columbia in 1978.

Roger Franklin Murray was born Oct. 11, 1911 and graduated Phi Beta Kappa from Yale in 1932. He then earned M.B.A. and Ph.D. degrees from the New York University Graduate School of Business Administration. Murray died on April 13, 1998 at 86 years old.

Past Roger F. Murray Prize Winners

1980—PRESENT

Roger F. Murray Prize Winners

The Institute for Quantitative Research in Finance (The Q Group) is pleased to announce the winners of its annual Roger F. Murray Prizes, awarded to individuals who present outstanding research at the Q Group’s semi-annual seminars.

2023 winners:

First place - Tie:
Relevance-Based Prediction: A Transparent and Adaptive Alternative to Machine Learning  
Presenter: David Turkington
Co-Author(s): Megan Czasonis and Mark Kritzman

First place - Tie:
The Virtue of Complexity in Return Prediction
Presenter: Bryan Kelly
Co-Author(s): Semyon Malamud and Kangying Zhou

Second place:
A Theory of Equivalent Expectation Measures for Contingent Claim Returns 
Presenter: Sanjay Nawalkha      
Co-Author(s): Xiaoyang Zhuo

2022 winners:

First place:
Predicting Financial Crises 
Presenter: Robin Greenwood
Co-Author(s): Samuel G. Hanson, Andrei Shleifer and Jakob Ahm Sørensen

Second place:
Stock Market Anomalies and the Psychology of Risk Attitudes
Presenter: Nicholas Barberis
Co-Author(s): Lawrence J. Jin and Baolian Wang

Third place:
Fall: Disagreement, Skewness and Asset Pricing
Presenter: Christian Goulding
Co-Author(s): Shrihari Santosh and Xingtan Zhang

2021 winners:

First place:
A New Index of the Business Cycle
Presenter: David Turkington
Co-Author(s): William Kinlaw and Mark Kritzman

Second place:
Volatility-of-Volatility Risk in Asset Pricing
Presenter: Tarun Chordia
Co-Author(s): Te-Feng Chen, San-Li Chung and Ji-Chai Lin

Third place - Tie:
Duration-Based Stock Valuation
Presenter: Jules van Binsbergen
Co-Author(s): Not applicable

Third place - Tie:
Decoding Systematic Relative Investing: A Pairs Approach
Presenter: Campbell Harvey
Co-Author(s): Christian L. Goulding and Alex Pickard

2020 winners:

First place:
Variance Risk in Global Markets
Presenter: Robert Hodrick
Co-Author(s): Geert Bekaert and  Andrea Kiguel

Second place:
Hedging Risk Factors
Presenter: Tyler Muir
Co-Author(s): Bernard Herskovic and Alan Moreira

Third place:
Sticky Expectations and the Profitability Anomaly
Presenter: David Thesmar
Co-Author(s): Jean-Philippe Bouchaud, Philipp Krüger and Augustin Landier

2019 winners:

First place:
Factors That Fit Time Series and Cross-Section of Stock Returns
Presenter: Martin Lettau
Co-Author(s): Markus Pelger

Second place:
Betting Against Betting Against Beta
Presenter: Robert Novy-Marx
Co-Author(s): Mihail Velikov

Third place:
Global Market Inefficiencies
Presenter: Mark Grinblatt
Co-Author(s): Söhnke M. Bartram

2018 winners:

Spring Winner:
Technological Links and Predictable Returns
Presenter: Charles M.C. Lee
Co-Author(s): Stephen Teng Sun, Rongfei Wang and Ran Zhang

Fall Winner:
Empirical Asset Pricing Via Machine Learning
Presenter: Bryan Kelly
Co-Author(s): Not applicable

2017 winners:

First place:
Betting Against Correlation
Presenter: Clifford S. Asness
Co-Author(s): Andrea Frazzini, Niels Joachim Gorsem and Lasse Heje Padersen 

Second place:
Lifetime Incomes in the U.S. Over Six Decades
Presenter: Fatih Guvenen
Co-Author(s): Greg Kaplan, Jae Song and  Justin Weidner 

Third place - Tie:
The Dividend Disconnect
Presenter: Samuel M. Hartzmark
Co-Author(s): David H. Solomon

Third place - Tie:
Hacking Reverse Mortgages
Presenter: Deborah Lucas 
Co-Author(s): Not applicable

2016 winners:

First Place:
Transaction Costs, Trade Throughs, and Riskless Principal Trading in Corporate Bond Markets
Presenter: Larry Harris
Co-Author(s): Not applicable

Second place:
Spectral Portfolio Theory
Presenter: Andrew W. Lo
Co-Author(s): Shomesh Chaudhuri

Third Prize:
Challenges of an Aging World for the Financial Industry
Presenter: Olivia S. Mitchell
Co-Author: Annamaria Lusardi

2015 winners:

First place:
Forcer Liquidations, Fire Sales and the Cost of Illiquidity
Presenter: Andrew B. Weisman
Co-Author(s): Richard R. Lindsey

Second place:
Purchasing Power Parities with Online Data
Presenter: Alberto Cavallo
Co-Author(s): Not applicable

Third place:
Systemic Risk and the Macroeconomy
Presenter: Bryan T. Kelly 
Co-Author(s): Stefano Giglio and Seth Pruitt

2014 winners:

First Place:
Does Academic Research Destroy Stock Return Predictability?
Presenter: R. David McLean
Co-Author(s): Jeffrey Pontiff

Second place - Tie:
Estimating Private Equity Returns From Limited Partner Cash Flows
Presenter: Andrew Ang
Co-Author(s): Bingxu Chen, William N. Goetzmann and Ludovic Phalippou

Second place - Tie:
In Short Supply: Short Selling and Stock Returns
Presenter: Charles M.C. Lee
Co-Author(s): Messod D. Beneish and Craig Nichols

2013 winners:

First place:
The Recovery Theorem
Presenter: Stephen A. Ross
Co-Author(s): Not applicable

Second place:
Central Bank Policy Impact on the Distribution of Future Interest Rates
Presenter: Douglas T. Breeden
Co-Author(s): Robert H. Litzenberger

Third place:
The Shiller CAPE Ratio: A New Look
Presenter: Jeremy J. Siegel
Co-Author(s): Not applicable

2012 winners:

First place:
Toward Determining Systemic Importance
Presenter: Mark Kritzman
Co-Author(s): William B. Kinlaw and David Turkington

Second place:
Noise As Information For Illiquidity
Presenter: Jiang Wang
Co-Author(s): Grace Xing Hu and Jun Pan

Third place:
Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice
Presenter: Motohiro Yogo
Co-Author(s): Ralph Koijen and Stijn Van Nieuwerburgh

2011 winners:

First place:
Flash Crash: Impact of High Frequency Trading on an Electronic Market
Presenter: Albert S. Kyle
Co-Author(s): Andrei Kirilenko, Mehrdad Samadi and Tugkan Tuzun

Second place:
Portfolio Choice With Illiquid Assets
Presenter: Andrew Ang (Presenter)
Co-Author(s): Dimitris Papanikolaou and Mark M. Westerfield

Third Prize:
Betting Against Betta
Presenter: Andrea Frazzini 
Co-Author(s): Lasse H. Pedersen

2010 winners:

First place:
The Effects of Stick Lending on Security Prices: An Experiment  
Presenter: Steven N. Kaplan
Co-Author(s): Tobias J. Moskowitz and Berk A. Sensoy

Second place:
Returns to Buying Earnings and Book Value: Accounting for Growth and Risk
Presenter: Stephen H. Penman
Co-Author(s): Francesco Reggiani

Third place:
Shackling Short Sellers: The Effects of the Recent and Proposed Restrictions
Presenter: Charles Jones
Co-Author(s): Ekkehart Boehmer and Xiaoyan Zhang

2009 winners:

First place:
Market Microstructure Invariance: A Meta-Model Approach
Presenter: Albert S. Kyle
Co-Author(s): Anna Obizhaeva

Second place:
Credit Contagion From Counterparty Risk
Presenter: Philippe Jorion
Co-Author(s): Gaiyan Zhang

Third place - Tie:
Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
Presenter: K. J. Martijn Cremers
Co-Author(s): Antti Petajisto and Eric Zitzewitz

Third place - Tie:
Market Disruption, Economic Crisis, And Investor Behavior
Presenter: Kenneth A. Froot
Co-Author(s): Not applicable

2008 winners:

First place:
How Basic Are Behavioral Biases? Evidence From Capuchin Monkey Trading Behavior
Presenter: M. Keith Chen
Co-Author(s): Venkat Lakshminarayanan and Laurie R. Santos

Second place:
The Cross-Section of Managerial Ability and Risk Preferences
Presenter: Ralph S. J. Koijen
Co-Author(s): Not applicable

Third place:
The Fundamentals of Commodity Futures Returns
Presenter: K. Geert Rouwenhorst
Co-Author(s): Gary B. Gorton and Fumio Hayashi

2007 winners:

First place:
Demographics and Finances of Baby Boomers
Presenter: Olivia S. Mitchell
Co-Author(s): Not applicable

Second place:
Hedge Fund Activism, Corporate Governance, and Firm Performance
Presenter: Alon Brav
Co-Author(s): Wei Jiang, Frank Partnoy and Randall Thomas

Third place:
Corporate Political Contributions and Stock Returns
Presenter: Michael J. Cooper
Co-Author(s): Huseyin Gulen and Alexei V. Ovtchinnikov 

2006 winners: 

First place:
Buy Side Risk Management
Presenter: Kenneth J. Winston
Co-Author(s): Not applicable

Second Place:
Participant Reaction and the Performance of Funds Offered by 401(k) Plans
Presenter: Edwin J. Elton
Co-Author(s): Martin J. Gruber and Christopher R. Blake

Third place:
Capital Allocation For Insurance Companies
Presenter: Stewart C. Myers
Co-Author(s): James A. Read, Jr. 

2005 winners:

First place:
The Tactical Strategic Value of Commodity Futures
Presenter: Campbell R. Harvey
Co-Author(s): Claude B. Erb

Second place:
Understanding Comovement
Presenter: Nicholas Barberis
Co-Author(s): Andrei Shleifer and Jeffrey Wurgler

Third place:
The Long-Term Budget Outlook and Social Security Reform: Implications For Financial Markets
Presenter: Kent Smetters
Co-Author(s): Not applicable

2004 winners:

First place:
A Reality Check for Data Snooping: with Application to Technical Trading, Calendar Effects and Mutual Fund Performance
Presenter: Halbert White
Co-Author(s): Not applicable

Second place:
Secondary Trading Costs in the Bond Market
Presenter: Lawrence Harris
Co-Author(s): Michael S. Piwowar

Third place:
Structural Models of Credit Risk Are Useful
Presenter: Stephen M. Schaefer
Co-Author(s): Ilya A. Strebulaev

2003 winners:

First place:
Earning Quality, Firm Performance and Stock Returns
Presenter: Richard G. Sloan
Co-Author(s): Not applicable

Second place:
Hedge Funds and Skewness
Presenter: Harry M. Kat
Co-Author(s): Not applicable

Third place:
Mutual Fund Flows and Performance in Rational Markets
Presenter: Jonathan Berk
Co-Author(s): Richard C. Green

2002 winners:

First place:
Why People Trade
Presenter: Lawrence Harris
Co-Author(s): Not applicable

Second place:
Downside Correlation and Expected Stock Returns
Presenter: Joseph Chen
Co-Author(s): Andrew Ang and Yuhang Xing

Third place:
Macro Policies and Inflation: An Overview
Presenter: Eric M. Leeper
Co-Author(s): Not applicable

2001 winners:

First place:
Financial Architecture
Presenter: Stewart C. Myers
Co-Author(s): Not applicable

Second place:
Contagion as a Wealth Effect
Presenter: Albert Kyle
Co-Author(s): Wei Xiong

Third place:
Market Liquidity, Trading Activity, and Order Imbalance
Presenter: Richard Roll
Co-Author(s): Tarun Chordia and Avanidhar Subrahmanyam

2000 winners:

First place:
A Century of Investment Returns
Presenter: Elroy Dimson
Co-Author(s): Not applicable

Second place:
A Taxonomy of Market Crisis
Presenter: Richard Bookstaber
Co-Author(s): Not applicable

Third place:
Strategic Asset Allocation: Portfolio Choices for Long Term Investors
Presenter: John Y. Campbell
Co-Author(s): Luis M. Viceira

1999 winners:

First place:
The Evolution of Cooperation: Direct, Indirect and Spatial Reciprocity
Presenter: Martin Nowak
Co-Author(s): Not applicable

Second place:
The Courage of Misguided Convictions: The Trading Behavior of Individual Investors
Presenter: Terrance Odean
Co-Author(s): Brad M. Barber

Third place:
Behavioral Finance: A (Somewhat) Skeptical View
Presenter: Jay Shanken
Co-Author(s): Not applicable

1998 winners:

First place:
Equilibrium Forwarded Curves for Commodities
Presenter: Chester Spatt
Co-Author(s): Bryan R. Routledge and Duane J. Seppi

Second place:
Measuring the Risk of International Investments
Presenter: Campbell R. Harvey
Co-Author(s): Not applicable

Third place:
Projected U.S. Demographics and Social Security
Presenter: Selahattin İmrohoroğlu
Co-Author(s): Mariacristina de Nardi and Thomas J. Sargent

1997 winners:

First place:
Option Pricing with Infinitely Divisible Distributions
Presenter: Steven L. Heston
Co-Author(s): Not applicable

Second place:
Improved Estimation of the Covariance Matrix of Stock Returns with an Application to Portfolio Selection
Presenter: Olivier Ledoit
Co-Author(s): Michael Wolf

Third place:
A Century of Global Stock Markets
Presenter: William N. Goetzmann
Co-Author(s): Phillipe Jorion

1996 winners:

First place:
Size and Book-to-Price Anomalies
Presenter: Jonathan B. Berk
Co-Author(s): Not applicable

Second place:
Bond Prices, Yield Spreads and Optimal Capital Structure with Default Risk
Presenter: Hayne H. Leland
Co-Author(s): Not applicable

Third place - Tie:
A Review of Global Market Anomalies
Presenter: Donald Keim
Co-Author(s): Not applicable

Third place - Tie:
A Review of Empirical Research and New Methodologies
Presenter: Jay Shanken
Co-Author(s): Not applicable

1995 winners:

First place:
Recovering Probability Distributions from Contemporaneous Security Prices
Presenter: Mark Rubinstein
C-Author(s): Jens Carsten Jackwerth

Second place:
Inflation and World Equity Selection
Presenter: Campbell R. Harvey
Co-Author(s): Claude E. Erb and Tadas E. Viskanta

Third place:
Determinants of Privatization Prices
Presenter: Florencio Lopez-de-Silanes
Co-Author(s): Not applicable

1994 winners:

First place:
The Economics of Pension and Fund Management
Presenter: Keith P. Ambactsheer
Co-Author(s): Not applicable

Second place:
The Cost of International Equity Trading
Presenter: André F. Perold
Co-Author(s): Erik R. Sirri

Third place:
Estimation Risk in Portfolio Selection
Presenter: Philippe Jorion
Co-Author(s): Not applicable

1993 winners:

First place:
Myopic Loss Aversion and the Equity Premium Puzzle
Presenter: Richard H. Thaler
Co-Author(s): Shlomo Benartzi

Second place:
Currency Hedging Over Long Horizons
Presenter: Kenneth A. Froot
Co-Author(s): Not applicable

Third place:
Contrarian Investment, Extrapolation, and Risk
Presenter: Josef Lakonishok
Co-Author(s): Andrei Shleifer and Robert W. Vishny

1992 winners:

First place:
Global Asset Allocation and the Home Bias
Presenter: Robert B. Litterman
Co-Author(s): Fischer Black 

Second place:
An Ordered Probit Analysis of Transaction Stock Prices
Presenter: Andrew W. Lo
Co-Author(s): Jerry A. Hausman and A. Craig MacKinlay

Third place:
Dutch Auction Stock Repurchases
Presenter: Laurie Simon Bagwell
Co-Author(s): Not applicable

Honorable Mention:
Auction Theory II
Presenter: Randolph Preston McAfee
Co-Author(s): Not applicable

1991 winners:

First place:
Fixed-Income Volatility Management: A New Approach to Return and Risk Analyses in Fixed-Income Management
Presenter: H. Gifford Fong
Author(s): Oldrich Vasicek

Second place:
New Trading Practices and Short-Run Market Efficiency
Presenter: Kenneth A. Froot
Co-Author(s): André F. Perold

Third place:
The Torpedo Effect: The Subtle Risk of High Expected Growth
Presenter: Robert L. Hagin 
Co-Author(s): Not applicable

Honorable Mention:
Off-Floor Trading, Disintegration, and the Bid-Ask Spread in Experimental Markets
Presenter: Vernon L. Smith
Co-Author(s): Joseph Campbell, Shawn LaMaster and Mark Van Boening

1990 winners:

First place:
Volatility: Statistical Models for Financial Data
Presenter: Robert F. Engle
Co-Author(s): Not applicable

Second place:
Program Trading and Intraday Volatility
Presenter: Lawrence Harris
Co-Author(s): George Sofianos and James E. Shapiro

Third place:
Were Japanese Stock Markets Too High?
Presenter: Kenneth R. French
Co-Author(s): James M. Poterba 

Honorable Mention:
Sunshine Trading: The Effects of Preannouncement on Traders Welfare and on Price Volatility
Presenter: Paul Pfleiderer
Co-Author(s): Anat R. Admati

1989 winners:

First place:
Do Bad Bidders Become Good Targets?
Presenter: Mark L. Mitchell
Co-Author(s): Kenneth Lehn

Second place:
The Value of Control
Presenter: Jack L. Treynor
Co-Author(s): Not applicable

Third place:
A Multi-Index Risk Model of the Japanese Stock Market. Expectational Data and Japanese Stock Prices
Presenter: Edwin J. Elton and
Co-Author(s): Martin J. Gruber

Honorable Mention:
Universal Hedging: How to Optimize Currency Risk and Reward in International Equity Portfolios
Presenter: Fischer Black
Co-Author(s): Not applicable

1988 winners:

First place:
Forecasting Returns on Corporate Bonds and Common Stock
Presenter: Kenneth R. French
Co-Author(s): Eugene F. Fama

Second place:
Noise Trading and Stock Price Movements
Presenter: Lawrence H. Summers
Co-Author(s): Not applicable

Third place:
Applications of Nonlinear Science Statistical Inference Theory to Finance and Economics
Presenter: William A. Brock
Co-Author(s): Not applicable

Honorable Mention:
Further Evidence of Investor Overreaction and Stock Market Seasonality
Presenter: Richard H. Thaler
Co-Author(s): Werner F.M. DeBondt

1987 winners:

First place:
An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies
Presenter: Sanford J. Grossman
Co-Author(s): Not applicable

Second place:
Conditional Allocation Policies for the Self-Insured Pension Fund
Presenter: André F. Perold
Co-Author(s): Not applicable

Third place:
Motivation for Institutional Real Estate Sales and Implications for Generalizing from Specific Property Sales to Asset Class Returns. Commercial Real Estate Returns and Portfolio Allocation Decisions
Presenter: Mike Miles
Co-Author(s): David Guilkey and Rebel A. Cole

Honorable Mention:
Volatility and the Yield Curve
Presenter: Robert Litterman
Co-Author(s): Jose Scheinkman and Laurence Weiss

Honorable Mention:
The Arbitrage Price Theory and Market Anomalies
Presenter: Bruce N. Lehmann
Co-Author(s): David M. Modest

1986 winners:

First place:
On the Current State of the Stock Market Rationality Hypothesis
Presenter: Robert C. Merton 
Co-Author(s): Not applicable

Second place:
Estimating the Components of the Bid/Ask Spread
Presenter: Lawrence R. Glosten
Co-Author(s): Lawrence E. Harris

Third Place:
A New Perspective on Asset Allocation
Presenter: Martin L. Leibowitz
Co-Author(s): Not applicable

Honorable Mention:
Exposure Management and Valuation of Bonds With Imbedded Options
Presenter: Richard Bookstaber
Co-Author(s): Joseph A. Langsam

1985 winners:

First place:
Dividend Variability and Variance Bounds Tests for the Rationality of Stock Market Prices
Presenter: Terry A. Marsh
Co-Author(s): Robert C. Merton

Second place:
The Multiple Asset Investment Setting
Presenter: Gary P. Brinson
Co-Author(s): Jeffrey J. Diermeir

Third place:
The Valuation Effects of Stock Splits and Stock Dividends
Presenter: Ronald W. Masulis
Co-Author(s): Sheridan Titman and Mark S. Grinblatt

Honorable Mention:
Anatomy and Portfolio Strategies of the High Yield Debt Market
Presenter: Edward I. Altman
Co-Author(s): Scott A. Nammacher

Honorable Mention:
Professionally Managed Publicly Traded Commodity Funds
Presenter: Edwin J. Elton
Co-Author(s): Martin J. Gruber and Joel Rentzler

1984 winners:

First place:
Alternative Paths to Portfolio Insurance
Presenter: Mark Rubinstein
Co-Author(s): Not applicable

Second place:
A Synthetic Options Framework for Asset Allocation
Presenter: James A. Tilley
Co-Author(s): Gary D. Latainer

Third place:
Economic Burden of Corporate Pension Liabilities
Presenter: Richard A. Ippolito
Co-Author(s): Not applicable

Honorable Mention:
Is The Japanese Stock Market Efficient?
Presenter: Takeo Nakamura
Co-Author(s): N. Terada

1983 winners:

First place:
The Struggle for Pension Fund Wealth
Presenter: D. Don Ezra
Co-Author(s): Keith P. Ambachtsheer

Second place - Tie:
The Merits of the Arbitrage Pricing Theory for Portfolio Management
Presenter: Richard Roll
Co-Author(s): Not applicable

Second place - Tie:Using Options to Alter Portfolio Return Distributions
Presenters: Michael R. Gibbons
Co-Author(s): Not applicable

1982 winners:

First place:
Using Options to Alter Portfolio Return Distributions
Presenters: Richard Bookstaber
Co-Author(s): Roger Clarke

Second place:
Professional Expectations: Accuracy and Diagnosis of Errors
Presenter: Edwin Elton
Co-Author(s): Martin Gruber

Third place:
Stock Index Futures: Theory and Application in a New Market
Presenter: Stephen Figlewski
Co-Author(s): Not applicable

Honorable Mention:
The Interrelation Between Dividend Yields, Equity Values and Stock Returns: Implications of Stock Return Seasonality
Presenter: Donald Keim
Co-Author(s): Not applicable

Honorable Mention:
Some Factors in New York Stock Exchange Security Returns, 1931-1979
Presenter: William Sharpe
Co-Author(s): Not applicable

1981 winners:

First Place - Tie:
Bond Pricing and Market Efficiency
Presenter: Michael J. Brennan
Co-Author(s): Eduardo Schwartz

First Place - Tie:
Funding Private Pensions
Presenter: Irwin Tepper
Co-Author(s): Not applicable

Third place:
Nonparametric Tests of Alternative Option Pricing
Presenter: Mark Rubinstein
Co-Author(s): Not applicable

Honorable Mention:
Risk Control Procedures Under Contingent Immunization
Presenter: Martin L. Leibowitz
Co-Author(s): Alfred Weinberger

Honorable Mention:
The Dynamics of the Term Structure and Alternative Immunization Strategies
Presenter: Stephen M. Schaefer
Co-Author(s): Not applicable

Honorable Mention:
Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividend?
Presenter: Robert J. Shiller
Co-Author(s): Not applicable

1980 winners:

First place:
Stock Returns, Real Activity, Inflation and Money
Presenter: Eugene F. Fama
Co-Author(s): Not applicable

Second place:
Interpreting Disclosures of the Effects of Changing Prices
Presenter: William Beaver
Co-Author(s): Not applicable

Third place:
The Expected Return Benchmark and Management Performance Evaluation
Presenter: Richard Roll
Co-Author(s): Not applicable

Honorable Mention:
A Risk Minimizing Strategy for Single or Multi-Period Immunization
Presenter: Gifford Fong
Co-Author(s): Oldrich Vasicek

Honorable Mention:
A Procedure for the Fast Determination of Efficient Portfolios
Presenter: Harry M. Markowitz
Co-Author(s): André Perold