IMCA Award Recipients

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, CFA®, Donald Pierce, CFA®, James Perry, CFA®, CAIA, and Arun Muralidhar, PhD
Stephen L. Kessler Writing Award:
Building a Balanced Portfolio, Alex Shahidi, JD, CIMA®, CFA®, CFP®
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, CIMA®

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, PhD

Edward D. Baker III Journal Award: Beta is in the Eye of the Beholder, Ana Cascon, PhD, and William F. Shadwick, PhD
Stephen L. Kessler Writing Award: A Framework for Managing Counterparty Risk, Edward Baker (co-author Robert Colehan)
Kessler Honorable Distinction AwardWhen Bad Things Happen to Good Portfolios, Scott Welch, CIMA®

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 MastersJohn C. Bogle
Edward D. Baker III Journal Award: A Framework for Portfolio DecumulationRichard K. Fullmer, CFA®
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, CIMA®, CFA®
Kessler Honorable Distinction Award:
Performance Measurement Challenges for Investors Who Live in a Perpetual Time Horizon World, Frederick C. Bruckner, CIMA®, AIF®
Structuring Distribution Strategies for Retirees in a Bear Market, Jack Gardner, CIMA®

2009
Matthew R. McArthur Award: Harry M. Markowitz
Richard J. Davis Ethics Award: Hidden Fees as a Source of Fiduciary Risk in Defined Contribution Plans, Elizabeth Piper/Bach, JD, CIMA®
Edward D. Baker III Journal Award: Socially Responsible Investments and Socially Responsible Investors and Their Advisors, Meir Statman, PhD
Stephen L. Kessler Writing Award: The Case for a High and Growing Dividend Stock Strategy in Retirement Portfolios, Jack Gardner, CIMA®
Kessler Honorable Distinction Award:
130/30 Investing: Relaxing the Long-Only Mandate, William J. Coaker II, CIMA®, CFA®, CFP®
Evaluating Target-Date Lifecycle Funds, Ron Surz, CIMA®, and Craig L. Israelsen, PhD

2008
Matthew R. McArthur Award: William Sharpe
Richard J. Davis Ethics Award: Ethical Decision Making: More Needed Than Good Intentions, Robert Prentice, JD 
Davis Honorable Distinction Award: The Psychology of Ethics in the Finance and Investment Industry, Thomas Oberlechner, PhD
Journalism Award: How the Disposition Effect and Momentum Impact Investment Professionals, Hersh Shefrin, PhD
Stephen L. Kessler Writing Award: The Evolution of Family Governance: Emerging Trends and Their Challenges for the Investment Consultant, Jim Flinchum, CIMA®, and Howard Weiss
Kessler Honorable Distinction Award:
Narrowing the Knowing-Doing Gap in Investments through Effective Fund Governance, Bruce Curwood, CIMA®
Hard Truths of Advising Nonprofit Organizations, Benjamin Valore-Caplan, CIMA®,  

2007
Matthew R. McArthur Award: Richard Ennis and James Knupp
Journalism Award:
The CS Character and Limitations of the Sharpe Ratio, Ana Cascon, PhD, and William F. Shadwick, PhD 
Stephen L. Kessler Writing Award: The Legal Duties of Fiduciaries to Manage Stock Concentration Risk, Thomas Boczar
Kessler Honorable Distinction Award:
Visit Monte Carlo to Remove the Peer Group Gamble from Hedge Fund Due Diligence, Ron Surz, CIMA®
Multi-Strategy Funds vs. Funds of Funds: The Future of Multimanager Hedge Funds, Scott Welch, CIMA® 

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, JD 
Journalism Award: Art as Investment, Michael Moses, PhD, and Jianping Mei, PhD 
Stephen L. Kessler Writing Award: “Culture of Compliance” from an Organizational Theory Perspective, Margaret Towle, PhD
Kessler Honorable Distinction Award:
Get Off the Performance Treadmill, John Collins, CIMA®
Winning Mandates from Family Offices, Jim Flinchum, CIMA®, and Howard Weiss

2005
Matthew R. McArthur Award: Barr Rosenberg
Richard J. Davis Ethics Award: Fairness in Finance, Meir Statman, PhD 
Journalism Award: Investment Temperament and What Do Investors Want, Meir Statman, PhD 
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, CIMA®,
Perspectives on 2004 and Beyond, Ron Surz, CIMA®

2004
Matthew R. McArthur Award: John O’Brien
Richard J. Davis Ethics Award:
Ethics Experts and the Problem of Self-Deception, Gordon Marino, PhD
Journalism Award: Hedge Funds: A Walk Through the Graveyard, Ross Barry
Stephen L. Kessler Writing Award: Thomas Boczar
Kessler Honorable Distinction Award: Stephen DeAngelis, CIMA®, and Harry Marmer

2003
Matthew R. McArthur Award
: Leonard Reinhart
Journalism Award:
Rating the Raters: An Investigation of Mutual Fund Rating Services, Matthew Morey, PhD
Consultants Adding Value: Lessons from the Past Three Decades, A. Craig MacKinlay, PhD 
Stephen L. Kessler Writing Award: David Loeper
Kessler Honorable Distinction Award: Keitha Kinne, CIMA®, 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 Curwood, CIMA®

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
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

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