Award Recipients

2016
Matthew R. McArthur Industry Pioneer Award: Don Phillips
J. Richard Joyner Wealth Management Impact Award: Charlotte B. Beyer
Richard J. Davis Ethics, Legal, Regulatory Insight Award: The Gordon Gekko Effect: The Role of Culture in the Financial Industry, Andrew W. Lo, PhD
Edward D. Baker III Journal Research Award: Foreign Investors in Emerging Equity Markets: Currency Effect Perspective, Cheng Yan, PhD
Stephen L. Kessler Writing Award: Managing Client Relationships in a Goals-Based Framework, Scott Welch, CIMA®
Kessler Award Honorable Distinction:
Bracketology: Lowering Client Taxes with Bracket Management, Brian Laible, CIMA®
The Trinity of Asset Location: Taxes, Returns, and Time Horizon, Brian Laible, CIMA®

2015
Matthew R. McArthur Industry Pioneer Award: Meir Statman, PhD
J. Richard Joyner Wealth Management Impact Award: Jean L. P. Brunel, CFA®
Richard J. Davis Ethics, Legal, Regulatory Insight Award: Broker-Dealers and Investment Advisers: A Behavioral-Economics Analysis of Competing Suggestions for Reform, Polina A. Demina
Davis Award Honorable Distinction: The New Financial Industry, Tom C. W. Lin, JD
Edward D. Baker III Journal Research Award: Multi-Style Global Equity Investing: A Statistical Study on Combining Fundamentals, Momentum, Risk, and Valuation for Improved Performance, David J. Garff, CIMA®
Baker Award Honorable Distinction: The Relative Asset Pricing Model: Toward a Unified Theory of Asset Pricing, Arun Muralidhar, PhD, Kazuhiko Ohashi, PhD, and Sunghwan Shin, PhD
Stephen L. Kessler Writing Award: Master Limited Partnership Investing: A Case for MLPs as a Core Allocation in Your Portfolio, Michael Underhill
Kessler Award Honorable Distinction:
Alternative Beta Strategies: An Evaluation of Different Approaches, Anthony B. Davidow, CIMA®
Six Habits of Highly Successful Advisors, Scott D. Welch, CIMA®

2014
Matthew R. McArthur Award: Richard Marston
Richard J. Davis Legal/Regulatory/Ethics Award: The Fiduciary Obligations of Financial Advisers under the Law of AgencyRobert H. Sitkoff, JD
Davis Award Honorable Distinction: Ethics and Financial Markets: The Role of the Analyst, Marianne M. Jennings
Edward D. Baker III Journal Award: Endogenous Risk and Dangers to Market Stability, Jim Pasztor, MSF, MPASSM, CFP®
Stephen L. Kessler Writing Award: The Reality Linking Investment Selection, Dynamic Asset Allocation, and Risk Management, Brian Hunter, CIMA®, and Ashish Kulkarni, CFA®, FRM
Kessler Award Honorable Distinction:
The Price of Safe Withdrawal Rates, David B. Loeper, CIMA®, CIMC®
Risk Parity: An Alternative Approach to Asset Allocation, Robert G. Smith III, CIMC®, Alexander Pekker, PhD, CFA®, ASA, and Meghan P. Elwell, JD, AIFA®

2013
Matthew R. McArthur Award: Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower
Richard J. Davis Legal/Regulatory/Ethics Award: Selling Advice and Creating Expectations: Why Brokers Should Be Fiduciaries, Arthur B. Laby
Edward D. Baker III Journal Award: Questionnaires of Risk Tolerance, Regret, Overconfidence, and Other Investor Propensities, Carrie H. Pan, PhD, and Meir Statman, PhD
Stephen L. Kessler Writing Award: Choosing Investment Risk Systems, Bruce Curwood, CIMA®, CFA®, and Thomas Gillespie, PhD
Kessler Honorable Distinction Award:
Maximizing the Benefit of Risk Analysis, Bruce Curwood, CIMA®, CFA®, and Thomas Gillespie, PhD
Pretty Good Protection , Rex Macey, CIMA®, CFA®

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 and Robert Colehan
Kessler Honorable Distinction Award: When 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 Masters, John C. Bogle
Edward D. Baker III Journal Award: A Framework for Portfolio Decumulation, Richard 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