Past Graham and Dodd Top Award Winners

Full Listing of All Award Winners 

2015  
M. Barton Waring and Laurence B. Siegel 
“The Only Spending Rule Article You Will Ever Need” 

2014  
Mark Carhart, CFA, Ui-Wing Cheah, CFA, Giorgio De Santis, Harry Farrell, and Robert Litterman 
“Exotic Beta Revisited” 

2013  
Roger G. Ibbotson, Zhiwu Chen, Daniel Y.-J. Kim, and Wendy Y. Hu  
“Liquidity as an Investment Style” 

2012  
Ananth Madhavan 
“Exchange-Traded Funds, Market Structure, and the Flash Crash”

2011 
Clifford S. Asness, Roni Israelov, and John M. Liew 
“International Diversification Works (Eventually)”

2010 
William F. Sharpe 
“Adaptive Asset Allocation Policies” 

2009 
Stephen Brown, William Goetzmann, Bing Liang, and Christopher Schwarz 
“Estimating Operational Risk for Hedge Funds: The ω-Score” 

2008 
Paul D. Kaplan, CFA 
“Why Fundamental Indexation Might—or Might Not—Work” 

2007 
William F. Sharpe 
"Expected Utility Asset Allocation" 

2006  
Claude B. Erb, CFA, and Campbell R. Harvey 
"The Strategic and Tactical Value of Commodity Futures" 

2005 
John Y. Campbell and Luis M. Viceira 
"The Term Structure of the Risk–Return Trade-Off" 

2004 
Richard Roll 
"Empirical Tips" 

2003 
Robert D. Arnott* and Clifford S. Asness 
"Surprise! Higher Dividends = Higher Earnings Growth" 
*As current editor of the FAJ, Robert Arnott recused himself from eligibility to receive the 2003 Graham & Dodd Award. 

2002 
Robert D. Arnott and Peter L. Bernstein 
"What Risk Premium Is 'Normal'?" 

2001 
Mark Rubinstein 
"Rational Markets: Yes or No? The Affirmative Case" 

2000 
Eduardo S. Schwartz and Mark Moon 
"Rational Pricing of Internet Companies" 

1999 
Andrew W. Lo 
"The Three P’s of Total Risk Management" 

1998 
William F. Sharpe 
"Morningstar’s Risk-Adjusted Ratings" 

1997 
Peter L. Bernstein 
"What Rate of Return Can You Reasonably Expect . . . or What Can the Long Run Tell Us about the Short Run?" 

1996 
Rex A. Sinquefield 
"Where Are the Gains from International Diversification?" 

1995 
Stuart C. Gilson 
"Investing in Distressed Situations: A Market Survey" 

1994 
Eric H. Sorensen and Thierry F. Bollier 
"Pricing Swap Default Risk" 

1993 
Fischer Black 
"Estimating Expected Return" 

1992 
Fischer Black and Robert Litterman 
"Global Portfolio Optimization" 

1991 
Richard M. Ennis and Paul Burik 
"Pension Fund Real Estate Investment under a Simple Equilibrium Pricing Model" 

1990 
G. William Schwert 
"Stock Market Volatility" 

1989 
Fischer Black 
"Universal Hedging: Optimizing Currency Risk and Reward in International Equity Portfolios" 

1988 
Richard Roll 
"The International Crash of October 1987" 

1987 
Martin L. Leibowitz 
"Pension Asset Allocation through Surplus Management" 

1986 
Martin L. Leibowitz 
"Total Portfolio Duration: A New Perspective on Asset Allocation" 

1985 
Mark Rubinstein 
"Alternative Paths to Portfolio Insurance" 

1984 
Richard Roll and Stephen A. Ross 
"The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning" 

1983 
Thomas F. Loeb 
"Trading Cost: The Critical Link between Investment Information and Results" 

1982 
Fischer Black 
"The Trouble with Econometric Models" 

1981 
Jack L. Treynor 
"What Does It Take to Win the Trading Game?" 

1980 
Fischer Black 
"The Tax Consequences of Long-Run Pension Policy" 

1979 
Franco Modigliani and Richard A. Cohn 
"Inflation, Rational Valuation, and the Market" 

1978 
Michael C. Jensen and William H. Meckling 
"Can the Corporation Survive?" 

1977 
Arthur L. Fisher 
"What Happens to Capitalism When Money Managers Stop Acting like Capitalists?" 

1976 
William L. Fouse 
"Risk and Liquidity: The Keys to Stock Price Behavior" 

1975 
Charles D. Ellis 
"The Loser’s Game" 

1974 
Franco Modigliani and Gerald A. Pogue 
"An Introduction to Risk and Return: Concepts and Evidence"  
(Continued in May/June

1973 
William F. Sharpe 
"Bonds versus Stocks: Some Lessons from Capital Market Theory" 

1972 
William F. Sharpe 
"Risk, Market Sensitivity, and Diversification" 

1971 
Sidney Cottle, Edmund A. Mennis, and Mary Schuelke 
"Corporate Earnings: Long Term Outlook and Valuation" 

1970 
Henry C. Wallich 
"Fiscalists vs. Monetarists" 

1969 
Joseph H. Spigelman 
"The Data Service Industry"  
Continued in Part II, and Part III 

1968 
Howard Bonham 
"Equity Investment Return in 1970" 

1967 
John P. Shelton 
"The Relation of the Price of a Warrant to the Price of Its Associated Stock: Part I" 
Continued in Part II 

1966 
Joseph H. Spigelman 
"Technological and Institutional Transformation of the Drug Industry" 

1965 
Sidney Cottle 
"Corporate Earnings: A Record of Contrast and Change" 
November/December 
Pages 67-81

1964 
Frank E. Block 
"The Place of Book Value in Common Stock Evaluation" 

1963 
Anthony Gaubis 
"The Timing Factor in Business and Stock Market Forecasting" 

1962 
Robert K. Lifton 
"An Understanding of Public Realty Firms" 

1961 
Richard W. Lambourne 
"Institutional Investing" 

1960 
Fulton Boyd 
"Investment Opportunities in Latin America"