Bernstein Fabozzi/Jacobs Levy Awards

Selected annually by its readers, the Bernstein Fabozzi/Jacobs Levy Awards acknowledge and highlight the most innovative and compelling research published each year in The Journal of Portfolio Management.

The Awards were established in 1999 to honor Editors Peter L. Bernstein and Frank J. Fabozzi for their extraordinary contributions to the field of finance and to promote research excellence in the theory and practice of portfolio management.

Co-founded and generously funded by Bruce Jacobs and Ken Levy of Jacobs Levy Equity Management, the prize for the Best Article is $5,000 and the prize for each Outstanding Article is $2,500.

Every five years, the award-winning articles and commentaries are collected into a limited-edition book. The Bernstein Fabozzi/Jacobs Levy Awards: Five Years of Award-Winning Articles from The Journal of Portfolio Management, Volumes One through Four, feature an introduction from the editors and include each of the winning articles accompanied by commentaries from the award-winning authors discussing the motivation behind their articles and ongoing research.

Discover the full list of best articles Discover the full list of outstanding articles
22nd Annual Award Winners Awards Books 20th Anniversary Celebration

 

Best Article Award Winners

Year Author(s) Best Article
2021

Ananth Madhavan, Aleksander Sobczyk, and Andrew Ang


Elroy Dimson, Paul Marsh, and Mike Staunton

Alpha vs. Alpha: Selection, Timing, and Factor Exposures from Different Factor Models

Divergent ESG Ratings
2020 Tarun Gupta and Bryan Kelly Factor Momentum Everywhere
2019 Meir Statman Behavioral Efficient Markets
2018 Robert D. Arnott, Denis B. Chaves, and Tzee-man Chow King of the Mountain: The Shiller P/E and Macroeconomic Conditions
2017 Andrew W. Lo What Is an Index?
2016 Campbell R. Harvey and Yan Liu  Backtesting
2015 Campbell R. Harvey and Yan Liu  Evaluating Trading Strategies
2014

Richard Roll  

Clifford Asness and Andrea Frazzini

Volatility, Correlation, and Diversification in a Multi-Factor World  

The Devil in HML's Details
2013 Antti IImanen and Jared Kizer  The Death of Diversification Has Been Greatly Exaggerated 
2012 Wai Lee  Risk-Based Asset Allocation: A New Answer to an Old Question? 
2011 Robert A. Jarrow  Active Portfolio Management and Positive Alphas: Fact or Fantasy? 
2010 Robert E. Whaley Understanding the VIX
2009 Richard C. Grinold Dynamic Portfolio Analysis
2008 Martin L. Leibowitz and Anthony Bova Gathering Implicit Alphas in a Beta World
2007 Ronald N. Kahn, Matthew H. Scanlan, and Laurence B. Siegel Five Myths About Fees
2006 Robert B. Litterman The Active Risk Puzzle
2005 Clifford S. Asness Fight the Fed Model
2004 Antti Ilmanen

Mark Kritzman and Sébastien Page		 Expected Returns on Stocks and Bonds

The Hierarchy of Investment Choice
2003 Clifford S. Asness, Robert J. Krail, and John M. Liew Do Hedge Funds Hedge?
2002 Burton G. Malkiel and Aleksander Radisich The Growth of Index Funds and the Pricing of Equity Securities
2001 Jeremy J. Siegel The Shrinking Equity Premium
2000 Thomas K. Philips Why Do Valuation Ratios Forecast Long-Term Equity Returns?