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The Harry M. Markowitz Awards at JOIM

Source: Meetings of Nobel LaureatesAs a company committed to state-of-the-art investment theory and practice, New Frontier is proud to honor the enormous range and influence of Harry Markowitz' work by sponsoring the Harry M. Markowitz Prize. A Nobel laureate, Dr. Markowitz pioneered the scientific approach to finance used by so many today. He applied advanced mathematics to the stock market, which led to the development of Modern Portfolio Theory. This foundational idea revolutionized the financial world, spawning the Capital Asset Pricing Model among other breakthroughs. As computers emerged, Dr. Markowitz delved into computer modeling for finance. He developed the key algorithmic technology for implementing his financial theories. He received the John von Neumann Theory Prize for his contributions to portfolio theory, sparse matrix methods, and simulation language programming. As a professor, a theorist, and an active member of the financial community, Harry Markowitz has inspired numerous financiers and economists. This prize aims to continue that legacy. (Read Dr. Markowitz' Nobel lecture.)

JOIM logoCandidates for the annual award will be selected from among papers published in the Journal Of Investment Management each calendar year. The initial selection will be done by the Associate Editors of the JOIM, with the final selection by a Special Panel of advisors who are part of the JOIM's Advisory Board. This Special Panel will consist of Nobel laureates Harry M. Markowitz, Robert C. Merton, Myron S. Scholes, and William F. Sharpe. Papers will be judged based on three primary criteria: practical significance, technical excellence, and theoretical quality. The winner will receive an honorarium of $10,000. Two additional finalist papers will receive a Special Distinction Award along with a $5,000 honorarium.

Dr. Harry Markowitz' interview with Dr. Richard Michaud at the inaugural Markowitz Awards dinner during the Journal Of Investment Management 2011 Spring Conference in San Diego (PDF of the transcript) (video)

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