Yale School of Management

Professors Ibbotson, Chen, and Shiller Win CFA Institute Awards

“Liquidity as an Investment Style” by Professors Roger Ibbotson and Zhiwu Chen, and co-authors Daniel Y. -J. Kim '13 and Wendy Y. Hu, has been selected as the best article in the Graham and Dodd Awards, a CFA Institute program honoring the top articles published in the Financial Analysts Journal each year. The article, published in the May/June 2013 issue of the FAJ, finds that liquidity is an important indicator of long-run returns. The authors suggest that liquidity be included in future asset price studies as an investment style given equal standing with size, growth/value, and momentum.

This year’s Best Perspectives Award for the timeliest and most thought-provoking opinion article was given to Professor Robert J. Shiller for his piece “Capitalism and Financial Innovation,” which appeared in the January/February 2013 issue. In it, Shiller shares his view that capitalism must constantly be updated through innovation in order to be successful in its purpose of achieving society’s goals.