Prof. Roger Ibbotson Wins Harry M. Markowitz Award for Research on Asset Pricing
In a 2025 paper published in the Journal of Investment Management, Ibbotson and two collaborators proposed a new asset pricing model that accounts for the diversity of investor preferences and beliefs.
Roger Ibbotson, professor in the practice emeritus of finance, has won the 2025 Harry M. Markowitz Award for his paper “The CAPM, APT, and PAPM.”
Jointly sponsored by the Journal of Investment Management (JOIM) and the investment management firm New Frontier Advisors, the award honors the legacy of economist Harry Markowitz by supporting research in practical asset management. Each year, the journal’s associate editors nominate candidates, and its advisory board, which includes Nobel laureates, selects the winner. The award was presented at the spring 2026 JOIM Conference.
Ibbotson co-authored the paper with Thomas Idzorek, chief investment officer of retirement for Morningstar Investment Management, and Paul Kaplan, former research director for Morningstar Canada. It proposes the Popularity Asset Pricing Model (PAPM) as an alternative to two dominant textbook models, the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT). The authors argue that by incorporating investors’ different preferences and beliefs about expected returns and risk, the PAPM offers a more realistic framework for asset pricing.
Ibbotson is the chairman of Zebra Capital Management LLC and the founder and former chairman of Ibbotson Associates, now a Morningstar company. His research spans various financial topics, including popularity, liquidity, investment returns, mutual funds, international markets, portfolio management, and valuation. Ibbotson previously won the Harry M. Markowitz Award in 2015 for his paper “Momentum, Acceleration, and Reversal.”
