The Journal of Investment Management and New Frontier Advisors Name 2018 Harry M. Markowitz Award Winners

Top Honor Goes to Paper Entitled “A New Approach to Goals-Based Wealth Management”

LAFAYETTE, Calif.--()--The Journal Of Investment Management and New Frontier Advisors today announced the winners of the 2018 Harry M. Markowitz Award as determined by a Special Selection Panel composed of Nobel Prize winners Harry M. Markowitz, Robert C. Merton, Myron S. Scholes and William F. Sharpe.

Markowitz Award

This year’s top recognition was awarded to A New Approach to Goals-Based Wealth Management,” by Sanjiv R. Das, William and Janice Terry Professor of Finance at Santa Clara University's Leavey School of Business; Daniel Ostrov, Professor in the Mathematics and Computer Science Department at Santa Clara University; Anand Radhakrishnan, Chief Investment Officer, at Franklin Templeton Investments (India) and Deep Srivastav, Head of Client Strategies and Analytics at Franklin Templeton Investments.

The paper outlines a new framework for goals-based wealth management (GBWM) consistent with modern portfolio theory and based on a foundation of developments in behavioral economics and finance. It aims not only to improve advisor communication with their clients, but also improve the quality of advice they provide, in order to help clients achieve their goals.

Special Distinction Awards

The two 2018 Special Distinction Awards were given to the following papers:

Defined Contribution Pension Plans and Mutual Fund Flows,” by Clemens Sialm, Professor of Finance and Economics at the University of Texas at Austin; Laura Starks, Chairman of the Department of Finance and Director of the AIM Investment Center in the McCombs School of Business at the University of Texas at Austin and Hanjiang Zhang, Assistant Professor of Finance and Management Science at Washington State University’s Carson College of Business.

“Automation, Intermediation and the Flash Crash,” by Andrei Kirilenko, Director of the Centre for Global Finance and Technology at London’s Imperial College Business School; Albert S. Kyle, Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business; Mehrdad Samadi, Assistant Professor of Finance at SMU Cox School of Business and Tugkan Tuzun, Economist in the Capital Markets Section of the Federal Reserve Board.

The first paper compares changes in asset allocation between mutual funds held in defined contribution (DC) pension plans and funds held by other investors, and examines how flows into equity and fixed income mutual funds rely on macroeconomic conditions. The authors find that DC investors react more sensitively to individual fund performance than non-DC investors.

In the second paper, the authors examine intraday intermediation in the E-mini S&P 500 stock index futures market before and during the Flash Crash of May 6, 2010 and discuss the evolution of trading from human to electronic environments. The authors discuss the roles played by intermediaries in electronic markets as compared to “pit trading” and conclude that there is a need for well-designed automated pre-trade safeguards and alternative market designs in the presence of “High Frequency Traders” who use their speed advantage to extract rents from other market participants.

The 2018 Markowitz award winners speak to what the award is all about – putting novel investment theories into practice, either through new asset management strategies or thorough analysis of investor behavior and its implications for optimal market structure,” said Dr. Richard Michaud, President and Chief Executive Officer at New Frontier Advisors. “Nearly a decade since its inception, we continue to be a proud supporter of the awards and applaud this year’s winners for their distinguished contributions related to the theory and application of asset management that embody the principles of Dr. Markowitz himself.”

As a company committed to the development of state-of-the-art investment technology and research, we are honored to recognize these important academic and industry contributions,” stated Robert Michaud, Chief Investment Officer at New Frontier Advisors.

The 2018 awards will be presented at the Spring JOIM Conference, Retirement Investing / FinTech and Analytics: The State of the Art Part I, on May 14-15, 2019 in New York City at the NYU Stern School of Business campus (Kaufman Management Center, 44 W. 4th St., New York, NY 10012). The conference will explore the latest and emerging strategies and techniques of retirement investing. For more information about the JOIM Conference Series, visit

About the Harry M. Markowitz Award

The Harry M. Markowitz Award, sponsored jointly each year by the Journal Of Investment Management and New Frontier Advisors, LLC, recognizes the seminal and transcendent impact of Dr. Markowitz’s work as a financial economist and mathematician in both theoretical finance and the practice of asset management. The award was established to honor his legacy and to support future research and innovation in practical asset management. Candidates for the award are chosen from among papers published in JOIM in a calendar year. Nobel laureates Harry M. Markowitz, Robert C. Merton, Myron S. Scholes, and William F. Sharpe make the final selections. An honorarium of $10,000 is bestowed for the winning paper. Two additional papers of special distinction each earn a $5,000 honorarium.

About New Frontier Advisors

New Frontier is a Boston-based institutional research and investment advisory firm specializing in the development and application of state of-the-art investment technology. Founded in 1998 by the inventors of the world’s first broad spectrum, patented, provably effective portfolio optimization process, the firm continues to pioneer new developments in asset allocation and portfolio selection. Based on practical investment theory, New Frontier’s services help institutional investors across the globe to select and maintain more effective portfolios.

About The Journal Of Investment Management (JOIM)

The Journal Of Investment Management (JOIM), established in 2003, is a high quality, fully refereed publication, which bridges the theory and practice of investment management. The JOIM offers rigorous research with practical significance, drawing from the disciplines of finance, economics and accounting. Special issues on timely topics including distinguished authors who have both impressive academic and professional experience are a highlight. The JOIM’s overall goal is to be mindful of the need to present the very best quality material in a form appealing to the practitioner, student and academic.

About the JOIM Conference Series

The mission of the JOIM Conference Series, founded in 2006, is to extend the mandate of the Journal Of Investment Management (JOIM) in bridging the theory and practice of investment management. Whereas the JOIM journal is a rigorous peer reviewed publication, the JOIM Conference Series showcases very high quality presentations and a platform for interactive discussions of current topics in the investment management arena. Prevalent throughout both activities is the highest quality material suitable for the academic, practitioner and student.


Intermarket Communications
Alex Sotiropoulos, +1 212-754-5615

Release Summary

This year's Harry M. Markowitz Award top honor was awarded to a paper entitled, “A New Approach to Goals-Based Wealth Management.”


Intermarket Communications
Alex Sotiropoulos, +1 212-754-5615