The Journal of Investment Management and New Frontier Institute Announce 2024 Harry M. Markowitz Award Winners

Prestigious Honor Recognizes Outstanding Contributions to Investment Research

LAFAYETTE, Calif.--(BUSINESS WIRE)--The Journal of Investment Management (JOIM) and New Frontier proudly announce the recipients of the 2024 Harry M. Markowitz Award. Named in honor of Dr. Harry Markowitz, a pioneering figure in modern portfolio theory, this esteemed award recognizes exceptional research that advances the field of investment management. Sponsored jointly by JOIM and New Frontier Advisors, LLC, the award celebrates Dr. Markowitz’s enduring legacy by championing innovative research with real-world applications.

The top honor, the Markowitz Award, includes a $10,000 honorarium and is presented to the most outstanding paper published in JOIM within the past year. Additionally, two Special Distinction Awards, each accompanied by a $5,000 honorarium, recognize papers of significant merit that contribute to the advancement of financial theory and practice.

These awards will be presented at the JOIM conference on April 22, 2025.

2024 Markowitz Award Winner

“Night Moves: Is the Overnight Drift the Grandmother of all Market Anomalies?” By Victor Haghani, Vladimir Ragulin, and Richard Dewey

This groundbreaking paper explores the persistent overnight drift in financial markets, shedding light on a market anomaly with profound implications for asset pricing and investment strategies. The authors analyze decades of market data to examine the systematic impact of overnight returns and their potential influence on trading strategies.

Special Distinction Awards

“Arbitrage Pricing Theory 50 Years After Black Merton Scholes” By Robert A. Jarrow

Commemorating five decades since the foundational work of Black, Merton, and Scholes, this paper reexamines the Arbitrage Pricing Theory (APT) in modern financial contexts. Jarrow offers a fresh perspective on the evolution of APT, assessing its relevance in today’s complex investment landscape.

“Stock Market Insurance Prices, BL Skew, Conditional Marginal Utilities and the Equity Risk Premium” By Douglas T. Breeden

Breeden's work delves into the intersection of stock market insurance pricing, risk premia, and conditional marginal utility, providing critical insights into market behavior and investor decision-making under uncertainty.

Robert Michaud, Co-Founder and Chief Investment Officer of New Frontier, applauded the winners, stating, “The recipients of the 2024 Markowitz Award embody the intellectual rigor and forward-thinking spirit that define Dr. Markowitz’s legacy. Their contributions push the boundaries of investment research and have significant implications for both academics and practitioners.”

About New Frontier Advisors

New Frontier is a leading investment technology firm that has been delivering advanced portfolio optimization solutions since 1999. Our Michaud Optimization™ process—validated through rigorous academic research and recognized with four patents—powers market-adaptive, risk-managed portfolios designed to align with investor objectives. Our robust technology and deep quantitative expertise equip financial advisors and institutions to navigate market uncertainty and achieve more consistent, reliable investment outcomes. As a pioneer in ETF strategy, we have a 20-year track record of constructing ETF portfolios that help advisors deliver long-term, consistent value to their clients.

About New Frontier Institute

The New Frontier Institute serves as a scholarly repository and resource for academics, investment professionals, and investors interested in the evolution of quantitative asset management. Rooted in the pioneering research of Dr. Richard Michaud, the Institute bridges the gap between theory and practice by fostering authoritative research in modern portfolio management. Learn more at New Frontier Institute.

About the Journal of Investment Management (JOIM)

Founded in 2003, JOIM is a peer-reviewed journal that bridges the gap between investment theory and practice. Featuring rigorous research from leading academics and practitioners, JOIM provides insights that are both analytically sound and practically relevant to investors worldwide.