The Journal of Investment Management, in collaboration with research firm New Frontier Advisors, announced on Tuesday the winners of the 2025 Harry M. Markowitz Award: Morningstar CIO Thomas Idzorek; former Morningstar Director of Research Paul Kaplan; and Yale School of Management Professor Roger Ibotson for their paper “The CAPM, APT, and PAPM.”
The Markowitz Award—named after the academic and N...
The 2025 Harry M. Markowitz Award recognizes exceptional research in contemporary asset management, with this year's winners presenting a paper that critiques the capital asset pricing model (CAPM) and arbitrage pricing theory (APT), offering an alternative through the Popularity Asset Pricing Model (PAPM). The Journal of Investment Management also acknowledged two additional papers with special distinction, one addressing behavioral risks for retail investors adopting commission-free trading an...