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AQR
Insight Award Homepage
2012 AQR INSIGHT
AWARD COMMITTEE
BIOGRAPHIES
Gregor Andrade, Ph.D.
Cliff Asness, Ph.D.
Andrea Frazzini, Ph.D.
Jacques A. Friedman
Marco Hanig, Ph.D.
Ronen Israel
David Kabiller, CFA
Michael Katz, Ph.D.
John Liew, Ph.D.
Michael Mendelson
Mark Mitchell, Ph.D.
Tobias Moskowitz, Ph.D.
Lars Nielsen
Lasse Pedersen, Ph.D.
Todd Pulvino, Ph.D.
Andrew Sterge, Ph.D.
Gregor Andrade, Ph.D., AQR Principal
Prior to joining AQR in May 2003, Gregor was a finance professor at Harvard
Business School. He taught Corporate Financial Management (CFM), an
advanced Corporate Finance and Valuation course in the MBA program, as
well as in various Executive Education programs. While at Harvard,
Gregor's research focused on corporate restructuring events, particularly
mergers and acquisitions and financial distress. His paper "How
Costly is Financial (not Economic) Distress? Evidence from Highly
Leveraged Transactions That Became Distressed" won the 1998 Smith
Breeden Prize for best paper in the Journal of Finance. Gregor has an
undergraduate degree in Economics from MIT and a Ph.D. in Finance from
the University of Chicago's Graduate School of Business. Before entering
graduate school, he was a Mergers and Acquisitions analyst at the investment
banking firm of Wasserstein Perella.
Clifford S. Asness, Ph.D., AQR Managing and Founding
Principal
Prior to co-founding AQR Capital Management, Cliff was at Goldman, Sachs
& Co. where he was a Managing Director and Director of Quantitative
Research for the Asset Management Division. Cliff and his team at Goldman
were responsible for building quantitative models to add value in global
equity, fixed income and currency markets for Goldman clients and
partners. Cliff has authored articles on many financial topics including
multiple publications in the Journal of Portfolio Management and the
Financial Analysts Journal. He has received the best paper award from the
Journal of Portfolio Management twice (2001, 2003). From the Financial
Analysts Journal he has received the Graham and Dodd Award for the year’s
best paper (2003), a Graham and Dodd Excellence Award (2000), the award
for the best perspectives piece (2004), and the Graham & Dodd
Readers' Choice Award (2005). In addition, the CFA Institute has awarded
Cliff the James R. Vertin Award which is
periodically given to individuals who have produced a body of research
notable for its relevance and enduring value to investment professionals.
He is on the editorial board of the Journal of Portfolio Management, the
editorial board of the Financial Analysts Journal, the governing board of
the Courant Institute of Mathematical Finance at NYU, the Council on the
Graduate School of Business and the university-wide Investment Committee
at the University of Chicago, and the Leadership Council of the Robin
Hood Foundation. Cliff received a BS in Economics from the Wharton School
and a BS in Engineering from the Moore School of Electrical Engineering,
both graduating summa cum laude at the University of Pennsylvania. He
received an MBA with high honors and a Ph.D. in Finance from the
University of Chicago where he was Eugene Fama’s
student and teaching assistant for two years (he is still respectfully
scared of Gene).
Andrea Frazzini, Ph.D., AQR Senior
Researcher
Andrea Frazzini joined the Global Stock Selection group in July 2008.
Prior to joining AQR, Andrea was a Professor of Finance at University of
Chicago Graduate School of Business and a Research Associate at the NBER.
He also served as a consultant for DKR Capital Partners and JP Morgan
Securities, and is on the Board of Directors of CRSP. Andrea earned a BS
in Economics from the University of Rome III, a MS in Economics from the
London School of Economics and a Ph.D. in Economics from Yale University.
Andrea's research has focused on asset pricing and behavioral finance,
studying financial market imperfections. He has published in the top
academic finance and economics journals and won several awards including
the BGI best paper award, the CQA best paper award and the PanAgora Crowell Memorial Prize.
Jacques A. Friedman, AQR Principal
Jacques joined AQR Capital Management at its inception in 1998 and is Head of Global
Stock Selection. Prior to joining AQR Capital Management, Jacques worked at Goldman,
Sachs & Co. as an Associate in the Asset Management Division's Quantitative Equity
Group. There, he was a member of the portfolio management team, developing and
researching quantitative stock selection strategies used to manage over $10 billion
in institutional separate accounts and retail mutual funds. Prior to joining Goldman,
Jacques was in the Ph.D. program in Applied Mathematics at the University of Washington,
where his research interests ranged from mathematical physics to quantitative methods
for sports handicapping. He received an MS in Applied Mathematics from the University
of Washington and a BS in Applied Mathematics from Brown University.
Marco Hanig, Ph.D., President of AQR Funds
Marco Hanig is President of the AQR Funds, a mutual fund complex started in 2009 by AQR Capital Management that focuses on alternative investments and other uncorrelated strategies. Prior to joining AQR in 2008, he was a principal with William Blair & Company, where he was president of the William Blair Funds and Chief Operating Officer of the Investment Management Department. Before then, he worked at First Chicago as head of the mutual funds business. He began his career as a management consultant with Bain & Company. Marco holds a B.A. in mathematics from the University of Chicago, and a Ph.D. in economics from the Massachusetts Institute of Technology.
Ronen Israel, AQR
Principal
Prior to joining AQR in September 1999, Ronen was a Senior Analyst at Quantitative Financial Strategies, Inc., a quantitative investment management firm, specializing in currencies and global macro strategies, with $2.5 billion under management. Before that, he worked as a management consultant, specializing in building out financial systems for financial services firms. Ronen received a MA in Mathematics, specializing in mathematical finance, from Columbia University, a BS in Economics from The Wharton School at the University of Pennsylvania and a BAS in Biomedical Science from the School of Engineering and Applied Science at the University of Pennsylvania.
David G. Kabiller, CFA, AQR Founding Principal
As Founding Principal and Head of Business Development at AQR, David
Kabiller is responsible for managing new and existing client
relationships, as well as overseeing new product and strategic
initiatives. Prior to co-founding AQR Capital Management, David worked at
Goldman, Sachs & Co. At Goldman Sachs, he was a Vice President in the
Pension Services Group where he established and maintained relationships
with the chief investment officers of many of the largest pension and
endowment funds in North America and assisted them in accessing the
resources of the firm appropriate to developing and implementing global
investment and capital markets strategies. Before joining the Pension
Services Group, he was in the Institutional Fixed Income Division and in
the Private Client Services Department. While at Goldman, David was
involved with the structuring and development of products and investment
strategies unique to ESOP investors. He was the creator of Goldman’s
Pension & Endowment Forum in which he co-authored research topics on
derivatives, enhanced indexation, securities lending, insurance-linked
securities and hedge funds. He co-authored “Hedge Funds Demystified: Are
They Appropriate Investments for Institutional Investors? David is a
member of the Board of Trustees at Northwestern University, and has been
a periodic lecturer at the Kellogg Graduate School of Management. He is
also a member of the Kellogg Alumni Advisory Board, as well as a member
of the Advisory Board of BBR Partners and Healey Development Corporation.
He holds a BA in Economics with Honors and an MBA from Northwestern
University. While at Northwestern, David received an athletic scholarship
for tennis and was voted to the all academic
“Big Ten” team.
Michael Katz, Ph.D.,Vice President
Michael Katz joined AQR Capital in September of 2007 as a researcher in our Global Asset
Allocation group. Prior to joining AQR, he was a Teaching Fellow at Harvard University.
Michael also worked as a Research Assistant at Harvard University and Tel Aviv University
and acted as a Business & Economic Consultant for Trigger LTD. He graduated from Tel Aviv
University with his BA in Economics and the History of the Middle East and earned his Ph.D.
in Economics from Harvard University.
John Liew, Ph.D., AQR Founding Principal
Prior to co-founding AQR Capital Management, John worked at Goldman, Sachs & Co. as a Vice President and portfolio manager in the Asset Management Division where he developed and managed quantitative strategies to trade stock index futures, bond futures and currencies globally. At Goldman, these strategies were used to manage over $7 billion in proprietary capital, a hedge fund, institutional separate accounts and retail mutual funds. Prior to joining Goldman, John worked at Trout Trading Company where he developed and implemented global quantitative market-neutral stock selection strategies. John has published articles on the topics of global asset allocation and stock selection in the Journal of Portfolio Management and the Financial Analysts Journal. John received a Ph.D. in Finance in 1995 and an MBA in 1994 from the University of Chicago Graduate School of Business. John graduated Phi Beta Kappa with a BA in Economics from the University of Chicago in 1989.
Michael Mendelson, AQR Principal
Prior to joining AQR Capital Management, Michael worked at Goldman Sachs where he was Managing Director and Head of Quantitative Trading. Prior to founding that effort, he was Head of US Program Trading. At Goldman Sachs, Michael served on the Equities Division Risk Committee and was co-chair of the Systems Risk Taskforce. He began his career at Goldman serving pension funds and endowments in the Fixed Income Division and the Pension Services Group. Michael received an S.M. in Chemical Engineering from MIT along with an S.B. in Chemical Engineering, and S.B. in Mathematics, and an S.B. in Management. He also has an MBA from the University of California at Los Angeles.
Mark Mitchell, Ph.D., CNH
Partners Founding Principal
Prior to co-founding CNH Partners in 2001,
Mark was a finance professor at University of Chicago (1990-1999) and
Harvard University (1999-2003). In academia, Mark authored numerous
research papers about mergers & acquisitions and investment
management. Four of his papers received paper-of-the-year awards:
Smith-Breeden Prize from Journal of Finance for “Limited Arbitrage in
Equity Markets”; Merton Miller Prize from Journal of Business for
“Managerial Decisions and Long-Term Stock Price Performance”; Graham and
Dodd Scroll from Financial Analysts Journal for “The Value of Corporate
Takeovers”; and Roger Murray Prize from Institute for Quantitative Research
in Finance for “Do Bad Bidders Become Good Targets?”. Mark also received
five teaching awards at the University of Chicago. He is co-author of the
book Mergers, Restructuring and Corporate Governance. Mark is on the
board of directors at TD-Ameritrade where he chairs the M&A
Committee. He is also a member of the Executive Advisory Board of Clemson
University’s College of Business & Behavioral Science. In February
2007, Mark served as an emissary of the U.S. State Department to discuss
M&A with policymakers, business leaders, academics and reporters in
Japan. During 1996-2005, Mark was a board member of Ameritrade
Corporation where he chaired the Special Committee (oversaw the merger
with TD Waterhouse in 2005) and the Nominating Committee. He was also a
member of the NASDAQ Quality of Markets Committee during 2003-2005, and
was a founding member of the NASD Economic Advisory Board during
1996-1998. During 1987-1990, Mark worked in the Office of the Chief
Economist at the Securities & Exchange Commission where he authored
several research papers on M&A. He also worked on merger regulations
and led the development of applying financial economics to assist the
SEC’s enforcement efforts in insider trading cases. Mark holds a Ph.D.
and M.A. in Economics from Clemson University and B.B.A. in Economics
from University of Louisiana at Monroe.
Tobias J. Moskowitz, Ph.D.,
Fama Family Professor of Finance at the University of Chicago Booth School of Business, NBER Research Associate and consultant to AQR
Professor Moskowitz has taught finance and
investments as a faculty member at the University of Chicago since 1998.
He also serves as a research associate for the National Bureau of
Economic Research, is an associate editor at the Journal of Finance, and
is a former editor of the Review of Financial Studies. His work has been
cited in the Wall Street Journal, the New York Times, Financial Times, US
News and World Report, Money magazine, and a 2005 speech by former
Federal Reserve Chairman Alan Greenspan. Professor Moskowitz was
recognized by the American Finance Association with its 2007 Fischer
Black Prize, which honors the top finance scholar in the world under the
age of 40. The award cited his "ingenious and careful use of newly
available data to address fundamental questions in finance." His
work studies asset pricing, portfolio choice, risk sharing, market efficiency,
real estate markets and finance, and momentum investing. He wrote his
dissertation on momentum and has written and published several papers on
the topic. He has presented his research at many universities,
practitioner groups, and government institutions around the world and has
received numerous prizes and awards for his research, including the
Smith-Breeden and Brattle Prizes for the best papers published in the
Journal of Finance, and the Barclay Global Investor's Michael Brennan
Award twice for the best paper published in the Review of Financial
Studies. Professor Moskowitz spent the 2007-2008 academic year on leave
at AQR Capital Management, LLC with which he has an ongoing consulting
relationship. He earned a bachelor's degree in industrial management and
industrial engineering (with distinction) in 1993 from Purdue University,
a master's degree in management from Purdue University in 1994, and a PhD
in finance from the University of California at Los Angeles in 1998.
Lars Nielsen, Principal
Lars joined AQR Capital Management in 2000. Prior to joining AQR, Lars was a
visiting graduate student in the economics department at Cornell University
where his research interests were in financial econometrics and statistics.
Before that, Lars worked as an Analyst in the Quantitative Research Group at
Danske Invest, the largest asset management firm in Denmark. At Danske Invest
Lars was responsible for developing the company’s macro based stock selection
models. He received a B.Sc. and an M.Sc. in Economics from the University of
Copenhagen, Denmark.
Lasse Pedersen, Ph.D.,
AQR Principal, John A. Paulson Professor of Finance and Alternative Investments at the NYU Stern School of Business and Research Associate at CEPR and NBER
Lasse is a Principal at AQR Capital Management in the Global Asset Allocation team, which focuses on macro related strategies, research, and portfolio management. He is also the John A. Paulson Professor of Finance and Alternative Investments at the NYU Stern School of Business and a professor at Copenhagen Business School. Lasse serves as a Director of the American Finance Association and on the Economic Advisory Boards of NASDAQ OMX and FTSE, and he has been an academic consultant for the NY Federal Reserve Bank among other places. He earned his Ph.D. in Finance from Stanford University and his B.S. and M.S. degrees in Mathematics-Economics from the University of Copenhagen. Lasse’s research on asset pricing and liquidity risk has won a number of awards, including the Fama/DFA Prize, and his studies of the markets for equities, currencies, commodities, bonds, futures, options, and sovereign CDS have been published in the leading journals. He has served as associate editor for Journal of Finance, Journal of Economic Theory, Quarterly Journal of Economics, and Review of Asset Pricing Studies, and is a research associate at National Bureau of Economic Research (NBER) and Centre for Economic Policy Research (CEPR).
Todd Pulvino, Ph.D.,
CNH Partners Founding Principal
Todd Pulvino is a co-founder and principal
at CNH Partners, the merger arbitrage and convertible arbitrage affiliate
of AQR Capital Management. In addition, Todd was a member of the finance
faculty at Northwestern University’s Kellogg School of Management, where
his research has focused on the risks and returns in event arbitrage.
Todd worked as a consultant for Collins Associates and Grosvenor Capital
Management where he evaluated event-driven hedge funds. He has also
served on the finance faculty at Harvard Business School. Todd’s research
is published in top academic finance journals including the Journal of Finance
and the Journal of Financial Economics. Todd received the Smith-Breeden
First Prize for the best paper (“Limited Arbitrage in Equity Markets”,
co-authored with Mark Mitchell and Erik Stafford) published in the
Journal of Finance in 2002 and he received the Smith-Breeden
Distinguished Paper Award (“Do Asset Fire-Sales Exist? Empirical Evidence
from Commercial Aircraft Transactions”) from the Journal of Finance in
1998. He holds Ph.D. and A.M. degrees in Business Economics from Harvard
University, an M.S. degree in Mechanical Engineering from the California
Institute of Technology, and a B.Sc. degree in Mechanical Engineering
from the University of Wisconsin-Madison. Prior to completing his
doctoral work at Harvard, Todd worked as a design engineer in the
aerospace industry.
Andrew Sterge, Ph.D.,
AQR Vice President
Andrew J. Sterge leads the reinsurance team at AQR Capital Management. Previously Mr. Sterge served as President of the AJ Sterge Division with Magnetar Capital managing reinsurance investments and quantitative trading strategies as well as serving on the Board of Directors of Pulsar Re, Ltd.
Prior to that Mr. Sterge was founder, Chairman and Chief Executive Officer of AJ Sterge Investment Strategies before its acquisition by Magnetar in 2006.
The firm pioneered investment strategies in reinsurance and various segments of the equity and fixed income markets. Previously he spent 15 years at the CooperNeff Group, which was acquired by Banque Nationale de Paris (now BNP Paribas) in 1995, developing options pricing and short term equity trading models and served his last four years there as the firm’s Chairman and Chief Executive Officer.
Mr. Sterge’s groundbreaking equity trading strategy was profiled in a December 1997 front page Wall Street Journal article titled “Trading by the Numbers” and remains the centerpiece of BNP Paribas’ proprietary equity trading.
Mr. Sterge has a PhD in mathematics from Cornell University and a BS in mathematics from Wake Forest University.
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