The AQR Insight Award recognizes and rewards exceptional academic working papers that offer original, intelligent approaches to practical issues in the investment world. AQR's Insight Award Advisory Committee will consider papers on any investment-related topic as long as they deliver clear, significant insights. Up to three papers share a $100,000 annual prize.

The AQR Insight Award counts many esteemed academics among its recipients. In addition, since the award’s inception in 2012, 26 of the 30 finalist papers (through 2017) have been published in one of the following economics or finance journals: Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics.

Winners of the next Insight Award will be announced in June of 2019.




2018 First Prize Winners

International Currencies and Capital Allocation

Matteo Maggiori, Harvard University, NBER and CEPR; Brent Neiman, University of Chicago Booth School of Business and NBER; and Jesse Schreger, Columbia University Graduate School of Business and NBER

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Taming the Factor Zoo

Guanhao Feng, City University of Hong Kong, College of Business; Stefano Giglio, Yale School of Management; Dacheng Xiu, Booth School of Business, University of Chicago

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2018 Honorable Mentions

A Measure of Risk Appetite for the Macroeconomy

Carolin Pflueger, University of British Columbia; Emil Siriwardane, Harvard Business School; Adi Sunderam, Harvard Business School and NBER

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Opportunism as a Firm and Managerial Trait: Predicting Insider Trading Profits and Misconduct

David Hirshleifer, University of California Merage School of Business, and Usman Ali

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Asset Mispricing

Kurt F. Lewis, Federal Reserve Board of Governors; Francis A. Longstaff, UCLA Anderson School; Lubomir Petrasek, Federal Reserve Board of Governors

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Previous Winners

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  • 2012

Macroeconomic-Driven Prepayment Risk and the Valuation of Mortgage-Backed Securities

Mikhail Chernov, Ph.D., UCLA Anderson School and CEPR, Francis A. Longstaff, Ph.D., UCLA Anderson School and the NBER, and Brett R. Dunn, UCLA Anderson School

2016 HONORABLE MENTION

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Excess Volatility: Beyond Discount Rates

Stefano Giglio, Ph.D. and Bryan Kelly, Ph.D., both from the University of Chicago Booth School of Business

2016 HONORABLE MENTION

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A Tough Act to Follow: Contrast Effects in Financial Markets

Samuel M. Hartzmark, Ph.D., University of Chicago Booth School of Business, and Kelly Shue, Ph.D., University of Chicago Booth School of Business and NBER

2016 FIRST PRIZE

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Size Discovery

Darrell Duffie, Ph.D., Graduate School of Business, Stanford University, and Haoxiang Zhu, Ph.D., MIT Sloan School of Management

2016 FIRST PRIZE

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Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

Erik Stafford, Ph.D., Harvard Business School

2016 HONORABLE MENTION

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Deviations from Covered Interest Rate Parity

Wenxin Du, Ph.D., Federal Reserve Board; Alexander Tepper, Ph.D., Columbia University; and Adrien Verdelhan, Ph.D., MIT Sloan School of Management

2017 FIRST PRIZE

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Overpriced Winners

Kent Daniel, Ph.D., Columbia Business School and NBER, Alexander Klos, Ph.D., Kiel University and Kiel Institute for the World Economy, Simon Rottke, Ph.D., FCM, University of Munster

2017 HONORABLE MENTION

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An Equilibrium Model of Institutional Demand and Asset Prices

Ralph S.J. Koijen, Ph.D., New York University Stern School of Business, CEPR and NBER, and Motohiro Yogo, Ph.D., Princeton University and NBER

2017 HONORABLE MENTION

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What is the Expected Return on a Stock?

Ian Martin, Ph.D., London School of Economics and Christian Wagner, Ph.D., Copenhagen Business School

2017 HONORABLE MENTION

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Bear Beta

Zhongjin Lu, Ph.D., University of Georgia Terry College of Business and Scott Murray, Ph.D., Georgia State University J. Mack Robinson College of Business

2017 HONORABLE MENTION

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