The AQR Insight Award recognizes and rewards exceptional academic working papers that offer original, intelligent approaches to practical issues in the investment world. Up to three papers share a $100,000 prize. 

AQR will consider papers on any investment-related topic as long as they deliver clear, significant insights. Winners are chosen by the AQR Insight Award Committee, a panel of senior members of the firm, many of whom are leading academic finance experts from top universities.



2021 First Prize Winner

In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis

Xavier Gabaix, Harvard University; Ralph Koijen, University of Chicago Booth School of Business

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Distinguished Papers

Five Facts About Beliefs and Portfolios

Stefano Giglio, Yale School of Management; Matteo Maggiori, Stanford University Graduate School of Business; Johannes Stroebel, New York University Stern School of Business; Stephen Utkus, Vanguard

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Sustainable Investing in Equilibrium

Lubos Pastor, University of Chicago; Robert F. Stambaugh, The Wharton School, University of Pennsylvania; Lucian Taylor, University of Pennsylvania

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Honorable Mention Papers

A Quantity-Driven Theory of Term Premia and Exchange Rates

Robin Greenwood, Harvard University; Samuel Hanson, Harvard University; Jeremy Stein, Harvard University; Aditya Sunderam, Harvard University

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Deep Learning in Asset Pricing

Luyang Chen, Stanford University; Markus Pelger, Stanford University; Jason Zhu, Stanford University

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Previous Winners

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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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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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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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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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