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.

The next AQR Insight Award will be awarded in 2023 with a call for papers in the fall of 2022. 



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

Read more

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

Read more

Sustainable Investing in Equilibrium

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

Read more

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

Read more

Deep Learning in Asset Pricing

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

Read more

Previous Winners

Filter By:
  • All
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012

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

Read more

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

Read more

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

Read more

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

Read more

Asset Mispricing

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

Read more