Source: Institutional Investor

Institutional Investor Journals: Winner Chosen for Peter L. Bernstein Award

NEW YORK, NY--(Marketwired - Oct 16, 2013) - Will Kinlaw, Mark Kritzman and David Turkington have been selected as the winners of the 2013 Peter L. Bernstein Award for their article, Liquidity and Portfolio Choice: A Unified Approach ( The article appeared in the Winter 2013 issue of The Journal of Portfolio Management (, published by Institutional Investor Journals (

This article illustrates how managers can employ simulation techniques to quantify how much their unique portfolios benefit from liquidity or suffer from illiquidity. It also shows how they can use this information to construct portfolios that take liquidity considerations into account. You can read the summary at (

The winning paper was chosen through a blind review process by an independent committee that included: Gary Gastineau (ETF Consultants), William Goetzmann (Yale School of Management) and Ronald Kahn (BlackRock).

"Liquidity has been a fuzzy issue in finance for too long. This paper is a solid start in shaving off the fuzz," Gastineau states.

Robert Arnott, Chairman and CEO of Research Affiliates, adds: "Will Kinlaw, Mark Kritzman and David Turkington take on the daunting task of integrating liquidity into the portfolio construction problem, in a fashion that recognizes the need for a theoretically robust foundation, analytic tractability, and a practical, practitioner-friendly framework."

The award is named for Peter L. Bernstein, the celebrated economic historian, consultant, and Founding Editor of The Journal of Portfolio Management. The Peter L. Bernstein Award honors extraordinary and compelling research published in any of Institutional Investor's market-leading journals over the past year.

The winners will be awarded $5,000, which has been generously provided by Research Affiliates, LLC (, and will be presented by Institutional Investor Journals. The winning article can be found online at

About Institutional Investor Journals
Institutional Investor Journals offers in-depth, original and practical research in key areas of investment management and finance including retirement, fixed income, index investing, derivatives, trading, private equity, portfolio management, structured finance, and wealth management. Written and edited by world-renowned practitioners and academics, the journals are extensively read and highly regarded in the industry.

About Research Affiliates, LLC
Research Affiliates, LLC, is a global leader in innovative indexing and asset allocation strategies. Dedicated to solving complex investment issues, Research Affiliates creates innovative strategies that respond to the current needs of the market. Approximately $50 billion in assets are managed worldwide using investment strategies developed by Research Affiliates.