William F. Sharpe was named winner of the annual Graham and Dodd Award for his article “Adaptive Asset Allocation Policies,” the CFA Institute announced.
Mr. Sharpe, 1990 laureate of the Nobel prize in economics and STANCO 25 professor emeritus of finance at Stanford University, was cited for proposing “an asset allocation policy that adapts to market movements by taking into account changes in the outstanding market values of major asset classes,” the statement said. “Such a policy considers important information, reduces or avoids contrarian behavior, and can be followed by a majority of investors.”
The article appeared in the May/June 2010 issue of the Financial Analysts Journal.
The award is scheduled to be presented during the CFA Society of San Francisco event in September. The date hasn’t been set yet. The award offers no prize money.
The award recognizes excellence in research and financial writing in the Financial Analysts Journal, published by the CFA Institute. The award was created in 1960 to honor excellence in research and financial writing and the enduring contributions of Benjamin Graham and David L. Dodd to the investment analysis field.
Mr. Sharpe has won four other Graham and Dodd Awards, his first in 1972. He has also won six Graham and Dodd Scroll Awards — the second-place award recognizing outstanding FAJ articles — winning his first in 1975.