Hugues Langlois, assistant professor at business school HEC Paris, was awarded the $5,000 Crowell Prize for his paper, “Asset Pricing with Return Asymmetries: Theory and Tests.”
The prize, sponsored by PanAgora Asset Management, recognizes research that connects theory with application in the field of quantitative investment management.
Mr. Langlois' paper was selected for the creativity and usefulness of his research, said Jane Zhao, director of equity, and chairwoman of the Crowell committee of members of the PanAgora quantitative research group that selects the winners.
Jun Li and Xiaofei Zhao, both assistant professors in finance and managerial economics, Naveen Jindal School of Management, University of Texas, Dallas, were awarded second prize for their paper, “Complexity and Information Content of Financial Disclosures: Evidence from Evolution of Uncertainty Following 10-K Filings,” and will share a $3,000 award. Mr. Zhao is not related to Ms. Zhao.
Scott Richardson, managing director, AQR Asset Management, and professor of accounting, London Business School; Pedro Saffi, assistant professor in finance, Judge Business School, University of Cambridge; and Kari Sigurdsson, vice president, AQR, were awarded third prize for their paper, “Deleveraging Risk,” and will share a $2,000 award.
The winning papers, all unpublished, were selected from more than 100 papers submitted under general criteria that include newness of their contribution to the field and practice, said Ms. Zhao, who added the prizes were already awarded.
The prize, which has been awarded annually since 2001, is named for Richard A. Crowell, PanAgora's founder and a pioneer in the field of quantitative investing.