Updated with correction.
Sanjiv R. Das, Daniel Ostrov, Anand Radhakrishnan and Deep Srivastav were named winners of the $10,000 Harry M. Markowitz Award for their paper, "A New Approach to Goals-Based Wealth Management."
The award was announced Thursday by the Journal of Investment Management and New Frontier Advisors in a joint statement.
The paper outlines a new framework, consistent with modern portfolio theory and based on a foundation of behavioral economics and finance developments, for goals-based wealth management. The statement said the paper "aims not only to improve adviser communication with their clients, but also improve the quality of advice they provide, in order to help clients achieve their goals."
Mr. Das is the William and Janice Terry professor of finance at Santa Clara University's Leavey School of Business; Mr. Ostrov, professor in the mathematics and computer science department at Santa Clara University; Mr. Radhakrishnan, client analytics director at Franklin Templeton (BEN) Investments (BEN); and Mr. Srivastav, head of client strategies and analytics at Franklin Templeton Investments.
The awards, which recognize the impact of Mr. Markowitz's work as a financial economist and mathematician in both theoretical and applied finance, are sponsored by New Frontier and the JOIM. Winners were selected by a panel of Nobel laureates in economics, consisting of Mr. Markowitz, Robert C. Merton, Myron S. Scholes and William F. Sharpe.
Also given special distinction awards were Clemens Sialm, Laura Starks and Hanjiang Zhang for their paper "Defined Contribution Pension Plans and Mutual Fund Flows"; and Andrei Kirilenko, Albert S. Kyle, Mehrdad Samadi and Tugkan Tuzun for their paper "Automation, Intermediation and the Flash Crash."