AQR is now accepting submissions for the 2021 AQR Insight Award. 

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 annual 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The deadline for entries is November 1, 2020 and papers must not be published before that date. Finalists will be invited to present their research in May 2021, and winners will be subsequently announced in June.

Please note that the 2020 AQR Insight Award was deferred to 2021. Any papers submitted for the 2020 award will automatically be considered for the 2021 award.

The AQR Insight Award counts many esteemed academics among its recipients. More information about the award can be found here.



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2019 First Prize Winner

Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets

Kelly Shue, Yale University and NBER; Richard R. Townsend, University of California San Diego

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Distinguished Papers

Disaster on the Horizon: The Price Effect of Sea Level Rise

Asaf Bernstein, University of Colorado at Boulder Leeds School of Business; Matthew Gustafson, Pennsylvania State University; Ryan Lewis, University of Colorado at Boulder Leeds School of Business

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Shared Analyst Coverage: Unifying Momentum Spillover Effects

Usman Ali, MIG Capital; David Hirshleifer, Merage School of Business, UC Irvine Abstract

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Honorable Mention Papers

Fund Tradeoffs

Lubos Pastor, University of Chicago Booth School of Business, NBER; Robert F. Stambaugh, Wharton School of the University of Pennsylvania, NBER; Lucian A. Taylor, Wharton School of the University of Pennsylvania

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Risk Price Variation: The Missing Half of the Cross-Section of Expected Returns

Andrew Patton, Duke University; Brian Weller, Duke University

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Previous Winners

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Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets

Kelly Shue, Yale University and NBER; Richard R. Townsend, University of California San Diego

Read more

Shared Analyst Coverage: Unifying Momentum Spillover Effects

Usman Ali, MIG Capital; David Hirshleifer, Merage School of Business, UC Irvine Abstract

Read more

Risk Price Variation: The Missing Half of the Cross-Section of Expected Returns

Andrew Patton, Duke University; Brian Weller, Duke University

Read more

Disaster on the Horizon: The Price Effect of Sea Level Rise

Asaf Bernstein, University of Colorado at Boulder Leeds School of Business; Matthew Gustafson, Pennsylvania State University; Ryan Lewis, University of Colorado at Boulder Leeds School of Business

Read more

Fund Tradeoffs

Lubos Pastor, University of Chicago Booth School of Business, NBER; Robert F. Stambaugh, Wharton School of the University of Pennsylvania, NBER; Lucian A. Taylor, Wharton School of the University of Pennsylvania

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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

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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

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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

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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

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Asset Mispricing

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

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