Crowell Prize

Supporting academic research that furthers the field of quantitative management is a core tenet of PanAgora. Since 2001, we have sponsored the annual Crowell Prize, providing a forum for new and cutting-edge research that connects theory and practice. We believe this interaction contributes to the continued development of the science of economics and is a vital part of the development of optimal investment strategies. Each year, PanAgora solicits submissions from dissertation-stage graduate students and faculty at accredited academic institutions, as well as practitioners working in the field.

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PanAgora Asset Management’s Quantitative Research Institute announces the Dr. Richard A. Crowell Memorial Prize paper competition.


The Crowell Prize has been awarded to many renowned academics since 2001. Winners include:

2019: “Foreign Sentiment”: Azi Ben-Rephael, Xi Dong, Massimo Massa, Changyun Zhou

2018: “IQ from IP: Simplifying Search in Portfolio Choice”: Lauren Cohen, Huaizhi Chen, Umit Gurun, Dong Lou, Christopher J. Malloy

2017: “Financial Intermediaries and International Risk Premia”: Kyriakos Chousakos

2016: “The Freedom of Information Act and the Race Towards Information Acquisition”: Alberto Rossi, Antonio Gargano, Russ Wermers

2015: “Asset Pricing with Return Asymmetries: Theory and Tests”: Hugues Langlois

2014: “Playing Favorites: How Firms Prevent the Revelation of Bad News”: Christopher Malloy, Lauren Cohen, Dong Lou

2013: “Technological Innovation, Resource Allocation, and Growth”: Leonid Kogan, Dimitris Papanikolaou, Amit Seru, Noah Stoffman

2012: “Liquidity Risk of Corporate Bond Returns”: Sreedhar Bharath, Viral Acharya, Yakov Amihud

2011: “Complicated Firms”: Lauren Cohen, Dong Lou

2010: “In Search of Attention”: Zhi Da, Joseph Engelberg, Pengjie Gao

2009: “Intraday Patterns in the Cross-Section of Stock Returns”: Robery Korajczyk, Steven Heston, Ronnie Sadka

2008: “Durability of Output and Expected Stock Returns”: Motohiro Yogo, Joao F. Gomes, Leonid Kogan

2007: Joao F. Gomes, Igor Makarov, K.J. Martijin Cremers

2005: “The Disposition Effect and Underreaction to News”: Andrea Frazzini

2003: “Firm and Managerial Incentives to Manipulate the Timing of Project Resolution”: Sonya Lim

2002: “Distinguishing Informational Cascades from Behavior in the Laboratory”: Bogachan Celen, Shachar Kariv

2001: “Front Matter”: Geert Bekaert, Andrew Ang, K.J. Martijin Cremers

PanAgora’s founder, the late Dr. Richard A. Crowell, was a pioneer in the field of quantitative investing. The concepts of asset allocation, risk management and portfolio selection models were in their infancy when Dr. Crowell began his career in the early 1960s. He was one of the first investment professionals to create an asset allocation model and one of the first to show how beta could be used to evaluate risk and control portfolios. Dr. Crowell earned a Ph.D. from the Massachusetts Institute of Technology in 1967 and in 1973 won the Graham and Dodd award for his paper, “Five Uses of Beta.”