Award established to honor the legacy of Dr. Markowitz and support future research and innovation in practical investment management
BOSTON, February 22, 2023 - State Street Corporation (NYSE: STT) along with the Journal of Investment Management (JOIM) and New Frontier Institute, today announced that Megan Czasonis, Mark Kritzman and David Turkington of State Street Associates have received The Harry M. Markowitz Award for their research paper, Relevance. State Street Associates is the academic affiliate of State Street, focused on bridging the worlds of financial theory and practice with innovative research for asset managers and owners.
The award recognizes the seminal and transcendent impact of Dr. Markowitz’s work as a financial economist and mathematician on both theoretical finance and the practice of asset management. It was established to honor his legacy and to support future research and innovation in practical asset management. The winners are selected by a special selection panel comprised of Nobel Prize Laureates.
The paper, Relevance, covers research on a new method of data-driven prediction, based on determining the statistical relevance of past observations of a given prediction. It unifies the concept of qualitative event studies with quantitative regression analysis for a more transparent, flexible and adaptive approach to changing circumstances. It is useful for predicting economic outcomes and asset performance but equally applicable outside of finance in areas such as medicine, elections and other fields.
The formal announcement will be held at the upcoming Spring JOIM Conference on March 26 – 28, 2023 at UC San Diego.
“We are very pleased to recognize the outstanding work of State Street and all of this year’s award winners who exhibit the influence of Harry Markowitz and honor his work in the financial community,” said Gifford Fong, editor of JOIM. “The Markowitz Awards continue to reflect the kind of high-quality research in the market today.”
"On behalf of Mark and Megan, we are thrilled to receive this award for our research that approaches data-driven prediction from an unconventional perspective,” said David Turkington, head of State Street Associates. “Thank you to the Journal of Investment Management and New Frontier Institute for the outstanding work they do to advance innovation and constructive debate in the field of investment research.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $36.7 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of December 31, 2022. State Street operates globally in more than 100 geographic markets and employs approximately 42,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2022 includes approximately $59 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
© 2023 State Street Corporation - All Rights Reserved
Media Contact:
Brendan Paul
Bpaul2@statestreet.com
+1-401-644-9182