Roger Ibbotson Wins Graham and Dodd Scroll Award

Roger Ibbotson, professor in the practice of finance, has received the Graham and Dodd Scroll Award of the CFA Institute's Financial Analysts Journal. Ibbotson and co-authors Thomas Idzorek and James Xiong were honored for their paper "The Liquidity Style of Mutual Funds," which was published in the November/December 2012 edition of the journal.

The Graham and Dodd Scroll Award, named for value investing pioneers Benjamin Graham and David L. Dodd, recognizes excellence in research and financial writing. This is the eighth Scroll Award for Professor Ibbotson.

Previous studies have shown that a liquidity investment style—the process of investing in less liquid stocks—has led to excess returns. In the paper, Ibbotson, Idzorek, and Xiong analyzed this style premium in mutual funds. Across a wide range of mutual fund categories, they found that, on average, mutual funds that held less liquid stocks significantly outperformed those that held more liquid stocks.