Newport Beach, California, January 15, 2020 – Research Affiliates, a global leader in factor investing and asset allocation, today announced that Vitali Kalesnik, Partner and Director of Research for Europe, and his coauthor Jason Hsu, a Senior Advisor at Research Affiliates, have received the 2019 Graham and Dodd Award of Excellence from CFA Institute.
The winning paper, titled “What is Quality?” was also co-authored with Engin Kose, and argues that unlike other standard investment factors, like value, momentum, and size, the quality factor lacks a commonly accepted definition. The article tests the more popular quality factors used by investment firms and finds that profitability and investment-related characteristics tend to be responsible for most of the return premia frequently attributed to the quality factor. For more details, view the paper or watch a video conversation with Vitali Kalesnik and Jason Hsu.
The Graham and Dodd Awards are presented annually to recognize excellence in research and financial writing published in the Financial Analysts Journal. Kalesnik is a three-time winner, having previously won Graham and Dodd Scroll Awards in 2016 and 2011.
“I’m honored to receive the 2019 Graham and Dodd Award for excellence, especially with such esteemed co-authors,” says Kalesnik. “The article shines a spotlight on the fact that different definitions of the quality factor are rampant within the investment industry. Therefore, a clear understanding of the ‘quality’ categories is necessary in order to understand the actual investment premia at hand.”
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