CFA Institute Honors Thematic Investing and Credit Risk Research with Graham and Dodd Awards
Event summary
- CFA Institute announced the winners of the Graham and Dodd Awards of Excellence on January 26, 2026.
- The Top Award went to 'Thematic Investing: A Risk-Based Perspective' by authors from Stanford University and BlackRock.
- The Scroll Award was given to 'Credit-Implied Volatility' by authors from Yale University, AQR Capital Management, and independent researchers.
- The awards recognize research that combines academic rigor with practical relevance for investment professionals.
- The winning articles were published in the CFA Institute Financial Analysts Journal in 2025.
The big picture
The Graham and Dodd Awards highlight the growing importance of quantitative research in investment decision-making. The recognition of thematic investing and credit risk research underscores the industry's shift towards more disciplined and data-driven approaches. With over 200,000 charterholders worldwide, CFA Institute plays a pivotal role in shaping investment standards and practices.
What we're watching
- Thematic Investing
- How the risk-based framework for thematic investing will influence portfolio construction and performance evaluation.
- Credit Risk
- Whether the novel measure of credit-implied volatility will become a standard tool for assessing credit market risk.
- Research Impact
- The pace at which these research findings are adopted by investment professionals and integrated into mainstream investment practices.
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