SOURCE: Institutional Investor

Institutional Investor

Institutional Investor

August 30, 2011 14:00 ET

Winner Chosen for Peter L. Bernstein Award

NEW YORK, NY--(Marketwire - Aug 30, 2011) - Hai Lin, Sheen Liu and Chunchi Wu have been selected as the winners of the 2011 Peter L. Bernstein Award for their co-authored article, "Dissecting Corporate Bond and CDS Spreads." The article appeared in the Winter 2011 issue of The Journal of Fixed Income ( published by Institutional Investor, Inc., Journals Division (

The award is named for Peter L. Bernstein, the celebrated economic historian, consultant, founding editor of The Journal of Portfolio Management, and author of seminal works, such as Against the Gods: The Remarkable Story of Risk and Capital Ideas: The Improbable Origins of Modern Wall Street. The Peter L. Bernstein Award honors extraordinary and compelling research published in any of Institutional Investor's 10 market-leading journals over the past year.

The winning paper was chosen through a blind review process by an independent committee that included Gary Gastineau (ETF Consultants LLC), William Goetzmann (Yale School of Management), and Ronald Kahn (Blackrock). "Dissecting Corporate Bonds and CDS Spreads is a major contribution to the understanding of credit markets," according to Goetzmann. "It is an extremely informative and useful article that resolves a long-standing puzzle in the discrepancy between theoretical models of credit and observed empirical data." Kahn considers the article "a technical tour-de-force leading to intuitive and insightful results -- the type of paper Peter Bernstein always appreciated," while Gastineau deemed it "useful for both practitioners and academic researchers," adding, "It will be read and admired widely."

Hai Lin, is a senior lecturer at the School of Business at the University of Otago in Dunedin, New Zealand. Sheen Liu is an associate professor in the Department of Finance and Decision Sciences at Washington State University in Vancouver, WA. And Chunchi Wu is M&T Chair Professor of Banking and Finance at the School of Management at the State University of New York at Buffalo in Buffalo, NY.

"We are extremely honored to receive this award, which commemorates Peter L. Bernstein," commented Wu. "Institutional Investor Journals provides an important forum to bridge practitioners and academicians, and we are proud to be able to contribute to this essential process."

The winners will be awarded $5,000, which has been generously provided by Research Affiliates, LLC (, and will be presented by Institutional Investor Journals. The winning article can be found online at

About Institutional Investor Journals (
Institutional Investor Journals offer in-depth, original, and practical research in key areas of investment management and finance including fixed income, index investing, derivatives, trading, private equity, portfolio management, structured finance, and wealth management. Written and edited by world-renowned practitioners and academics, the journals are extensively read and highly regarded in the industry.

About Research Affiliates, LLC (
Research Affiliates, LLC, is a global leader in innovative indexing and asset allocation strategies. Dedicated to solving complex investment issues, Research Affiliates creates innovative strategies that respond to the current needs of the market. Approximately $80 billion in assets are managed worldwide using investment strategies developed by Research Affiliates.

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