Mark P. Kritzman

Mark Kritzman, CFA, senior lecturer in Finance, has won the CFA Institute Research Foundation's 2025 James R. Vertin Award.  According to a press release, this honor recognizes individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. During his career, Kritzman has written numerous scholarly articles  and books that have shaped the fields of asset allocation, risk management, and decision science.

Mark Kritzman, Senior Lecturer in Finance, has won the 2023 Harry M. Markowitz Award from the Journal of Investment Management (JOIM). In addition, Andrew W. Lo, Charles E. and Susan T. Harris Professor; Professor of Finance; and Director of the MIT Laboratory for Financial Engineering, was a finalist winning a 2023 Special Distinction Award. These awards honor Markowitz’s legacy and the seminal impact of his work as a financial economist and mathematician on both theoretical finance and the practice of asset management, by recognizing and supporting future research and innovation in practical asset management. Award candidates from among JOIM papers published in the past year are chosen by JOIM editors, and winners are selected by Nobel Prize laureate members of the JOIM Advisory Board.

Kritzman’s winning paper, “The Determinants of Inflation,” is co-authored with William Kinlaw (State Street Global Markets), Michael Metcalfe (State Street Global Markets), and David Turkington (State Street Associates).

Lo’s awarded paper, “Financing Fusion Energy,” is co-authored with Abdullah Alhamdan (Ministry of Communications and Information Technology of Saudi Arabia; MIT Sloan MBA ’21), Zachery M. Halem (Lazard; MIT SM ’21 in Operations Research), Irene Hernandez (Gataca; MIT Sloan MBA ’18), Manish Singh (Cubist Systematic Strategies; MIT Sloan Research Affiliate; MIT EECS PhD ’23), and Dennis Whyte (MIT Hitachi America Professor of Engineering and Director of the MIT Plasma Science and Fusion Center). This MIT Sloan article provides more information on the paper.

Mark Kritzman has won a 2016 Bernstein Fabozzi/Jacobs Levy Outstanding Article Award. The annual award recognizes research excellence in the theory and practice of portfolio management.  Honorees are chosen by subscriber vote on articles appearing in The Journal of Portfolio Management the prior year. The winning paper, co-authored with Will Kinlaw and David Turkington (both of State Street), is entitled “The Divergence of High- and Low-Frequency Estimation: Implications for Performance  Measurement” (The Journal of Portfolio Management, Vol. 41, No. 3).

Mark Kritzman has won a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award. The annual award recognizes research excellence in the theory and practice of portfolio management. The paper, co-authored with William Kinlaw and David Turkington (both of State Street), is entitled “The Divergence of High- and Low-Frequency Estimation: Causes and Consequences.”

MIT Sloan Senior Lecturer, Mark Kritzman has won the 2013 Peter L. Bernstein Award for Best Paper in an Institutional Investor Journal. The award honors outstanding, compelling research published in any of Institutional Investor's 10 journals over the past year. The winning paper, "Liquidity and Portfolio Choice: A Unified Approach" (The Journal of Portfolio Management, Winter 2013), is co-authored with Will Kinlaw and David Turkington (both of State Street). The article illustrates how managers can employ simulation techniques to quantify how much their unique portfolios benefit from liquidity or suffer from illiquidity. It also shows how they can use this information to construct portfolios that take liquidity considerations into account.

MIT Sloan Senior Lecturer Mark Kritzman has won two Bernstein Fabozzi/Jacobs Levy Outstanding Article Awards, which recognize research excellence in the theory and practice of portfolio management. These annual awards for articles appearing in The Journal of Portfolio Management are based on subscriber voting. The first winning paper, "Liquidity and Portfolio Choice: A Unified Approach" (The Journal of Portfolio Management, Winter 2013), is co-authored with Will Kinlaw and David Turkington (both of State Street). The article illustrates innovative techniques for investors to determine the optimal allocation to illiquid assets. Mark's second awarded paper, "Risk Disparity" (The Journal of Portfolio Management, Fall 2013), addresses how to balance growth of portfolio wealth over time with avoidance of large draw-downs.