Dimensional Perspectives

The winners of the Dimensional Fund Advisors Prizes for 2019 were announced during the annual meeting of the American Finance Association (AFA). The awards were presented January 4, 2020, in San Diego.

The Dimensional Fund Advisors Prizes reward eligible papers published in The Journal of Finance from the prior year in any research area other than corporate finance. (The Brattle Group Prizes, which were also awarded at the AFA annual meeting, recognise outstanding papers in the field of corporate finance.) Winning papers are selected by the editors of The Journal of Finance from a list of papers nominated by the associate editors.

First Prize was awarded to Samuel M. Hartzmark and David H. Solomon for “The Dividend Disconnect.” The Distinguished Paper honourees were Jules H. van Binsbergen and Christian C. Opp for “Real Anomalies” and Ian W. R. Martin and Christian Wagner for “What Is the Expected Return on a Stock?

“For nearly 40 years, Dimensional has been taking the great ideas in financial science and applying them to real-world portfolios,” Dimensional Co-CEO and Chief Investment Officer Gerard O’Reilly said. “We are proud to support pioneering research and congratulate this year’s recipients on their achievements.”  

The Dimensional Fund Advisors Prizes are part of the firm’s broader commitment to supporting scholarship and academic excellence within the research community.

Dimensional has deep historical ties to both the AFA and The Journal of Finance. Many of the academics affiliated with Dimensional and its funds are past presidents of the AFA, including Merton Miller (1976), Robert Merton (1986), Myron Scholes (1990), George Constantinides (2001), Douglas Diamond (2003), Kenneth French (2007), and Darrell Duffie (2009). Ingrid Werner, who serves with Scholes, Constantinides, Diamond, and Duffie as Independent Directors of Dimensional’s US Mutual Funds Board, is currently on the AFA Board of Directors. Beginning in 2008, the AFA and Dimensional co-produced the Masters of Finance project, a series of video interviews featuring important contributors to financial economic knowledge, including Eugene Fama, Scholes, Merton, and others. 

In addition to Dimensional’s relationship with the AFA and The Journal of Finance, the firm sponsors the Fama-DFA Prizes, awarded annually since 1997 to the top two papers in the areas of capital markets and asset pricing published in The Journal of Financial Economics, another leading academic journal in finance. Dimensional also proudly sponsors the AIM Investment Conference, a biannual academic conference organised by the AIM Investment Center at the University of Texas at Austin, as well as the AIM Investment Center Best Paper Award, which is chosen from the papers presented at that event by conference participants.  

“Rigorous, empirical research is the bedrock for everything we do to help clients,” O’Reilly said. “We thank this year’s recipients for their contributions to advancing our understanding of markets and hope that their work inspires future researchers.”

Previous Post
Next Post


Issued by Dimensional Ireland Limited (DIL), with registered office 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. DIL is regulated by the Central Bank of Ireland  (Registration No. C185067).


Issued by Dimensional Fund Advisors Ltd. (DFAL), 20 Triton Street, Regent’s Place, London, NW1 3BF. Company Number 02569601. DFAL is authorised and regulated by the Financial Conduct Authority (FCA) - Firm Reference No. 150100.

Neither DIL nor DFAL as applicable, (each an “Issuing Entity”, as the context requires) give financial advice. You are responsible for deciding whether an investment is suitable for your personal circumstances, and we recommend that a financial adviser helps you with that decision. Information and opinions presented in this material have been obtained or derived from sources believed by the Issuing Entity to be reliable and the Issuing Entity has reasonable grounds to believe that all factual information herein is true as at the date of this document.

The Issuing Entity issues information and materials in English and may also issue information and materials in certain other languages. The recipient’s continued acceptance of information and materials from the Issuing Entity will constitute the recipient’s consent to be provided with such information and materials, where relevant, in more than one language.

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by the Issuing Entity to be reliable and the Issuing Entity has reasonable grounds to believe that all factual information herein is true as at the date of this document. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. The Issuing Entity does not accept responsibility for loss arising from the use of the information contained herein.

“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.

Robert Merton, Ken French and Eugene Fama provide consulting services to an affiliate of Dimensional Fund Advisors Ltd. Ken French and Eugene Fama are also members of the Board of Directors of the general partner of, an affiliate of Dimensional Fund Advisors Ltd.

Myron Scholes is an independent director of the mutual funds Board managed by an affiliate of Dimensional Fund Advisors Ltd.

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original value. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.