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PanAgora Asset Management Announces Winners of 19th Annual Dr. Richard A. Crowell Memorial Prize

February 1, 2021 GMT

BOSTON, Feb. 1, 2021 /PRNewswire/ -- PanAgora Asset Management (“PanAgora”), a preeminent quantitative investment manager, today announced the winners of its 19th annual Dr. Richard A. Crowell Memorial Prize, which recognizes new and cutting-edge academic research that connects theory and practice in the field of quantitative investing.

First prize was awarded to “Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement,” by authors George Serafeim of Harvard Business School and Aaron Yoon of Northwestern University’s Kellogg School of Management.

“At PanAgora, innovative research is an integral part of developing optimal quantitative investment strategies to address the evolving objectives of investors worldwide,” said Eric Sorensen, Ph.D., President and Chief Executive Officer of PanAgora. “The paper selected as the Crowell Prize winner this year contributes meaningfully to understanding the factors impacting investment in environmental, social and governance (ESG) at a time when it is more important than ever to the global investment community.”


“Stock Price Reactions to ESG News” investigates whether ESG ratings predict future ESG news and the associated market reactions. The research shows there is a relationship between consensus ESG ratings in predicting future news, and that markets react positively to positive ESG news and negatively to negative news. It also shows that future stock returns can be predicted using the most predictive ESG rating in the presence of high disagreement.

The following research papers were selected as the second and third prize winners this year:

Second prize:
“Geographic Links and Predictable Returns,” which constructs a novel measure of geographic linkage between firms, showing that the returns of geography-linked firms have strong predictive power for focal firm returns and fundamentals.
Zuben Jin, Singapore Management University, Lee Kong Chian School of Business
Frank Weikai Li, Singapore Management University, Lee Kong Chian School of Business

Third prize:
“Machine Learning Classification Methods and Portfolio Allocation: An Examination of Market Efficiency,” which introduces novel methodology, machine learning, classification methods and applies them to test market efficiency.
Yang Bai, University of Missouri – Columbia
Kuntara Pukthuanthong, University of Missouri – Columbia

“We thank all those who participated in this year’s competition. The high quality of submissions reflects the excellence of academics advancing the field of quantitative management as well as the reputation of PanAgora’s Crowell Prize,” Sorensen said.


Papers were judged by a Reading Committee comprised of senior members of PanAgora’s Quantitative Research Group on their originality, quality of exposition and analytical rigor.

For more information about the Crowell Prize and this year’s winning papers, please visit: https://www.panagora.com/crowell-prize/

About PanAgora Asset Management:
PanAgora Asset Management is a quantitative investment manager whose proprietary approach is designed to capitalize on inefficiencies across market cycles and to deliver relative and absolute returns through distinct and innovative equity, multi-asset and risk premia strategies. PanAgora’s approach combines the firm’s fundamental investment philosophy and original research with an advanced quantitative framework. These elements come together in an open, collaborative environment that builds upon the intellectual versatility of its team and leverages their complementary strengths — all of which are essential to meeting and exceeding the evolving objectives of institutional investors worldwide.

PanAgora was founded in 1989 and is based in Boston, MA. Shareholders include the Firm’s employees and Great-West Life of Canada, a member of the Power Financial Corporation Group of Companies. More information about PanAgora can be found by visiting www.panagora.com.

Media Contact:
Amalia Lytle
Prosek Partners

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SOURCE PanAgora Asset Management