Assistant Professor Colin Ward is a 2015 recipient of the AQR Insight Award, an honor designated for exceptional unpublished papers that provide original, intelligent approaches to important issues in the investment world. His paper, “Commodity Trade and the Carry Trade: A Tale of Two Countries," was co-written by Robert Ready of the Simon School of Business and Nikolai Roussanov of the Wharton School.
Ward and his colleagues share first-prize honors with “Option-Based Credit Spreads,” written by Christopher Culp of Johns Hopkins University, Yoshio Nozawa of the Federal Reserve Board, and Pietro Veronesi of the Booth School of Business. The two teams of researchers will share a $100,000 prize equally.
“Commodity Trade and the Carry Trade” describes a general equilibrium model of international trade and currency pricing that identifies risk differences across currencies and can be used to understand profitable carry trade strategies.
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