Friday, October 31st, 2014

NEW YORK, NY -- (Marketwired) -- Kevin J. Stoll, Executive Director and Head of Quantitative Research at Sterling Capital Management, has been named the winner of the 2014 Peter L. Bernstein Award for his article, "A Stochastic U.S. House Price Model for Valuing Residential Mortgages and Other House Price-Dependent Assets," which appeared in the Winter 2013 issue of The Journal of Fixed Income, published by Institutional Investor Journals.

The Peter L. Bernstein Award honors extraordinary and compelling research published in any of Institutional Investor's 11 market-leading journals over the previous 12 months. The award is named for Peter L. Bernstein, the celebrated economic historian, consultant and Founding Editor of The Journal of Portfolio Management. He is the 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 winning paper was chosen through a blind review process by an independent committee that comprised Gary Gastineau (ETF Consultants LLC), William Goetzmann (Yale School of Management) and Ronald Kahn (BlackRock).

Gastineau summed up the committee's feedback: "One of the greatest problems in dealing with the recent housing finance crisis was the absence of a useful model for housing prices and values. This paper develops a dynamic model that can help housing consumers, financial markets and policy makers deal with future housing market issues."

Robert Arnott, Chairman and CEO of Research Affiliates LLC, stated: "Stoll's paper exemplifies the reason this award was established. Consider the vast role that home values play in the net worth of the macroeconomy. Now consider the minimal serious research on the valuation linkages of home prices with interest rates, rental rates and macroeconomic conditions. Stoll's paper bridges theory and practical reality, with a powerful model for the behavior of housing prices that nicely captures the behavior and the uncertainties in housing prices in the aftermath of the financial crisis. Well done."

Stoll said of the Award, "As a long-time reader and beneficiary of Institutional Investor Journals, and particularly The Journal of Fixed Income, I'm truly honored and grateful to receive this award. I wrote the paper simply in hopes of contributing to the exceptional and practical research that the journals consistently produce, so to be recognized in this way is particularly gratifying. Thank you to Institutional Investor Journals and Research Affiliates, and to the many current and former colleagues who have influenced my work through the years."

Stoll 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 $113 billion in assets are managed worldwide using investment strategies developed by Research Affiliates.


Stirling Capital Management, Peter L. Bernstein Award, Kevin J. Stoll, fixed income, investor, management, Wall Street, finance



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