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​About CFA Society Greece's Research Award

​​CFA Society Greece's Research Award is an annual award that was launched in November 2021 and was awarded for the first time in April 2022.  The award was inspired by a similar initiatives launched by CFA Society Germany and CFA Society France. 

The purpose of the Research Award is to distinguish outstanding scientific and empirical research in the fields of investment, finance, economics, business and accounting that are useful for practitioners. 

The winning paper is awarded a prize of €500. 


 Research Award 2022
Our panel of experts evaluated nine (9) submissions for the 2022 Research Award, ranging in topics from accounting conservatism to cost of capital analysis. 

The winning paper of the first Research Award is Positive stock information in out-of-the-money option prices by Konstantinos Gkionis (UBS), Alexandros Kostakis (University of Liverpool), Georgios Skiadopoulos (University of Piraeus and Queen Mary University of London) and Przemyslaw S. Stilger (Standard Chartered Bank). 

In this paper, the authors document that stocks with high risk-neutral skewness outperform, and propose and empirically validate a novel trading mechanism which explains this. 
Apart from academics, this research is of interest to investors and portfolio managers. This is manifested by that fact that it attracted the attention of Media, including the Global Investor Group which features it here . Also reproduced by Fintech Zoom. 

Read the full paper here.