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John Hull, a professor at �山ǿ��’s Rotman School of Management, has won the Harry M. Markowitz Award for best paper, published in the Journal of Investment Management. 

Hull – and the Maple Financial Group Chair in Derivatives and Risk Management – won the award for “Funding Long Shots.” The paper documents the difficulty of funding large projects that have a low probability of success but attempt to deal with society’s biggest challenges, such as cancer, Alzheimer’s disease, global warming and fossil-fuel depletion. It proposes a securitization structure to attract investors and analyzes the circumstances under which the structure is viable. Hull co-wrote the paper with Professor Andrew Lo of MIT and Professor Roger Stein of NYU. 

The annual award honours the work of Nobel Prize winner Harry Markowitz as a financial economist and mathematician on theoretical finance and the practice of asset management. Hull also won the award, along with Rotman professor Alan White, in 2013.