IMCA Announces Wharton Researcher Wins Fourth Annual Academic Paper Competition

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Winning paper offers new insight into smart beta ETF performance

Given the growing investor interest in smart beta strategies, Dr. Glushkov’s paper adds to our understanding of the risks and benefits of investing in smart beta strategies.

Investment Management Consultants Association® (IMCA®) has named Denys Glushkov, PhD, winner of the 2015 Journal of Investment Consulting Academic Paper Competition for his paper “How Smart are ‘Smart Beta’ ETFs? Analysis of Relative Performance and Factor Exposure.” His research results are consistent with the hypothesis that, at least among domestic equity, long-term investors can obtain similar risk-adjusted performance to that of most smart beta funds by implementing an optimal mix of a risk-free asset and a portfolio that combines passive cap-weighted exposure to market, size, and value premiums, while paying a fraction of the cost.

Glushkov is research director at Wharton Research Data Services, University of Pennsylvania. The paper will be published in the spring 2016 issue of the Journal and the prestigious award carries with it a $5,000 prize.

“The author provides valuable insights regarding our understanding of the characteristics and performance of ‘smart beta’ strategies, as measured by U.S. equity ETFs,” said Margaret M. Towle, PhD, CAIA®, CIMA®, CPWA®, Journal of Investment Consulting editor-in-chief. “Given the growing investor interest in smart beta strategies, Dr. Glushkov’s paper adds to our understanding of the risks and benefits of investing in smart beta strategies.”

The competition called for papers on topics that examine recent research relevant to investment consulting and private wealth management, and provide a development of theory and applied research on the chosen topic. Papers are invited from academics and doctoral students. The Journal of Investment Consulting Editorial Advisory Board selected the winning paper based on quality and relevancy of the research to investment management consultants and investment advisors.

For more information about the Journal of Investment Consulting and the academic paper competition, visit

Contact: Ryan Hoffman, Communications Director. P: 303.850.3079 E-mail: rhoffman(at)imca(dot)org. Twitter: @IMCA

About IMCA
Established in 1985, Investment Management Consultants Association® (IMCA®) is a nonprofit professional association and credentialing organization with more than 10,000 individual members and certificants worldwide. IMCA members collectively manage more than $2.477 trillion, providing investment consulting and wealth management services to individual and institutional clients. Since 1988, IMCA has offered the Certified Investment Management Analyst® (CIMA®) certification, which earned accreditation by the American National Standards Institute (ANSI) in April 2011, making it the first financial services credential in the United States to meet international standards (ISO 17024) for personnel certification. IMCA’s Certified Private Wealth Advisor® (CPWA®) certification is suited for wealth management professionals working with high-net-worth clients. In 2015, IMCA conferences and workshops hosted more than 4,000 attendees.

IMCA® and Investment Management Consultants Association® are registered trademarks of Investment Management Consultants Association Inc. CIMA®, Certified Investment Management Analyst®, CIMC®, CPWA®, and Certified Private Wealth Advisor® are registered certification marks of Investment Management Consultants Association Inc. Investment Management Consultants Association Inc. does not discriminate in educational opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, or any other characteristic protected by law.

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Ryan Hoffman
Investment Management Consultants Association
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