Special Issue Celebrates Harry Markowitz’s Legacy, Featuring New Rady Research

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A recent special issue of Annals of Operations Research, “Investment: The Century of Markowitz,” honors Nobel laureate and former University of California San Diego Rady of Management finance faculty Harry Markowitz. Markowitz transformed how economists and investors think about risk and diversification.

The issue features new research from Rady finance faculty Allan Timmermann and Michael Melvin on asset allocation and behavioral finance in the currency market.

“Markowitz taught generations to quantify risk — and the questions he raised still shape today’s research,” Timmermann, the Dr. Harry M. Markowitz Endowed Chair in Finance and Investing and distinguished professor of finance, said. “We still refer to Harry’s work as modern portfolio theory. After three-quarters of a century, the practical use and insights from modern portfolio theory remain as relevant as they were at their inception in 1952.”

Melvin, who is the executive director of the Master of Quantitative Finance program at Rady, added, “Harry’s legacy is more than a model; it’s a way of thinking about decisions under uncertainty.”

The special edition was edited by Markowitz’s longtime colleague and friend, John Guerard. Read the full issue of “Investment: The Century of Markowitz.”