Redington Prize Nominations Due December 31

The Investment Section Council is now seeking nominations for the next Redington Prize for the best paper written on an investment-related topic. The biennial prize promotes investment research and $2,000 is awarded to the author of the chosen paper. The prize is sponsored by the Investment Section and is named after F. M. Redington, the eminent British Actuary who coined the term "immunization" in a 1952 paper that was published in the Journal of the Institute of Actuaries.

The criteria for selection are as follows:

Publication Years: The paper must have been published during the calendar years 2006 or 2007.

Author: A member of the Society of Actuaries (SOA) must have written the paper. In the case of a paper with multiple authors, a member of the SOA must be a major contributor to the paper.

Content: The topic must be judged to be timely, primarily of investment nature and of substantial value to SOA members.

Source: The paper may appear in any recognized SOA format, including North American Actuarial Journal, Transactions, ARCH, study notes and section newsletters. The paper may appear in nonactuarial journals or publications deemed to be of at least comparable quality by the Prize Committee. Such publications include, but are not limited to The Journal of Portfolio Management, Financial Analysts Journal, Journal of Finance and Journal of Financial and Quantitative Analysis. If the paper is a result of a SOA seminar or colloquium, it must have been published either in a conference book available to the membership or in an acceptable journal. The journals, books and newsletters should have been published in 2004 or 2005.

Judging: The selection criteria include investment content, originality, practical significance, timeliness, relevancy and educational value to the membership. A prize will be awarded only if the Prize Committee deems the best eligible work to be of sufficient merit to justify an award. Doug Andrews, an Investment Section Council member, will chair the Prize Committee. The final decision for any award will rest with the Investment Section Council.

Submission: Papers must be submitted by Dec. 31, 2009. Submission should be e-mailed to Andy Dalton.

The Council has awarded nine prizes since its inception:

1. "The Risk of Asset Default," TSA XLI (1989): 547–582 by Irwin T. Vanderhoof, Faye Albert, Aaron Tenenbein and Ralph Verni.
2. "Multivariate Duration Analysis," TSA XLIII (1991): 335–376 by Robert R. Reitano.
3. "Multivariate Stochastic Immunization," TSA XLV (1993): 425–461 by Robert R. Reitano.
4. "Interest Rate Risk Management: Developments in Interest Rate Term Structure Modeling," NAAJ Vol. 1 No. 2 (April 1997) by Andrew Ang and Michael Sherris.
5. "Quasi–Monte Carlo Methods in Numerical Finance," Management Science (1996) and reprinted in Chapter 24 of Monte Carlo: Methodologies and Applications for Pricing and Risk Management (1998) by Corwin Joy, Phelim Boyle and Ken Seng Tan.
6. "Term Structure Models: A Perspective from the Long Rate," NAAJ, Vol. 3, No. 3, (1999) by Yong Yao.
7. "Market Value Of Insurance Liabilities: Reconciling The Actuarial Appraisal And Option Pricing Methods," NAAJ, Vol. 4, No. 1, (January 2000) by Luke N. Girard, FSA.
8. "Reinventing Pension Actuarial Science," The Pension Forum, Volume 15, No. 1, (January 2003) by Lawrence N. Bader and Jeremy Gold
9. "The Earnings Implications of Pension Expense: A Stochastic Analysis of Ten Canadian Companies," NAAJ, Vol.9 No. 4 (October 2005) by Paul Joss