{"id":935,"date":"2022-08-10T10:47:05","date_gmt":"2022-08-10T10:47:05","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/"},"modified":"2022-08-10T10:47:05","modified_gmt":"2022-08-10T10:47:05","slug":"best-asset-pricing-paper-awarded-to-laurent-barras","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/","title":{"rendered":"Best Asset Pricing Paper Awarded to Laurent Barras"},"content":{"rendered":"

Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work “Evaluating Hedge Fund Performance when Models are Misspecified,” co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.<\/p>

In the paper, Prof. Barras and co-authors develop a novel approach to formally compare hedge fund models. Sharpening performance evaluation by improving the separation between pure alphas and factor exposures, the researchers find that the standard models deliver the same performance as the simplest benchmark—the CAPM or Capital Asset Pricing Model. In contrast, a parsimonious model based on economically motivated factors (including carry, time-series momentum, and variance) tracks alternative hedge fund strategies and achieves a sizable performance reduction relative to the CAPM.\u00a0<\/p>

The paper can be downloaded on the SSRN database<\/a>.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work “Evaluating Hedge Fund Performance when Models are Misspecified,” co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.<\/p>\n","protected":false},"author":0,"featured_media":936,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[],"news-topic":[],"organisation":[101],"authorship":[],"acf":[],"yoast_head":"\nBest Asset Pricing Paper Awarded to Laurent Barras - FDEF news I University of Luxembourg<\/title>\n<meta name=\"description\" content=\"Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work "Evaluating Hedge Fund Performance when Models are Misspecified," co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best Asset Pricing Paper Awarded to Laurent Barras\" \/>\n<meta property=\"og:description\" content=\"Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work "Evaluating Hedge Fund Performance when Models are Misspecified," co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Best Asset Pricing Paper Awarded to Laurent Barras\",\"datePublished\":\"2022-08-10T10:47:05+00:00\",\"dateModified\":\"2022-08-10T10:47:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\"},\"wordCount\":160,\"publisher\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg\",\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\",\"name\":\"Best Asset Pricing Paper Awarded to Laurent Barras - FDEF news I University of Luxembourg\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg\",\"datePublished\":\"2022-08-10T10:47:05+00:00\",\"dateModified\":\"2022-08-10T10:47:05+00:00\",\"description\":\"Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work \\\"Evaluating Hedge Fund Performance when Models are Misspecified,\\\" co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg\",\"width\":800,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.uni.lu\/en\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Faculty of Law, Economics and Finance\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"News\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/news\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Best Asset Pricing Paper Awarded to Laurent Barras\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"name\":\"FDEF\",\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\",\"publisher\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\"},\"alternateName\":\"Faculty of Law, Economics and Finance I University of Luxembourg\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\",\"name\":\"FDEF - University of Luxembourg I Uni.lu\",\"alternateName\":\"Faculty of Law, Economics and Finance\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"width\":2560,\"height\":2560,\"caption\":\"FDEF - University of Luxembourg I Uni.lu\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/uni.FDEF.lu\",\"https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Best Asset Pricing Paper Awarded to Laurent Barras - FDEF news I University of Luxembourg","description":"Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work \"Evaluating Hedge Fund Performance when Models are Misspecified,\" co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/","og_locale":"en_GB","og_type":"article","og_title":"Best Asset Pricing Paper Awarded to Laurent Barras","og_description":"Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work \"Evaluating Hedge Fund Performance when Models are Misspecified,\" co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.","og_url":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/","og_site_name":"FDEF EN","article_publisher":"https:\/\/www.facebook.com\/uni.FDEF.lu","og_image":[{"width":800,"height":600,"url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#article","isPartOf":{"@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/"},"author":{"name":"","@id":""},"headline":"Best Asset Pricing Paper Awarded to Laurent Barras","datePublished":"2022-08-10T10:47:05+00:00","dateModified":"2022-08-10T10:47:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/"},"wordCount":160,"publisher":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#organization"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage"},"thumbnailUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg","inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/","url":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/","name":"Best Asset Pricing Paper Awarded to Laurent Barras - FDEF news I University of Luxembourg","isPartOf":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage"},"thumbnailUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg","datePublished":"2022-08-10T10:47:05+00:00","dateModified":"2022-08-10T10:47:05+00:00","description":"Laurent Barras, Professor within the Department of Finance at the University of Luxembourg, received the best asset pricing paper award for his work \"Evaluating Hedge Fund Performance when Models are Misspecified,\" co-authored with David Ardia, Patrick Gargliardini and Olivier Scaillet. The prize was awarded during the 38th International Conference of the French Finance Association (AFFI) held in Saint-Malo, France in May 2022.","breadcrumb":{"@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#primaryimage","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2022\/08\/best_asset_pricing_paper_awarded_to_laurent_barras.jpg","width":800,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/www.uni.lu\/fdef-en\/news\/best-asset-pricing-paper-awarded-to-laurent-barras\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.uni.lu\/en"},{"@type":"ListItem","position":2,"name":"Faculty of Law, Economics and Finance","item":"https:\/\/www.uni.lu\/fdef-en\/"},{"@type":"ListItem","position":3,"name":"News","item":"https:\/\/www.uni.lu\/fdef-en\/news\/"},{"@type":"ListItem","position":4,"name":"Best Asset Pricing Paper Awarded to Laurent Barras"}]},{"@type":"WebSite","@id":"https:\/\/www.uni.lu\/fdef-en\/#website","url":"https:\/\/www.uni.lu\/fdef-en\/","name":"FDEF","description":"Faculty of Law, Economics and Finance I Uni.lu","publisher":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#organization"},"alternateName":"Faculty of Law, Economics and Finance I University of Luxembourg","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.uni.lu\/fdef-en\/#organization","name":"FDEF - University of Luxembourg I Uni.lu","alternateName":"Faculty of Law, Economics and Finance","url":"https:\/\/www.uni.lu\/fdef-en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","width":2560,"height":2560,"caption":"FDEF - University of Luxembourg I Uni.lu"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/uni.FDEF.lu","https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/"]}]}},"blog_id":3,"_links":{"self":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/news\/935"}],"collection":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":0,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/news\/935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media\/936"}],"wp:attachment":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media?parent=935"}],"wp:term":[{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/news-category?post=935"},{"taxonomy":"news-topic","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/news-topic?post=935"},{"taxonomy":"organisation","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/organisation?post=935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}