MIT Sloan Senior Lecturer, Mark Kritzman has won the 2013 Peter L. Bernstein Award for Best Paper in an Institutional Investor Journal. The award honors outstanding, compelling research published in any of Institutional Investor's 10 journals over the past year. The winning paper, "Liquidity and Portfolio Choice: A Unified Approach" (The Journal of Portfolio Management, Winter 2013), is co-authored with Will Kinlaw and David Turkington (both of State Street). The article illustrates how managers can employ simulation techniques to quantify how much their unique portfolios benefit from liquidity or suffer from illiquidity. It also shows how they can use this information to construct portfolios that take liquidity considerations into account.