2026. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
Biodiversity Finance
Publié dans Journal of Financial Economics, Volume 164, February 2025, 103987
Caroline Flammer
Columbia University
Geoffey Heal
Columbia University
Thomas Giroux
CREST (École Polytechnique & ENSAE) ; ETH Zürich
Best PhD Thesis
Finance put to the climate test: Accounting foundations for ecological finance
Soline Ralite
Chaire Comptabilité Écologique – l’Université Paris Dauphine-PSL
Best Master Thesis
Estimating the Contribution of Nature and Biodiversity in Production Functions
Nina Stizi
CREST (École Polytechnique & ENSAE)
Best Research Grant
Stranded assets and transition finance: Designing pathways for the cattle and beef sectors in the USA and England
Stephanie Walton
Smith School of Enterprise and the Environment – Université d’Oxford
Best Pedagogical Initiative
Make Your ImpaKt Challenge
Christophe Revelli
Kedge Business School
2025. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
Let’s Go to the Land Instead’: Indigenous Perspectives on Biodiversity and the Possibilities of Regenerative Capital
Published in The Journal of Management Studies
Diane-Laure Arjaliès
Ivey Business School
Subhabrata Bobby Banerjee
City St George’s, University of London
Best PhD Thesis
Essays on the impact of corporate ESG commitments
Jack (Sai Kit) Hui
ICMA Centre – Henley Business School – University of Reading
Best Master Thesis
Impact Finance for Climate-Smart Agriculture: A Cost-Benefit Analysis of Initiatives in Latin America
Alexandre Guye-Bergeret
University of St. Gallen
Best Research Grant
Financial and Earth System Tipping Point
Silvia Montagnani
Université de Lille – iRisk IESEG – C3S Center for Critical Computational Studies, Goethe University Frankfurt
Best Pedagogical Initiative
Comment financer l’impact social ? Accompagnement de projets solidaires dans leur business model
Grégory Schneider Maunoury
Université Sorbonne Paris Nord
2024. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“Model-based financial regulations impair the transition to net zero carbon emissions”
Published in Nature Climate Change 14, 476–481 (2024)
Matteo Gasparini
University of Oxford
Matthew Ives
University of Oxford
Ben Carr
London School of Economics
Sophie Fry
University of Oxford
Eric Beinhocker
University of Oxford
Best PhD Thesis
“Sustainable Finance or Financialization of Sustainability?”
Adrien-Paul Lambillon
University of Zürich
Best Master Thesis
“Financing Biodiversity Conservation: Scale-up of Green Bond Market”
Farhan Aulia Rahman
Utrecht University School of Economics
PhD Research Grant
“Towards impact-based contracting, the case of private equity”
Léo Denis
École Polytechnique
Best Pedagogical Initiative
“Case study “Corporate Tools for Climate Action: An Internal Carbon Price for Getlink?””
Catherine Casamatta
Toulouse School of Economics
Ulrich Hege
Toulouse School of Economics
Sophie Moinas
Toulouse School of Economics
Sébastien Pouget
Toulouse School of Economics
Silvia Rossetto
Toulouse School of Economics
2023. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“Do Investors Care About Impact?”
Published in The Review of Financial Studies 00 (2022) 1-51
Florian Heeb
University of Zurich
Julian Kölbel
University of Zurich
Falko Paetzold
University of Zurich
Stefan Zeisberger
University of Zurich
Best PhD Thesis
“Sustainable investment preferences and how they are delegated”
Marten LAUDI
Maastricht University
Best Master Thesis
“The integration of ESG data into the valuation models of asset managers”
Amélie GOUREAUX
ESCP Business School
Best PhD Research Grant
“Financial Constraints and Emission Intensity”
Eleonora SFRAPPINI
Halle Institute for Economic Research (IWH)
Best Pedagogical Initiative
“SuFi – Sustainable Finance Masterclass”
Sophie BÉREAU-GNABO
University of Namur
Christel DUMAS
ICHEC Brussels Management School
Marek HUDON
Solvay Brussels School of Economics and Management (ULB)
2022. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“Get Real! Individuals Prefer More Sustainable Investments”
Published in The Review of Financial Studies 34 (2021) 3976–4043
Rob Bauer
School of Business and Economics at Maastricht University
Tobias Ruof
School of Business and Economics at Maastricht University
Paul Smeets
School of Business and Economics at Maastricht University
Best PhD Thesis
“Finance et climat : enjeux, risques et organisation”
Vincent BOUCHET
École Polytechnique
Best Master Thesis
“Bias assessment and mitigation for ESG scoring models”
Mathieu JOUBREL
École Polytechnique
Best Master Thesis
“Lending for Sustainability”
Ha Tuyet Nguyen
BI Norwegian Business School
Yujie Leng
BI Norwegian Business School
Best Research Grant
“The green elephant in the room: Does sustainable investing reduce greenhouse gas emissions?”
Nikolaus Hastreiter
London School of Economics and Political Science
Best Pedagogical Initiative
“Transition Risk Stress – Test Simulation”
Jakob THOMÄ
SOAS University of London
2021. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“Disentangling the effects of hedge fund activism on firm financial and social performance”
Published in Strategic Management Journal, 2020; 41: 1054–1082.
Mark DESJARDINE
Smeal College of Business at Pennsylvania State University
Rodolphe DURAND
HEC Paris
Best PhD Thesis
“Asset pricing and impact investing with pro-environmental preferences”
Olivier David ZERBIB
Tilburg University
Best Master Thesis
“ESG Controversies’ Media Sources Concentration as a Threat to Responsible Investors”
Anatole DOUAUD
Kedge Business School
Best Research Grant
“Heated bonds? The impact of climate risks on the value of sovereign bonds”
Karolina BASSA
University of Oxford
Best Pedagogical Initiative
“Future-proof your climate strategy: Smart companies are putting their own price on carbon”
Joseph E. ALDY
Harvard Kennedy School
Gianfranco GIANFRATE
EDHEC Business School
2020. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“Leverage points in the financial sector for seafood sustainability”
Published in Science Advances, Vol 5, n°10, October 2, 2019.
Jean-Baptiste JOUFFRAY
Jan BEBBINGTON
Beatrice CRONA
— Stockholm Resilience Centre at Stockholm University —
Bert SCHOLTENS
Emmy WASSÉNIUS
Best PhD Thesis
“Finance in the Face of Global Challenges – Essays on the Financial Economics of Climate Change & the Agency Cost of Debt”
Nora PANKRATZ
Maastricht University
Best Master Thesis
“Superbugs and Super risks: A critical assessment of antibiotic resistance as a frontier topic in responsible and sustainable investment”
Abigail HERRON
University of Cambridge
Best Research Grant
“Managerial Incentives and the Ethics of Corporate Governance”
Etienne DEVELAY
Nottingham Business School
The Jury has decided not to award a Prize in this category
2019. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
The Jury has decided to award two articles this year giving their high standing and great contribution to the field
Best Research Article
“Fossil Fuel Divestment and Portfolio Performance”
Arjan TRINKS
Lammertjan DAM
Machiel MULDER
Bert SCHOLTENS
— University of Groningen (Netherlands) —
Best Research Article
“Creating Common Ground: A Communicative Action Model of Dialogue in Shareholder Engagement”
Fabrizio FERRARO
IESE Business School
Daniel BEUNZA
Copenhagen Business School (Danemark)
Best PhD Thesis
“Optimal Diversification and the Transition to Net Zero: A Methodological Framework for Measuring Climate Goal Alignment of Portfolio Investors”
Jakob THOMÄ
CNAM
Best Master Thesis
“Sustainability bonds, a lever for sustainable economic development in emerging countries?”
Mélanie COMBLE
Kedge Business School
Best Research Grant
“Stranded States? Public Management of Fossil Fuel Asset in the International System”
Alex CLARK
Oxford University
Best Pedagogical Initiative
“CAS Sustainable Finance” at Haute école de gestion de Genève
Andrea BARANZINI
HEG Genève
Antoine MACH
Covalence
Jean LAVILLE
Conser Invest
2018. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“When do Theories Become Self-fulfilling? Exploring the Boundary Conditions of Performativity”
Emilio MARTI
University of Oxford,
Rotterdam School of Management
Jean-Pascal GOND
City, University of London
Best PhD Thesis
“Corporate Social Responsibility and Capital Markets: Evidence from Mergers and Acquisitions”
Mathieu GOMES (French)
Université Clermont Auvergne – École Universitaire de Management
Best Master Thesis
“Portfolio Analysis Using Water Shadow Pricing: How Valuing Water Risk Can Reduce Carbon Emissions”
Catherine CHISEM (British)
University of Edinburgh Business School
Best Research Grant
“Do investors care about impact? An experimental approach”
Florian HEEB (Swiss)
University of Zürich
Best Pedagogical Initiative
“Two Degree Pathways decision support tool used for Oil majors wargaming at University of Oxford”
Ben CALDECOTT
Director, Oxford Sustainable Finance Group and the Lombard Odier Associate Professor of Sustainable Finance, University of Oxford
Ingrid HOLMES
Deputy CEO, Green Finance Institute
David KAMPMANN
Researcher on low carbon transition and alignment at University of Oxford
Lucas KRUITWAGEN
Climate & Energy Technologist, Svante.io
Dileimy OROZCO
Independent Advisor on Sustainable Finance and Economic Governance – E3G
Shane TOMLINSON
E3G MSc (Master) in Sustainable Finance – ESG Engineering, Asset & Risk Management
Best Pedagogical Initiative
“MSc (Master) in Sustainable Finance – ESG Engineering, Asset & Risk Management”
Christophe Revelli
Kedge Business School
2017. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“A Credit Score System for Socially Responsible Lending”
Begoña GUTIÉREZ-NIETO
Carlos SERRANO-CINCA
Juan CAMON-CALA
— Universidad de Zaragoza —
The Jury has decided to award two papers this year giving their high standing
Best Master Thesis
“Access to Finance and Corporate Social Responsibility: Evidence from a Quasi-Natural Experiment”
Vanya RUSINOVA (Bulgarian)
Copenhagen Business School
Best Research Grant
“Productivity Loss from Heat and Stock Returns in Europe”
Nora PANKRATZ (German)
Maastricht University
Best Pedagogical Initiative
“Impact Investing, the finance that changes the world! MOOC series”
Thierry SIBIEUDE
ESSEC Business School
2016. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
- Pedagogical Initiative
Best Research Article
“Active Ownership”
Elroy DIMSON (British)
University of Cambridge and
London Business School (UK)
Oguzhan KARAKAS (Turkish)
Boston College (USA)
Xi LI (Chinese)
Temple University (USA)
Best PhD Thesis
“Corporate Governance and Firm Performance: The Sustainability Equation?“
Gwenaël ROUDAUT (French)
École Polytechnique
Best Master Thesis
“Communicating Climate Change: How Learning, Language and Leadership Can Impact Institutional Investment Decisions in Australia and the United Kingdom”
Elizabeth HARNETT (British)
University of Oxford
Best Research Grant
“Fiduciary Duty of Financial and Extra-financial Performance in Modern Sustainable (SDGs) and Socially Responsible Investment”
Liudmila STRAKODONSKAYA (Russian)
Université Paris II Panthéon-Assas
Best Pedagogical Initiative
“Sustainability Course – Finance Track”
Course taught at ETH Zürich in 2015
Volker HOFFMANN (German)
Julian KÖLBEL (German)
Falko PAETZOLD (German)
2015. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach”
Caroline FLAMMER (Swiss)
Ivey Business School, University Of Western Ontario (Canada)
Best PhD Thesis
“Finance and Society: On the Foundations of Corporate Social Responsibility”
Hao Liang (Chinese)
Tilburg University (Netherlands)
Best Master Thesis
“Divestment of fossil fuel equities, its financial implications, and alternative asset allocation strategy”
Mayank KUMAR JAIN (Indian)
Imperial College London and Henley Business School (UK)
Best Research Grant
“CSR within morally objectionable businesses: Can what’s done be undone?”
Salma KTAT (Tunisian)
Université des Antilles et de la Guyane
2014. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Loyalty-Shares: Rewarding Long-term Investors”
Patrick BOLTON (French and American)
Columbia University
Frédéric SAMAMA (French)
SWF Research Initiative and Amundi
Best PhD Thesis
“Experimental Studies on Moral Values in Finance: Windfall Gains, Socially responsible investment, and Compensation plans”
Marco HEIMANN (German)
University of Toulouse (France)
Best Master Thesis
“Shale Gas and Hydraulic Fracturing: Risk and Opportunity Analysis for Oil and Gas Companies, Investors and The Future Energy Sector-Lessons from the US”
Theodor COJOIANU (Romanian)
The University of Edinburgh
Best Research Grant
“Developing metrics and tools to help align financial portfolios with climate and energy investment scenarios”
Jakob THOMÄ (German)
Conservatoire National des Arts et Métiers
2013. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Grant
“Portofolio Greenness and the Financial Performance of REITs”
Piet EICHHOLTZ (Dutch)
Nils KOK (Dutch)
Erkan YONDER (Turkish)
— Maastricht University (Netherlands) —
Best PhD Thesis
“Can Private Equity Funds Foster Corporate Social Responsability?”
Vanina FORGET (French)
École Polytechnique (Department of Economics)
Best Master Thesis
“Payments for Environmental Services and Microfinance: Proyecto Cambio in Nicaragua”
Davide FORCELLA (Italian)
Université libre de Bruxelles
Best Research Grant
“Understanding the Dynamics of Voting on Shareholder Proposals”
Liviu ANDRONIC (Romanian)
IAE Toulouse (France)
2012. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Environmental Policy, Innovation and Performance: New Insights on the Porter Hypothesis”
Published in Journal of Economics and Management Strategy, 20 (3), 803-841. 2011.
Paul LANOIE
HEC Montreal – Economics
(Canada)
Jérémy LAURENT-LUCCHETTI
University of Bern and Oeschger Center for Climate Change
(France)
Nick JOHNSTONE
OECD
(USA)
Stefan AMBEC
Toulouse School of Economics
(INRA-LERNA)(France)
Best PhD Thesis
“Empirical Investigations of the Relationship between Corporate Social and Financial Performance”
Ioannis OIKONOMOU
Henley Business School & University of Reading
Best Master Thesis
“Socially Responsible Mutual Funds : the impact of fund governance on performance and attractiveness”
Enguerran PETIT
Ecole Centrale de Nantes & Politecnico di Milano
Best Research Grant
“Responsible Investment and the Chinese Stock Market”
Michael L.BARNETT (US)
Xing CHEN (Chinese)
Andreas G. F. HOEPNER (German)
Qian LI (Chinese)
— University of Oxford & University of St Andrews —
Best Research Grant
“Institutional Complexity in a Transition Industry: the Case of Responsible Investment”
Daniela LAUREL (Fl)
Politecnico di Milano
Best Research Grant
“Rethinking Financial Disclosure for Retail Investors: A Tailor-Made Approch based en recent Reforms in Nutritional Labelling”
Elsa SAVOUREY (French)
Daniel LITWIN (Canadian)
— University Paris 1 Panthéon Sorbonne & McGill University —
2011. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices”
Published in Journal of Financial Economics 101(3), 621-640, September 2011
Alex EDMANS (UK)
Wharton School, University of Pennsylvania (US)
Best PhD Thesis
“Institutional Change in the Making – The Case of Socially Responsible Investment”
Diane-Laure ARJALIÈS (France)
ESSEC Business School & Université Paris Ouest Nanterre-La Défense (France)
Best Master Thesis
“Meeting the challenge of impact investing: How can contracting practices secure social impact without sacrificing performance?”
Madeleine EVANS (US)
London School of Economics (UK)
Best Research Grant
“Sustainability Reporting in Capital Markets: A Black Box”
Alexandra DUARTE CORREIA (Portugal)
Vrije Universiteit Amsterdam, The Netherlands
Best Research Grant
“Similarity in Values and the Perceived Trustworthiness Of Investment Funds”
Marco HEIMANN (Allemagne)
University of Toulouse and CNRS, France
Best Research Grant
“Does pension funds’ fiduciary duty prohibit the integration of any ESG criteria in investment processes?”
Andreas HOEPNER (Allemagne)
University of St. Andrews, UK
2010. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Stakeholder perspectives on a financial sector legitimation process – The case of NGOs and the Equator Principle”
Published in Accounting, Auditing and Accountability Journal – 2009 Vol. 22 issue 4
Niamh O’SULLIVAN
University (Irlande)
Brendan O’DWYER
University (Irlande)
Le jury a décidé de ne pas remettre de Prix dans cette catégorie en 2010
Best Master Thesis
Comprendre et chiffrer la « green value »
Aurélien CHAZEL
Paris I Panthéon Sorbonne, France
Best Master Thesis
“Environmental and Corporate Performance – Impact of environmental awards on corporate valuation”
Thibault DAUPHIN (France)
European Business School, Oestrich-Winkel (Allemagne)
Best Research Grant
“ESG in Mainstream Portfolios : a dominant convention perspective”
Christel DUMAS
Université de Gand (Belgique)
Best Research Grant
“Marketization of ethics; does it work? Exploring the scenarios where firm’s social behavior is not reflected in its market performance”
Afshin MEHRPOUYA (Iran)
Essec (France)
Best Research Grant
“What gets measured gets managed? SRI indices and responsible corporate behaviour”
Catharina SLAGER (Hollande)
Nottingham University Business School, UK
2009. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Properties of the Social Discount Rate in a Benthamite Framework with Heterogeneous Degrees of Impatience”
Published in Management Science
Diego NOCETTI
School of Business, Clarkson University
(USA)
Elyès JOUINI
Ceremade, Université Paris-Dauphine
(France / Tunisie)
Clotilde NAPP
DRM, Université Paris-Dauphine
(France)
Best PhD Thesis
“Corporate Governance and Sustainability in Global property Markets”
Nils KOK
Maastricht University (Netherlands)
Best Master Thesis
“A behavioral finance perspective on sustainable energy environment” decisions”
Mélanie OSCHLIES (Allemagne)
University of St Gallen (Suisse)
Bourse de Recherche
« Instruments financiers »
“Internalisation des externalités dans les grands projets”
Dorothee TEICHMANN (Allemagne)
Université Paris-Dauphine (France)
Bourse de Recherche
« Marketing ISR »
« Concilier solidarité et rentabilité : l’enjeu des performances sociales dans les institutions de microfinance au Sénégal »
Sonia RAHAL
Université Paris 1 La Sorbonne (France)
Bourse de Recherche « Social »
“What is the relationship between the Corporate Social Responsibility (CSR), practices of a firm and the firm’s value/performance”
Oguzhan KARAKAS (Turquie)
London Business School (UK)
Elroy DIMSON
London Business School (UK)
2008. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“Corporate Social Responsibility and Managerial Entrenchment”
Giovanni CESPA
Universita di Salerno (Italia)
Giacinta CESTONE
Universita di Salerno (Italia)
Best PhD Thesis
“The Economic Virtues of SRI and CSR”
Jeroen DERWALL
RSM Erasmus & Maastricht Universities
Best Master Thesis
“Corporate Responsibility in Supply Chain Management – Case environmentaly Responsible Procurement”
Kaisa JUNGMAN
Helsinki University of Technology (Finlande)
Best Research Grant
“Socially Efficient Discounting under Ambiguity Aversion”
Johaness GIERLINGER
Toulouse School of Economics (Autriche)
Best Research Grant
“Real Options Approach to Valuation of the Voluntary Targets Proposal”
Kirill ZAVODOV
Unversity of Cambridge (Russia)
2006. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
- Research Grant
Best Research Article
“On Precautionary Policies”
Bernard SINCLAIR-DESGAGNE
Pauline Barrieu – France
Best PhD Thesis
“Identifiying and Overcoming Behavioural Impediments to Long Term Responsible Investments-A Focus on UK Institutionnals Investors”
Danyelle GUYATT
Université de Bath
Best Master Thesis
“Risk Management Strategies and Practices in Response to the European Union Emissions Trading Scheme”
Eeva LAPPALAINEN
Université d’Helsinki – Finlande
Best Research Grant
“Le marché européen du CO2 : efficience et déterminants du prix du quota”
Emilie ALBEROLA
Université Paris X – France
Best Research Grant
“Modélisation du risque dans la finance solidaire : une analyse empirique via l’économie expérimentale”
Simon CORNÉE
Université de Rennes 1 – France
2005. FIR-PRI “Finance & Sustainability” Awardees
- Research Article
- PhD Thesis
- Master Thesis
Best Research Article
“The Eco-efficiency Premium Puzzle”
Jeroen DERWALL
Université Erasmus de Rotterdam
Best PhD Thesis
“Ethical Investment; Processes and Mechanisms of Institutionalisation”
Celine LOUCHE
Chercheuse à la Vierick Gent Leuven Management School à Gand (Belgique)
Best Master Thesis
“Environmental Business Accounting in four Finnish Case companies”
Anna Kumpulainen
Université d’Helsinki