European Finance Association

Best Paper Prize in Responsible Finance


The European Finance Association (EFA) has created the Best Paper Prize in Responsible Finance for the 2020-2022 period. The aim of this prize is to promote research on the important role that finance plays in societal progress and how a competitive and inclusive financial system can contribute to economic development. Topics include (but are not limited):

  • Role of finance in society.
  • Environmental, Social & Governance (ESG) investing.
  • Impact investing.
  • Sustainable finance.
  • Climate change and finance.
  • Stakeholders vs. shareholders and value creation.
  • Long-term investment, human capital and innovation.
  • Role of the government and financial system on firm creation and growth.
  • Corporate governance.
    • Corporate social responsibility (CSR).

The 2021 prize committee who selected the winner and runner-up was composed by:

  • Claudia Custodio, Imperial College London
  • Harrison Hong, Columbia University
  • Steven Ongena, University of Zurich


Winning paper

Green Asset Pricing
by Ghassane Benmir (London School of Economics and Political Science), Ivan Jaccard(European Central Bank), and Gauthier Vermandel (University Paris Dauphine)


Runner-up paper

Signaling through Carbon Disclosure
by Patrick Bolton (Columbia University) and Marcin Kacperczyk (Imperial College London)