The Premier Global Prize for Research in Sustainable Finance


The Moskowitz Prize is awarded each year to the paper best representing outstanding research on sustainable and responsible investing and the financial implications of responsible business practices in capital markets.

The Moskowitz Prize recognizes outstanding quantitative research papers that are relevant to investment practitioners in sustainable and responsible finance. Although the prize is usually awarded to a finance paper, past winners have been from the fields of economics and management as well.

The prize is named for Milton Moskowitz (1932-2019), one of the field’s first and most innovative investigators, whose pioneering legacy continues through the Moskowitz Prize. In 2020 the Moskowitz Prize became an initiative of Northwestern University’s Kellogg School of Management.



The Moskowitz Prize recognizes quantitative papers that are highly relevant to investment practitioners in sustainable and responsible finance.

From ethical mutual fund performance, to the influence of socially responsible customers, to the credit premiums represented by environmentally sustainable management, to the impact of corruption on asset prices, the Moskowitz Prize has been recognizing, elevating, and rewarding research that tackles important and groundbreaking topics in sustainable finance and responsible investing for 25 years.

The consistent qualities of all papers are rigorous and innovative methods and the potential to change the way we understand the market.


The winning paper author(s) will receive a monetary award of $7,500, while honorable mention papers’ author(s) will receive a monetary award of $2,500.



Winner: Biodiversity Risk

Honorable Mention: Voice Through Divestment

Honorable Mention: Four Facts About ESG Beliefs and Investor Portfolios