Below you will find information, sources, and links from our sustainable investing research efforts.
Moskowitz Research Prize – Socially Responsible Investing
The prestigious Moskowitz Prize is the only global award recognizing outstanding quantitative research in sustainable and responsible investing. Since its launch in 1996 by Berkeley-Haas and US SIF, its winners have explored shareholder activism, socially responsible mutual funds, and social responsible investing as a catalyst to financial performance, among other topics.
The Moskowitz Prize is named for Milton Moskowitz, one of the first investigators to publish comparisons of the financial performance of screened and unscreened portfolios, including “The 100 Best Companies to Work for in America.”
2016
Brad M. Barber, University of California, Davis, Adair Morse,University of California, Berkeley – Haas School of Business; National Bureau of Economic Research (NBER), and Ayako Yasuda, University of California, Davis – Graduate School of Management for “Impact Investing“
- Honorable Mention: Caroline Flammer, Boston University, for “Does a Long-Term Orientation Create Value? Evidence from a Regression Discontinuity“
2015
Philipp Krüger, University of Geneva for “”Climate Change and Firm Valuation: Evidence From a Quasi-Natural Experiment
2014
Allen Ferrell, Harvard Law School, Hao Liang, Tilburg University, Luc Renneboog, Tilburg University for “Socially Responsible Firms“
- Honorable Mention: Alex Edmans, Lucius Li, and Chendi Zhang, National Bureau of Economic Research, for “Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around the World“
- Honorable Mention: Yongtae Kim, Haidan Li, and Sigi Li, Santa Clara University, Leavey School of Business, for “Corporate Social Responsibility and Stock Price Crash Risk“
2013
Caroline Flammer, Ivey Business School for “Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach“
2012
Elroy Dimson, London Business School, Oguzhan Karakas, Boston College, Xi Li, Temple University for “Active Ownership“
2011
Sadok El Ghoul, University of Alberta, Omrane Guedhami, Moore School of Business, Chuck C. Y. Kwok, Moore School of Business, Dev R. Mishra, Edwards School of Business for “Does Corporate Social Responsibility Affect The Cost Of Capital?“
- Honorable Mention: Sudheer Chava, Georgia Institute of Technology for “Environmental Externalities And Cost Of Capital“
- Honorable Mention: Yongtae Kim, Santa Clara University and Meir Statman, Santa Clara University for “Do Corporations Invest Enough In Environmental Responsibility?“
2010
Rob Bauer, Maastricht University, Daniel Hann, Maastricht University; European Centre for Corporate Engagement for “Corporate Environmental Management And Credit Risk“
2009
David Baron, Stanford University, Hoje Jo, Santa Clara University, Maretno Agus Harjoto, Graziadio School of Business and Finance, Pepperdine University for “The Economics And Politics Of Corporate Social Performance“
2008
Meir Statman and Denys Glushkov, Santa Clara University’s Leavey School of Business for “The Wages Of Social Responsibility“
- Honorable Mention: Javier Gil-Bazo, Pablo Ruiz-Verdu, and Andre A. P. Santos, Universidad Carlos III de Madrid for “The Performance Of Socially Responsible Mutual Funds: The Role Of Fees And Management Companies“
2007
Alex Edmans, University of Pennsylvania, The Wharton School for “Does The Stock Market Fully Value Intangibles? Employee Satisfaction And Equity Prices“
2006
Brad Barber, University of California at Davis for “Monitoring The Monitor: Evaluating CalPERS’ Shareholder Activism“
2005
Nadja Guenster, Jeroen Derwall, Rob Bauer and Kees Koedijk, Erasmus University for “The Economic Value Of Corporate Eco-Efficiency“
- Honorable Mention: Meir Statman, Santa Clara University’s Leavey School of Business for “Socially Responsible Indexes: Composition, Performance, And Tracking Errors“
2004
Marc Orlitzky, University of Sydney, Frank L. Schmidt, University of Iowa, and Sara L. Rynes, University of Iowa for “Corporate Social And Financial Performance: A Meta-Analysis“
- Honorable Mention: Nicholas P.B. Bollen, and Mark A. Cohen, Vanderbilt University for “Mutual Fund Attributes and Investor Behavior“
2003
Charles M.C. Lee and David T. Ng, Cornell University for “Corruption And International Valuation: Does Virtue Pay?“
- Honorable Mention: Christopher C. Geczy, Robert F. Stambaugh, and David Levin, University of Pennsylvania, The Wharton School for “Investing In Socially Responsible Mutual Funds“
2002
Rogér Otten, Maastricht University, Rob Bauer, Maastricht University, and Kees Koedijk, Tilburg University for “International Evidence On Ethical Mutual Fund Performance And Investment Style“
2001
Glen Dowell, Notre Dame University, Stuart Hart, University of North Carolina, and Bernard Yeung, New York University for “Do Corporate Environmental Standards Create Or Destroy Market Value?“
- Honorable Mention: Bernell K. Stone, Brigham Young University, John B. Guerard, McKinley Capital Management, LCC, and Mustafa N. Gultekin, University of North Carolina for “Socially Responsible Investment Screening: Strong Evidence Of No Significant Cost For Actively Managed Portfolios“
2000:
Robert Repetto and Duncan Austin, World Resources Institute for “Pure Profit: The Financial Implications Of Environmental Performance“
1999
Siew Hong Teoh, University of California – Irvine, Ivo Welch, UCLA and National Bureau of Economic Research (NBER), and C. Paul Wazzan, Berkeley Research Group, LLC for “The Effect Of Socially Activist Investment Policies On the Financial Markets: Evidence From The South African Boycott“
1998
Michael V. Russo, University of Oregon, and Paul A. Fouts, Golden Gate University, for “A Resource-Based Perspective On Corporate Environmental Performance And Profitability“
1997
Sandra A. Waddock and Samuel B. Graves, Boston College for “Finding The Link Between Stakeholder Relations And Quality Of Management“
1996
John B. Guerard, McKinley Capital Management, LCC for “Is There A Cost To Being Socially Responsible In Investing?“