After a successful 2025 Annual conference in Paris, 3 of the record number of 65 Sustainable Finance and Investment research papers on the program were awarded Paper Prizes.
Our long time sponsor and partner, BNP Paribas Asset Management, once again sponsored the overall Best Paper Prize. This year the prize was awarded to “Pricing Pollution: Asset-Pricing Implications of the EU Emissions Trading System” by Joop Huij, Dries Laurs, Philip Stork and Remco Zwinkels – presented by Dries Laurs from Vrije Universiteit Amsterdam. The prize committee particularly valued the bridge the paper made between economic regulation and the financial system. “The paper provides a deep analysis to measure the impact of transition risk on asset prices beyond the cash flow channel and emphasizes the importance of taking into account the efforts made by firms to reduce emissions.”
The generous support of PARC (Institut Louis Bachelier) enabled a new Prize for Best Data and Metrics. This prize was awarded to “Biodiversity Co-Benefits in Carbon Markets? Evidence from Voluntary Offset Projects” by Zoey Yiyuan Zhou (Hong Kong University of Science and Technology) and Douglas Almond (Columbia University). The authors constructed a dataset by combining multiple data sources to answer a particularly original research question. The prize committee were impressed by the importance of the topic and conclusion, and the potential impact of the results.
Eight of the papers selected for the program this year were from PhD research projects. GRASFI’s PhD Subcommittee awards a Best PhD Prize every year at our Annual Conference. This year, the prize went to Atreya Dey for his paper “Firm Operations, Biodiversity Loss, and Corporate Disclosure“. Atreya will be graduating from the University of Edinburgh this year.
Thanks to the 2025 GRASFI Prize committee:
- Peter Tankov
- Anna Creti
- Chendi Zhang
- Serge Darolle
- David Zerbib
