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Prof. Stefano Giglio Wins Moskowitz Prize for Sustainable Finance Research

Giglio and his co-authors were honored for a paper quantifying the economic effects of the risks of biodiversity loss. Another of Giglio’s studies won honorable mention.

Stefano Giglio

Stefano Giglio, professor of finance, and his co-authors have won Northwestern University’s Moskowitz Prize for research on sustainable finance, for their paper “Biodiversity Risk.”

The study’s authors also included Theresa Kuchler, Johannes Stroebel, and Xuran Zeng of New York University. It uses a variety of measures to quantity the “effects of physical and regulatory risks related to biodiversity loss on economic activity and asset values.”

The Moskowitz Prize “recognizes annually a research paper that demonstrates rigorous empirical methods and high potential to influence sustainability-related business and investment practices.”

Giglio also won honorary mention for his paper “Four Facts About ESG Beliefs and Investor Portfolios,” which was co-authored by Matteo Maggiori of Stanford University, Stroebel, Yale’s Zhenhao Tan, Stephen Utkus of the University of Pennsylvania, and Xiao Xu of Vanguard.

“The three papers recognized this year study three very different topics, but each represents an exemplary effort to deepen our understanding of sustainable investment,” said Lloyd Kurtz, founder of the Moskowitz Prize and one of the judges. “All three draw on unique data sets and employ innovative analytical techniques to address open issues in the field, presenting findings that will prompt reassessment and debate on topics that are central to successful future practice.”

Learn more about Stefano Giglio’s research on Yale Insights.