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The RAFI Best Paper Award for ESG-related research, sponsored by RAFI Indices, LLC, recognizes creative and impactful research that advances the investment industry’s understanding of the Environmental, Social, and Governance (ESG) criteria utilized in sustainable, responsible, and impact investing strategies.

Each submission was reviewed by the Scientific Review Committee co-chaired by Professor Campbell R. Harvey (Duke University) and Professor Alex Edmans (London Business School).

W I N N E R

Do Investors Value Sustainability?
A Natural Experiment Examining Ranking and Fund Flows

Samuel M. Hartzmark

Associate Professor of Finance

University of Chicago Booth School of Business

Abigail B. Sussman

Associate Professor of Marketing

University of Chicago Booth School of Business

R U N N E R - U P

Impact Investing

Brad M. Barber

Professor of Finance

Graduate School of Management,
UC Davis

Adair Morse

Associate Professor of Finance

Graduate School of Management,
UC Berkeley & NBER
Haas School of Business

Ayako Yasuda

Professor of Finance

Graduate School of Management,
UC Davis

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