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VP Bank presents the Best Paper Award

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On 14 May 2019, the Institute for Finance of the University of Liechtenstein hosted a workshop on "Sustainable Finance" for the third time, where international researchers were able to submit and present their papers on the topic of sustainable finance.

Together with representatives of VP Bank, the findings of the best six papers submitted were presented yesterday and subsequently discussed.

The best paper received the "VP Bank Best Paper Award". The prize went to the paper entitled "A risk management perspective on CSR and the marginal cost of debt - empirical evidence from Europe", written by Othar Kordsachia (University of Lüneburg).

VP Bank presents the Best Paper Award
VP Bank promotes sustainability - Prof. Marco J. Menichetti from the University of Liechtenstein, prizewinner Othar Kordsachia and Bernd Hartmann, Chief Strategist of VP Bank (from left) at the award ceremony. | Photo: University of Liechtenstein / Paul Trummer

The paper examines how the European bond market rewards sustainability. In contrast to equities, this is an even less researched area. The author was able to show that companies with a stronger focus on sustainability bear lower financing costs. Thus, there are incentives to improve their own sustainability. This applies primarily to financially troubled debtors, as the work could prove. VP Bank warmly congratulates the authors on this award.

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