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2009 Moskowitz Prize Draws Record Number of Studies
Submissions for 14th Annual Research Prize Reflect Growing Academic Interest
| Source: First Affirmative
COLORADO SPRINGS, CO--(Marketwire - August 4, 2009) - The Center for Responsible Business at
UC Berkeley's Haas School of Business has concluded the submission process
for the 14th Annual 2009 Moskowitz Prize, the only global award recognizing
outstanding quantitative research in the field of socially responsible
investing (SRI). According to First Affirmative Financial Network,
co-sponsor of SRI in the Rockies, over 30 research entries were accepted by
this year's submission deadline.
The winning study will be selected by a panel of judges from academia and the investment industry, and will be
announced at the 20th annual SRI
in the Rockies Conference October 25-28, 2009 at the JW Marriott Starr Pass Resort &
Spa in Tucson, Arizona. The winning paper will also be accepted for
publication in the Journal of Investing and the authors will receive $5,000
in prize money.
The Prize is named for Milton Moskowitz, one of the first investigators to
publish comparisons of the financial performance of screened and unscreened
portfolios. His distinguished works include "The 100 Best Companies to
Work for in America," an annual list published in Fortune magazine, and
"The Global Marketplace: 102 of the Most Influential Companies Outside
America."
Last year's prize was awarded to Meir Statman of Santa Clara University and
Denys Glushkov of the University of Pennsylvania's The Wharton School for
their paper titled "The Wages of Social Responsibility." The study
demonstrated that socially responsible investors can do both well and good
by adopting the best-in-class method for their portfolios while refraining
from utilizing negative screens. Summaries of the winning studies from previous years are available through the
Center
for Responsible Business at the Hass School.
"Given the increase in quantity and quality of research around socially
responsible investing, it's no surprise that we are seeing more and more
studies coming from mainstream faculty," said Kellie McElhaney, Co-Faculty
Director, Center for Responsible Business and Adjunct Assistant Professor,
John C. Whitehead Distinguished Faculty Fellow in Corporate Responsibility
at the Haas School of Business. "The growing body of knowledge in the
burgeoning field of sustainable and responsible investing has created
opportunities for researchers to dig deeper and develop higher quality
research."
"The questions academics are considering today are much more specific than
just four or five years ago. We have moved well past simply wondering
whether socially responsible investing makes sense, to carefully examining
specific linkages," said Lloyd Kurtz, CFA, Moskowitz Prize administrator
and senior portfolio manager at Nelson Capital Management, an investment
advisory affiliate of Wells Fargo. "At the same time, researchers are
working with much better data. And as a result, we are seeing improved
quality and increased density in the studies we evaluate."
The prize was launched in 1996 by the Social Investment Forum. "We
launched this prize to bring attention to important research about socially
responsible investing," said Lisa Woll, CEO of the Social Investment Forum.
"The growth in submissions and the migration of the prize to the Haas
School of Business reflect the mainstreaming of core principles of SRI --
that sound financial analysis needs also to consider social, environmental,
and governance factors." Many of the full papers that have won the prize
in previous years can be found at
http://www.socialinvest.org/resources/research/.
SRI in the Rockies is the
largest and longest-running sustainable and responsible investing
conference in the world. The 20th Anniversary conference, From Crisis to
Opportunity: Investing for a Sustainable Economy, is produced by First Affirmative Financial
Network in collaboration with the Social Investment Forum. More than
650 attendees from the U.S. and around the world are expected to attend
this year's event.
"Helping to expand the understanding and acceptance of sustainable and
responsible investing is one of the hallmarks of the SRI in the Rockies
Conference," said Steve Schueth, President of First Affirmative. "Through
rigorous academic research, the Moskowitz Prize is providing a sound
foundation for investors to find real market solutions to the world's
environmental and social problems and make money in the process."
About the Moskowitz Prize
Awarded by the Center for Responsible Business at the Haas School of
Business, in cooperation with the Social Investment Forum, the Moskowitz
Prize promotes the concept, practice, and growth of socially responsible
investing. With more than 30 papers under consideration from prominent
researchers all over the world, this was the toughest field the judging
panel has seen in the history of the Prize. The sponsors of the Moskowitz
Prize are: Calvert Group, First Affirmative Financial Network, KLD Research
& Analytics, Inc., Nelson Capital Management, Neuberger Berman, Rockefeller
and Co., and Trillium Asset Management.
About First Affirmative
First Affirmative Financial
Network is an independent fee-only Registered Investment Advisor (SEC
File #801-56587). The company, which manages about $700 million in client
portfolios, offers consulting and asset management services through a
nationwide network of investment professionals who specialize in serving
socially conscious investors. First Affirmative produces the annual SRI in the Rockies Conference,
the premier conference for the sustainable and responsible investment
industry in North America.
About the Social Investment Forum
Social Investment Forum (SIF) is the U.S. membership association dedicated
to advancing the concept, practice, and growth of socially
and environmentally responsible investing. SIF members integrate
economic, environmental, social, and governance factors into their
investment decisions. SIF membership includes more than 500 social
investment practitioners and institutions, including financial
professionals, analysts, portfolio managers, banks, mutual funds,
researchers, foundations, community development organizations, and public
educators. More information about the Forum, including the 2007 Report on
Socially Responsible Investing Trends in the United States, is available at
www.socialinvest.org.