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).
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.