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FSI-PRI Scholarship For Best Research On Responsible Investment

Finance Montréal’s Finance Sustainability Initiative and the Quebec Members’ Network of Principles for Responsible Investment recognize the efforts of researchers in the field of responsible investment. Launched in the fall of 2014, the FSI-PRI Scholarship aims to reward Quebec’s best research in responsible investment.

Each fall, a prize is awarded to the student submitting the best research report at the graduate level (Masters or PhD) and, for the first time in 2018, a second prize will be awarded to the best academic article on the subject.

The prizes:

  • Best research paper (Masters or PhD): $6,000
  • Best academic article: $4,000

Get more information about the FSI-PRI Scholarship

Winners of the 2018 edition of the FSI-PRI Scholarship

Research Paper Category

Jean-Marc Kossonou

Jean-Marc Kossonou

Intern – Emerging Risks, CDPQ

The winner of the 2018 FSI-PRI Scholarship for Best Research on Responsible Investment is Jean-Marc Kossonou from the Université de Sherbrooke. He was awarded a $6,000 scholarship for his research paper entitled Impact de l’exclusion des énergies fossiles dans des portefeuilles d’investissement (available in French only). The results demonstrate that, from 2006 to 2016, the studied exclusion strategies were not detrimental to financial performance.

Academic Article Category


Bouchra M’Zali

Professor at the Department of Strategy, Social and Environmental Responsibility, Université du Québec à Montréal

The winner of the 2018 FSI-PRI Scholarship for Best Research on Responsible Investment – article category – is Bouchra M’Zali from the Université du Québec à Montréal. Mrs. M’Zali wins the $ 4,000 prize, which will be shared with the three co-authors of the study: Kais Bouslah, José Linares-Zegarra, and Bert Scholtens. The results of the study entitled CEO risk-taking incentives and socially irresponsible activities suggest that risk-taking incentives embedded in the CEO compensation scheme have implications for corporate policies toward socially irresponsible activities.

Honourable Mention – Article Category

Amos Sodjahin

Amos Sodjahin

Professor in Finance, Université de Moncton

An honourable mention, representing $1,000, was awarded to Amos Sodjahin from Université de Moncton for his article entitled Leading or lagging indicators of risk? The informational content of extra-financial performace scores. The prize will be shared with the two co-authors of the study: Frank Coggins et Claudia Champagne. The results of the study suggest that extra-financial scores are informational and can be useful to portfolio managers, notably for their risk management strategies.

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Thank you to the members of the jury

The jury is composed equally of finance professionals and university research experts. The jury members for the 2018 edition of the competition are presented below.


Jacques Lussier

Chief Executive Officer and Chief Investment Officer, IPSOL Capital

Mr. Lussier founded IPSOL Capital in June 2013. Previously, he spent 18 years at Desjardins Global Asset Management where he was Chief Investment Strategist. He is a board member of the Régie des Rentes du Québec as well as a member of its investment and audit committees. He is the author of the book Successful Investing Is a Process published in December 2012. Mr. Lussier holds a Master of Finance from HEC Montreal and a Ph.D. in International Business from the University of South Carolina, as well as the CFA designation. Mr. Lussier is  currently President of CFA Montreal (2013-2015).


Bouchra M’Zali

Professor at the Department of Strategy, Social and Environmental Responsibility, UQÀM

Ms. M’Zali is also a researcher at the Social Responsibility and Sustainable Development Research Chair at ESG-UQAM and Director of Research at AICRI. With her students, she has published several book chapters and articles in academic journals and participated in a variety of international scientific conferences where her work received awards (Canadian Price: ASAC: 2005, 2006, 2011; SAB Trophy of sustainable finance: 2013). Ms. M’Zali has participated in many scientific review committees (CRSH, Canada; AERES, France; FIR-PRI; various academic journals). She has received a number of awards in recognition of her contribution to education and research in social corporate responsibility (Finance and Sustainability Initiative: 2012; Skema Prize: 2013). Ms. M’Zali holds a Ph.D. in Finance from the University of Laval as well as the CFA designation.

Stephane Larsen

Stéphane Larsen

Portfolio Manager, Global Real Estate Securities, Presima

At Presima, Mr. Larson is responsible for analysis, financial modelling as well as being co-responsible for all investment decisions made within the North American region and for portfolio construction. Mr. Larsen has worked in the financial industry since 2000, namely at Socrate Wealth Management, where he covered various sectors including chemical, utility and pharmaceutical companies on a global basis. Mr. Larsen holds a Bachelor of Business Administration (Finance) from HEC Montreal and a Master of Finance from the University of Sherbrooke, as well as the CFA designation.

Ioana Circo

Ioana Circo

Investment Advisor for the Université de Montréal pension plan and endowment fund

Ms. Circo has been with the University of Montreal since 2013. Previously, she worked for more than four years at the Commission administrative des régimes de retraite et d’assurances, where she fulfilled an advisory role for the investment committees of public and parapublic defined benefit pension plans. Ms. Circo began her career at Babes-Bolyai University, in Romania, as an undergraduate teaching assistant. From 2003 to 2006, she held positions in compliance, treasury and foreign exchange transactions settlement at the Raiffeisen Bank. Ms. Circo holds a Bachelor of Finance from Babes-Bolyai University, in Romania, a Master in Management from Université d’Auvergne Clermont-Ferrand I, in France and an MBA in Finance from Laval University. She also holds the CFA designation.

Patrick Savaria

Patrick Savaria

Associate Vice President, Research at the Caisse de dépôt et placement du Québec

Mr. Savaria leads a research group whose mandates include providing applied research solutions for portfolio design and strategic asset allocation, forecasting long-term risk and return different asset classes, and portfolio benchmarking. Before joining the Caisse in 2004, he was a finance professor at Université Laval for a number of years. Mr. Savaria holds a Ph.D. in Finance from the University of British Columbia and holds the CFA and ASA designations.

Luv Brès

Luc Brès

Assistant Professeur, Université Laval

Luc Brès is an Assistant Professor at the Faculty of Administration Sciences, Université Laval Qc, where he co-directs the Interdisciplinary Laboratory of Corporate Social Responsibility (LIRSE). He is also research associate at the Paris Dauphine, Laboratoire Management et Organization since 2013. His research focuses on corporate social responsibility and on our ability to socialized markets as economic actors: investors, entrepreneurs, consumers, employees. He is particularly interested in responsible business models, CSR-SD management tools, and alternative forms of regulation. Luc earned a PHD from the Montreal Joint PhD in Administration. He did postdoc at Cass Business School (London). His research has been funded by the Quebec (FQRSC) and Canadian (SSHRC) governements, received numerous accolades and published in leading academic journal in the field of management.

Get more information on the FSI-PRI Scholarship application.

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