The Investment for Impact Research Prize awards outstanding research pertaining to the social impact of capital. The prize was created by UC Berkeley Haas to encourage rigorous academic research on the impact of capital investments and to widely disseminate findings across both the academic and practitioner community.


Submissions open spring 2020

Please circulate widely to interested parties who may have a paper to submit.

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The prize competition is open to authors of studies examining the impact of capital investments made into companies, cities, organizations, individuals, and funds which have the intention to generate social and environmental impact. Studies from all business disciplines, public policy, and economics are welcomed. Both working papers and papers published since 2016 are eligible. Working papers are strongly encouraged to be submitted and should be of a quality suitable for publication in a peer-reviewed academic journal.


The Prize seeks papers investigating all aspects of the impact of capital. Suitable topics include but are not limited to:

  • Investment in Human Capital, including Fair Wages and ESOPs
  • Investment in Cleantech, Education, Healthcare, and Fintech
  • Investment in Social Enterprises and B Corporations
  • Sustainable Real Assets, including Timber, Farmland, Agriculture
  • Private Equity Funds with Social Impact
  • Green and Sustainability Bonds
  • Social Impact Bonds and Pay for Success, including Development Impact Bonds and Health Impact Bonds
  • Microfinance, Microcredit, Micro-insurance, Subsidized Loans, and Responsible Lending/Banking
  • Community Development Financial Institutions
  • Venture Philanthropy
  • Grant Effectiveness


The Investment for Impact Prize Faculty Co-Directors Adair Morse (UC Berkeley finance group) and Ayako Yasuda (UC Davis finance group) will oversee the selection process.

This prize is generously sponsored in part by Allan Spivack, Haas MBA 1980.

2017-2018 Investment for Impact Research Prize Team:

  • Faculty Co-Directors: Adair Morse, UC Berkeley Haas School of Business, and Ayako Yasuda, UC Davis
  • Administrative Co-Directors: Seren Pendleton-Knoll, Berkeley-Haas Center for Responsible Business


2018 Moskowitz Winners

Winners of the 2018 Moskowitz Research Prize

December 11, 2018investment-for-impact