At the 5th International Conference on Finance, Economics, Management and IT Business (FEMIB) in Prague, Dominic Strube, research assistant at Wismar Business School, received the "Best Paper Award Honorable Mention Certificate" for his short paper entitled "The Correlation of ESG Ratings and Abnormal Returns: An Event Study Using Machine Learning", which he co-authored with Christian Daase (Research Assistant at Otto-von-Guericke University Magdeburg).
Mr Strube briefly summarised the content of the paper as follows: "In our short study, we used machine learning to investigate whether the inclusion of ESG ratings in the training data can increase the prediction accuracy of a company's abnormal returns. We found that the mean-fitting model used for return estimation produced more accurate results than models incorporating MSCI ESG ratings".
The award was presented by Prof Victor Chang (Conference Chair) of Aston University, UK.
We congratulate Mr Strube on his excellent work and look forward to seeing more of his academic work at our university.