Press release

ULiège first Belgian university to join the global alliance GRASFI alliance in sustainable finance

The University of Liège (ULiège) becomes the first Belgian university to become part of GRASFI (Global Research Alliance for Sustainable Finance and Investment), a global multidisciplinary academic research alliance in sustainable finance. 

Founded in 2017, the GRASFI alliance brings together 26 internationally renowned universities with strong research and teaching expertise in the field of sustainable finance. 

Alongside Cambridge, Oxford, Yale, Columbia, Paris, Bologna, Maastricht... ULiège, thanks to HEC Liège, Management School, is the first Belgian university to join the GRASFI alliance. The specificities of ULiège were presented at the last GRASFI Annual Conference in Zurich (5-7 September 2022) by Prof. Marie Lambert, Vice-Dean for Research at HEC Liège and member of the Financial Management for the Future (FM4F) research group.

GRASFI Member Universities

Prof. Marie Lambert: "Joining the GRASFI global alliance is an exceptional opportunity to develop original international collaborations with the best teams in the world working on this innovative field of sustainable finance, which plays a major role in favour of sustainable development and the environmental and social transition. This recognition will also open many doors internationally for our master's students and PhD and post-doc researchers."

Each university is admitted (after examination of the application file) to GRASFI on the basis of specific competences that are complementary to those of the other members. For example, the research of the Financial Management for the Future (FM4F) group at HEC Liège focuses on asset and financial risk management as well as on corporate finance (evaluation of the cost of capital and profitability of companies).

The members of the FM4F academic staff are Professors Georges Hübner, Julien Hambuckers, Marie Lambert, Wouter Torsin and Caterina Santi. The research group also includes ten PhD researchers and one postdoctoral researcher. Currently, the group focuses on climate risk assessment and management, the information content of corporate environmental, social and governance (ESG) ratings, shareholder engagement towards sustainability and indicators of good corporate governance. The two most active professors in the field of sustainable finance are Professors Marie Lambert and Caterina Santi.

Since January 2021, Professor Marie Lambert holds the Deloitte Chair in Sustainable Finance. Her main projects related to sustainable finance focus on:

  • the information content of ESG ratings and the link with the operational and financial performance of companies as well as the selection biases of current databases
  • the impact of ownership change, and in particular corporate acquisitions by venture capital funds, on employee well-being
  • investor preferences for 'sustainable' investments
  • the impact of environmental and social factors on the cost of capital of firms. 

Professor Caterina Santi's main projects in sustainable finance are:

  • measuring investor sentiment towards climate change using social network data and its effects on carbon-intensive stock prices
  • assessing the level of concern about the consequences of climate change at the European regional level using European Social Survey data and its implications for financial markets
  • assessing the market reaction to environmental policy announcements in the US.

Prof. Anne-Sophie Nyssen, future Rector of ULiège: "Being an active member of this association contributes to the sustainable development objectives pursued by the University of Liège, and its Management School, where "sustainability" issues are, as in the 10 other Faculties of ULiège, a mobilising theme of research and teaching."

"Within GRASFI, ULiège will make its research group in sustainable finance shine and give it a world-class reputation," says Professor Anne-Sophie Nyssen.

For more information

Site internet GRASFI


Marie Lambert

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Mettre en place une infrastructure résiliente, promouvoir une industrialisation durable qui profite à tous et encourager l’innovation Le neuvième objectif de développement durable (ODD) promeut l’essor résilient et durable d’infrastructures, de l’industrialisation et de l’innovation. Ces secteurs doivent en effet être un moteur pour le recul de la pauvreté et l’amélioration de la qualité de vie dans le monde, tout en ayant un impact mineur sur l’environnement. L’ODD9 appelle à favoriser un appui financier, technologique et technique des industries et en encourageant l’innovation et la recherche scientifique.

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