Top three papers of WAIFC Young Academic Award 2025

The first paper is from Wilson Tsz Shing Wan, a PhD candidate at the Hong Kong University of Science and Technology (HKUST), with the title: Greenwashing risks in the corporate climate bond markets: Expenditure-based measurement, and its implications for financial market stability.

Wilson is a PhD candidate in the Division of Environment and Sustainability at the Hong Kong University of Science and Technology (HKUST). His research focuses on applying empirical methods to examine the financial instability implications of climate finance. In 2022, his paper, The Economics of the Greenium: How Much is the World Willing to Pay to Save the Earth?, received an award for outstanding publication in the journal Environmental and Resource Economics. He is also currently employed in the Banking Supervision Department of the Hong Kong Monetary Authority. Wilson holds an MPhil in Economics from HKUST.

You can download his paper here.

The second paper is from Vivi Yuwei Liao, a PhD candidate at the Hong Kong University of Science and Technology, with the title: Adaptation Finance for Emerging Markets

Vivi is a PhD student in the Division of Environment and Sustainability at the Hong Kong University of Science and Technology (HKUST). Her research focuses on green finance. She holds both an MPhil degree and an MSc degree from HKUST.

You can download her paper here.

Prakriti Chahar from the Symbiosis School of Banking and Finance (SSBF) in Pune, India, authored the third paper. Her co-authors are Dr. Deepa Pillai, Deputy Director; Dr. Neha Parashar, Director; and Apoorva Joshi, Junior Research Fellow, all from SSBF.

The paper is titled: Do International Financial Centres Enable Circular Economy Investment? Firm-Level Evidence from BRICS Economies.

Prakriti is an experienced professional with over eight years in the banking sector, where she led green banking initiatives. Her work focused on driving digital transformation through mobile and internet banking, prioritizing customer-centric solutions that reduced the reliance on paper and physical passbooks.

Currently, Prakriti is dedicated to advancing Sustainable Development Goal 3 (Good Health and Well-being), with a particular emphasis on strengthening primary healthcare systems. Her work aligns closely with the World Health Organization’s principles of Universal Health Coverage (UHC). She integrates Environmental, Social, and Governance (ESG) frameworks into healthcare delivery, emphasizing governance reforms, environmental responsibility, and social inclusiveness to promote equitable access to care.

Her doctoral research examines health insurance and its role in improving healthcare accessibility and financial protection. Prakriti’s interdisciplinary expertise uniquely bridges the fields of sustainable finance and public health.

You can download her paper here.