Jorge Fonseca Gonçalo, Católica Porto Business School (CPBS) MSc in Finance alumnus, was among the three winners of the Ethics and Environmental, Social and Governance (ESG) in Finance Award of the CFA Society Portugal for the best master's thesis in this area.

The work, "The Pricing of ESG Syndicated Loans - an empirical analysis of spread determinants", oriented by Professor João Pinto, addresses the topic of sustainable funding, a fairly new field in the financial literature, by comparing sustainable loans with conventional loans.

It is the second edition of the Ethics and ESG in Finance Award, promoted by CFA Portugal, and enhances the importance of ethics in the Portuguese financial sector and the behaviour reliance on financial mediators.

This year, the panel of judges was headed by Rui Pinto, a member of the Bank of Portugal. It included Adérito Oliveira, Director of Sustainability & Business Development in BPI; Ana Gomes, Senior Investment Consultant at Banco Best; Filipa Saldanha, Director of Sustainability in Crédito Agrícola and Suvi Saari, Product Manager, ESG, Fundamental Equities, in CESGA.

The student awarded the second position will receive the prize, 1000 euros, during the annual "Charter Award Dinner" event on May 31st in Lisbon.