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Published: 2021-05-21

Siemens Financial Services Best Student Thesis Award

NEWS Siemens Financial Services Best Student Thesis Award is awarded to Bui Thi Mai Anh (Kelly) and Alessandra Frongillo, Umeå School of Business, Economics and Statistics. The thesis entitled “How does the market perceive ESG in IPOs: Investigating how ESG factors affect IPO Underpricing in the U.S. market” will be awarded 20,000 SEK at Umeå School of Business, Economics and Statistics’ digital graduation ceremony 2021.

Text: Susanne Schmidt

It is the second year that the award is given and the purpose of the award is to stimulate and maintain students' interest in the area of finance / financial economics with potential positive impact on regional skills provision. The funding of the award, which is given as a scholarship, has been made possible by USBEs collaboration with Siemens Financial Services.

- We are very pleased to continue our collaboration with USBE and honored to give the award this year to a very well-written thesis that highlights an interesting and prominent topic within the financial sector.

Words from the jury

The jury mention in their decision that the winning thesis has a well-motivated and current research question regarding the role of private firms’ sustainability information in the valuation of firms in initial public offerings (IPOs). The research question is commendable analyzed with relevant methods and contribute with new theoretical and practical knowledge regarding firms’ IPOs.


- I am excited and glad for this prize! I hope our work can help raise substantial interest in sustainable finance among students, professors and companies and drive consequent research in this interesting field. Thanks to Kelly and Jörgen for the work done together and thanks to the Siemens Financial Services commission for the opportunity!


- I enjoyed writing this thesis as an interesting yet challenging experience. It is like we are doing research in the real-world in which we were creative and take the full responsibility for it. For me, the award encourages me to keep my enthusiasm up in my future career. Hope that this Award also motivates other students, who are interested in research, to be creative with various topics and try new ideas.

The thesis supervisor was Professor Jörgen Hellström.

The thesis can be found here.