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We propose a theory in which each stock's environmental, social, and governance (ESG) score plays two roles: 1) providing information about firm fundamentals and 2) affecting investor preferences. The solution to the investor's portfolio problem is characterized by an ESG-efficient frontier,...
Persistent link: https://www.econbiz.de/10012847417
The source of investment performance is estimation error.Estimation error leads investors to believe securities are …
Persistent link: https://www.econbiz.de/10012930359
Impact investment has emerged as a socially aware response to contemporary socioeconomic challenges. The combined … pursuit of investment efficiency with proactive furtherance of socially beneficial goals appears particularly relevant in an … of impact investment: its origins, philosophy, taxonomy and evolution. The key research dilemma addressed herein boils …
Persistent link: https://www.econbiz.de/10013022672
"opportunistic" in their pursuit of investment goals. In this paper, Robert Maynard, Chief Investment Officer for the Public Employee … traditional investment plans. He advocates policies that are simple, transparent, and focused rather than adopting increasingly … popular "alternative" tactics such as illiquid instruments and vehicles, leverage, and complex, opaque investment strategies …
Persistent link: https://www.econbiz.de/10013121780
The risk conscious investor is defined as the maximizer of a conservative valuation or dynamically a nonlinear expectation. Both the static and dynamic problems are addressed using distortions of tail probabilities or distortions of tail measures. The multivariate static problem is solved in the...
Persistent link: https://www.econbiz.de/10013492258
We dissect the realized performance of factor-based equity portfolios using a characteristics-based multi-factor return model. We show that generic single-factor portfolios, which invest in stocks with high scores on one particular factor, are sub-optimal because they ignore the possibility that...
Persistent link: https://www.econbiz.de/10012915593
, operating profitability and investment, is investigated and found to depend critically on the performance metric that is …
Persistent link: https://www.econbiz.de/10013019939
market boosted private investment, but the amount of intervention does not magnify this effect …
Persistent link: https://www.econbiz.de/10013403200
illiquid assets and cash, the World Wealth Report 2016 calculated that globally, 31% of high net worth investment portfolios …, investors, philanthropists, and nonprofits around the topic of impact investment — the practice of investing with the intention … of a drop in the bucket.Yet, if impact investment does its homework, and asserts itself as an investment style rather …
Persistent link: https://www.econbiz.de/10012831309
This chapter encapsulates the most recent findings on sovereign wealth fund (SWF) investment activity globally. The key …, SWF allocation strategies, their recent investment behavior and its likely evolution in the foreseeable future …
Persistent link: https://www.econbiz.de/10012962642