Public financial institutions (PFIs) are well-positioned to act as a key leverage point for governments’ efforts to mobilise private investment in low-carbon projects and infrastructure. The study identifies the tools, instruments and approaches used by five PFIs to directly support and...

Many college and university 403(b) plans restrict the menu of investment choices to funds offered by TIAA-CREF, the current manager of over half of all 403(b) contributions. Further, in the face of Internal Revenue Code changes that will take effect in 2006 and will make 403(b) plan ERISA...

We investigate more than 1,000 investment funds that are classified under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR). Using a new typology of sustainable investments, we show that Article 9 funds pursue varying degrees of ambition: while 60% of funds follow an...

We examine the implications of subtle bias against ethnically diverse managers in a global sample of 13,000 mutual fund managers, representing 105 different nationalities, and working across 30 countries. Using a sample of fund managers working in multiple teams across multiple domiciles, we...

Sustainable finance and investments have become crucial focal points in the financial sector, necessitating comprehensive examination and understanding. This article aims to provide high level exploration of the principles, tools, and effectiveness assessment in sustainable finance and...

A Liability-Driven Investment (LDI) simulation by a white-box deterministic system, with long-term capital market assumptions of J.P.Morgan and Blackrock as key inputs, pays from asset cashflows the liabilities and the excess extractions that are each month the same fixed percentage of remaining...

Hedge funds go beyond their statements on the transaction purpose in the beneficial ownership report Schedule 13 D by stating their activism objectives additionally in a letter to the CEO or board in more than one of ten activism events. Reactance theory indicates that the separate communication...

Co-investment, often seen as a remedy for agency problems, may incentivize managers to cater to own preferences. We provide evidence that mutual fund managers with considerable co-investment stakes alter risk-taking decisions to prioritize their own tax interests. By exploiting the enactment of...

We examine whether the variance risk of investment portfolios of pension schemes investing in traditional asset classes can be reduced by extending the set of traditional investment opportunities with commodities. We investigate the economic and statistical significance of shifts in the...

Rules governing superannuation investments are made with respect to investment-specific risks, rather than overall portfolio risks. In particular, legislation prohibits borrowing except in specific circumstances and on a non-recourse basis. We model the distribution of leveraged portfolio...