![]() |
COOKIES: By using this website you agree that we can place Google Analytics Cookies on your device for performance monitoring. | ![]() |
![]() Impact InvestingAdd to your list(s) Download to your calendar using vCal
If you have a question about this talk, please contact CERF/CF Admin. We document that investors derive nonpecuniary utility from investing in dual-objective venture/growth equity funds, thus sacrificing financial returns. In reduced form, impact funds earn 4.7% lower IRRs compared to traditional VC funds. Likewise, random utility/willingness-to-pay (WTP) models of investment choice indicate investors accept 3.4% lower IRRs for impact funds. We rule out alternative interpretations of risk, liquidity, and naiveté. Development organizations, banks, public pensions, Europeans, and UNPRI signatories have high WTP ; endowments and private pensions have none. Mission-oriented objectives and local political pressure increase WTP ; legal restrictions (e.g., ERISA ) decrease WTP . This talk is part of the Cambridge Finance Workshop Series series. This talk is included in these lists:
Note that ex-directory lists are not shown. |
Other listsEconomics Science & Music Wednesday HEP-GR ColloquiumOther talksHost MHC and genomic diversity retards experimental evolution of viral virulence Solving the Reproducibility Crisis Will you fade? Will you perish? Virginia Woolf and the art of still life Rooms of their Own: Virginia Woolf, Vita Sackville-West and Eddy Sackville-West Sustainability through environmental liability: getting conservationists and political ecologists into the courtroom Understanding human innate immune memory |