| 标题 |
 The Risk and Return of Impact Investing Funds 影响力投资基金的风险和回报
相关领域
业务
影响投资
管理的全球资产
被动管理
风险-回报谱
基金基金
财务
精算学
机构投资者
市场流动性
文件夹
公司治理
新兴市场
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| 网址 | |
| DOI |
10.1016/i.ifineco.2024.103928
doi
提醒：求助人提供的doi与AI识别不一致
10.2139/ssrn.3949530
Doi
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| 其它 |
期刊：Journal of Financial Economics 作者：Jessica Jeffers; Tianshu Lyu; Kelly Posenau 出版日期：2024 ABSTRACT:We provide the first analysis of the risk exposure and risk-adjusted performance of impact investing fundsprivate market funds with dual financial and social goals. We introduce a dataset of impact fund cash flowsand exploit distortions in VC performance measures to characterize risk profiles. lmpact funds have a lowemarket p than comparable private market strategies. Accounting for p, impact funds underperform the publicmarket, though not necessarily more so than comparable strategies. We consider alternative pricing modelsaccounting for sustainability and emerging markets risk. We show investors’ wealth portfolios and taste changthe perceived financial merit of impact investing. |
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