| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26582 |
| 来源ID | Working Paper 26582 |
| Impact Investing | |
| Brad M. Barber; Adair Morse; Ayako Yasuda | |
| 发表日期 | 2019-12-23 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We document that investors derive nonpecuniary utility from investing in dual-objective VC funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) lower IRRs ex post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5-3.7 ppts lower IRRs ex ante for impact funds. The positive WTP result is robust to fund access rationing and investor heterogeneity in fund expected returns. Development organizations, foundations, financial institutions, public pensions, Europeans, and UNPRI signatories have high WTP. Investors with mission objectives and/or facing political pressure exhibit high WTP; those subject to legal restrictions (e.g., ERISA) exhibit low WTP. |
| 主题 | Other ; General, Teaching ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Behavioral Finance ; Culture |
| URL | https://www.nber.org/papers/w26582 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584256 |
| 推荐引用方式 GB/T 7714 | Brad M. Barber,Adair Morse,Ayako Yasuda. Impact Investing. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26582.pdf（380KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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