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  1. The Impact of Impact Investing
    Author: Berk, Jonathan B.; Binsbergen, Jules H. van
    Published: 2022
    Publisher:  SSRN, [S.l.]

    The change in the cost of capital that results from a divestiture strategy can be closely approximated as a simple linear function of three parameters: (1) the fraction of socially conscious capital, (2) the fraction of targeted firms in the economy... more

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    Verlag (kostenfrei)
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    The change in the cost of capital that results from a divestiture strategy can be closely approximated as a simple linear function of three parameters: (1) the fraction of socially conscious capital, (2) the fraction of targeted firms in the economy and (3) the return correlation between the targeted firms and the rest of the stock market. When calibrated to current data, we demonstrate that the impact on the cost of capital is too small to meaningfully affect real investment decisions. We empirically corroborate these small estimates bystudying firm changes in ESG status and are unable to detect an impact of ESG divestiture strategies on the price or cost of capital of treated firms. Our results suggest that to have impact, instead of divesting, socially conscious investors should invest and exercise their rights of control to change corporate policy

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Stanford University Graduate School of Business Research Paper
    Subjects: ESG; Impact Investing; Environmental; Social; Governance
    Scope: 1 Online-Ressource (37 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 21, 2021 erstellt
  2. Does a VC’s Commitment Lead to Improved Investment Outcomes? Evidence From Climate Startups
    Author: Burt, Aaron; Harford, Jarrad V. T.; Stanfield, Jared R.; Zein, Jason
    Published: 2022
    Publisher:  SSRN, [S.l.]

    We assess whether a VC’s intrinsic commitment to a startup affects investment performance. We proxy for climate change commitment using the political contributions to democrats of the lead VC person on a deal. We find investments by democrats in... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    We assess whether a VC’s intrinsic commitment to a startup affects investment performance. We proxy for climate change commitment using the political contributions to democrats of the lead VC person on a deal. We find investments by democrats in climate-related startups have 8% higher round-to-exit returns and 29% higher round-to-exit multiples than investments by non-democrat investors. Democrat VCs are more likely to sit on the startup’s board. Startups with democrat VCs are more likely to obtain patents following the VC investment. For identification, we use recent local climate-related natural disasters as a proxy for change in commitment by non-democrat investors. Following these disasters, the performance of non-democrats’ investments in climate-related startups becomes similar to that of democrat investors

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: UNSW Business School Research Paper
    Subjects: Venture Capital; Private Equity; Impact Investing; Climate; Political; Performance
    Other subjects: Array
    Scope: 1 Online-Ressource (54 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 16, 2022 erstellt