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Cambridge Finance Workshop - Brad Barber

Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
When Feb 21, 2019
from 01:00 PM to 02:00 PM
Where Room W4.05, Cambridge Judge Business School
Contact Name
Contact Phone 01223768129
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Brad M Barber (UC Davis) , Professor of Finance

Barber, Brad M. and Morse, Adair and Yasuda, Ayako, Impact Investing (August 3, 2018). Available at SSRN: https://ssrn.com/abstract=2705556 or http://dx.doi.org/10.2139/ssrn.2705556

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.

 

 

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