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Economically Targeted Investments And Social Investments
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Book Synopsis Economically Targeted Investments and Social Investments by : John R. Nofsinger
Download or read book Economically Targeted Investments and Social Investments written by John R. Nofsinger and published by . This book was released on 1997 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the emergence of economically targeted investments (ETIs) and social investments on pension funds. We find that these dual purpose investments are usually concessionary and reduce portfolio investment return. When fiduciary standards are weakened, public pension fund assets become easily abused by political objectives. Pension beneficiaries suffer by reduced investment returns, increased underfunding, and unfriendly actuarial assumptions. We also review the recommendations and policy implications of the Department of Labor's Work Group on Economically Targeted Investments. This Work Group is trying to allow, even encourage, private pension funds to invest in ETIs.
Book Synopsis Economically Targeted Investments (ETIs): The Issues by :
Download or read book Economically Targeted Investments (ETIs): The Issues written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Joint Economic Committee (JEC), based in Washington, D.C., presents the full text of a paper entitled "Economically Targeted Investments (ETIs): The Issues." published May 1995. Economically targeted investments (ETIs), also known as social investments, are pension fund investments selected for their economic benefits apart from their investment return to the employee benefit plan. The paper discusses the problem of these investments violating the fund manager's fiduciary duty under the Employee Retirement Income Security Act (ERISA).
Book Synopsis Economically Targeted and Social Investments by : M. Wayne Marr
Download or read book Economically Targeted and Social Investments written by M. Wayne Marr and published by Cfa Inst. This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Whose Pension is it Anyway? by : Cassandra Chrones Moore
Download or read book Whose Pension is it Anyway? written by Cassandra Chrones Moore and published by . This book was released on 1995 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economically Targeted Investments by : United States. Congress. Joint Economic Committee
Download or read book Economically Targeted Investments written by United States. Congress. Joint Economic Committee and published by . This book was released on 1996 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Targeted Pension Fund Investment for Economic Growth and Development by : United States. Congress. Joint Economic Committee
Download or read book Targeted Pension Fund Investment for Economic Growth and Development written by United States. Congress. Joint Economic Committee and published by . This book was released on 1994 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Economic and Educational Opportunities. Subcommittee on Employer-Employee Relations Publisher : ISBN 13 : Total Pages :260 pages Book Rating :4.0/5 (18 download)
Book Synopsis Hearing on Economically Targeted Investments by : United States. Congress. House. Committee on Economic and Educational Opportunities. Subcommittee on Employer-Employee Relations
Download or read book Hearing on Economically Targeted Investments written by United States. Congress. House. Committee on Economic and Educational Opportunities. Subcommittee on Employer-Employee Relations and published by . This book was released on 1995 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pensions at Work written by Jack Quarter and published by . This book was released on 2008 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension funds have come to play an increasingly important role within the new economy. According to Statistics Canada, in 2006, trusteed pension funds in Canada had $836 billion of assets and represented the savings of 4.6 million Canadian workers. Pensions at Work is a unique collection of papers that uses a labour perspective to deal with the socially responsible investment of pension funds. Featuring leading Canadian and international scholars, it builds on existing scholarship on socially responsible investment and on the growing interest of the Canadian labour movement in joint trusteeship. What is unique about this collection is that it synthesizes three distinct themes - socially responsible investment, pension funds, and labour studies. The contributors address an array of critical issues such as gaps in the education of union trustees of pension funds, the impact of human capital criteria on shareholder returns, the influence of corporate engagement upon corporate performance, and the nature of public-private partnerships (PPPs). Although the essays in Pensions at Work all address the nexus between socially responsible investment, pension funds, and unions, each looks at a particular manifestation of that relationship through a different disciplinary lens. This collection moves the discussion to pension funds in which union representatives are also trustees, a relatively new approach that will be of great interest to institutional investors, the labour movement, and instructors in labour studies programs.
Book Synopsis Pension Fund Politics by : Jon Entine
Download or read book Pension Fund Politics written by Jon Entine and published by A E I Press. This book was released on 2005 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows that pension funds and mutual funds that screen investments according to social and ethical preferences frequently harm those people and causes (for example, the poor and the environment) that they are designed to help.
Book Synopsis Institutional Investors, Social Investing, and Corporate Governance by : Camille Q. Bradford
Download or read book Institutional Investors, Social Investing, and Corporate Governance written by Camille Q. Bradford and published by Public Interest. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Practices of State and Local Pension Funds by : Alicia Haydock Munnell
Download or read book Investment Practices of State and Local Pension Funds written by Alicia Haydock Munnell and published by . This book was released on 1999 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Practices of State and Local Pension Funds by : Annika E. Sundén
Download or read book Investment Practices of State and Local Pension Funds written by Annika E. Sundén and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The investment practices of public pension funds have become a topic of major interest in the wake of President Clinton's 1999 proposal to invest a portion of the Social Security Trust Funds in equities. Both supporters and opponents of the proposal point to the performance of public plans to argue their case. Supporters cite the success of Federal plans, particularly the Federal Thrift Savings Plan (TSP), which has avoided picking individual stocks by investing in a stock index and has steered clear of projects with less than market returns. Divestiture of stocks for social or political reasons has also not been a problem, and TSP has avoided government intervention in the private sector since individual portfolio managers vote the proxies. Opponents of Social Security Trust Fund investment in equities point to state and local pension funds. They contend that state and local pensions often undertake investments that sacrifice return to achieve political or social goals, divest stocks to demonstrate that they do not support some perceived immoral or unethical behavior, and intervene in corporate activity. Opponents claim that if Social Security's investment options were broadened, Congress would use the Trust Fund money for similar unproductive activities. An important question is the extent to which allegations about state and local plans are true. This study explores four possible avenues through which social or political considerations could enter the investment decisions of state and local pension funds. The first section focuses on economically targeted investments (ETIs), those investments that are designed to meet some special need within the state. The second section looks at instances of pension fund activism, whereby the fund managers attempt to influence corporate behavior to improve profitability or other aspects of corporate performance. The third section investigates the extent to which state and local pension plans have avoided or divested certain holdings in order to make a political or ethical statement. The fourth section investigates the extent to which states and localities have used pension funds as an escape valve for general budget pressures. This comprehensive review yields the following conclusions. First, economically targeted investments account for no more than 2.5 percent of total state and local holdings. Although early studies showed plans sacrificing considerable return for targeting their investments to in-state activities, recent survey data reveal no adverse impact on returns as a result of the current small amount of ETI activity. Second, public plans in only three states have seriously engaged in shareholder activism, and this activism appears to have been motivated by a desire to improve the bottom line not to make a political statement. The literature suggests that this activity has had a negligible to positive impact on returns. Third, the only significant divestiture that has occurred was related to companies doing business in South Africa before 1994. This was a unique situation where worldwide consensus among industrial nations led to a global ban on investment in that country. With respect to tobacco, public plans have generally resisted divestiture, and only a few have actually sold their stock. Finally, state and local governments have borrowed occasionally from their pension funds or reduced their contributions in the wake of budget pressures, but this activity has been restrained by the courts and frequently reversed. In short, the story that emerges at the state and local level is that while in the early 1980s some public plans sacrificed returns for social considerations, plan managers have become much more sophisticated. Today, public plans appear to be performing as well as private plans.
Book Synopsis ESG and Responsible Institutional Investing Around the World: A Critical Review by : Pedro Matos
Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Book Synopsis Social Enterprise and Investment Professionals by : J. Haskell Murray
Download or read book Social Enterprise and Investment Professionals written by J. Haskell Murray and published by . This book was released on 2017 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, more than three dozen jurisdictions in the United States passed some form of social enterprise legislation. Social enterprise statutes allow for the formation of for-profit entities that expressly require directors to consider the interests of corporate constituents beyond merely shareholders. Proponents of these social enterprise statutes argue that such statutes are needed because traditional corporate law prevents sacrificing the financial interests of shareholders in the interest of a broader social good, or in the interest of other stakeholders. Recently, social enterprises have started exploring public markets and showing up on the radar of investment professionals, including those covered by the Employee Retirement Income Security Act (ERISA). ERISA has long required plan fiduciaries to “discharge [their] duties with respect to a plan solely in the interest of the participants and beneficiaries,” but various iterations of guidance from the Department of Labor (DOL) show differing amounts of favor or disfavor toward Economically Targeted Investments (ETIs)--investments made for financial returns and collateral social benefits to participants. This Article seeks to uncover and explain the relationship between social enterprises (most of which are likely to be classified as ETIs) and ERISA, while also discussing the current and future place of social investing in the broader financial world.Part I of this Article provides a brief overview of impact investing and the array of newly created social enterprise legal forms. Part II takes stock of the current state of social enterprise investing. Part III examines ERISA and the DOL's guidance on extra-financial considerations when making investment decisions. Part IV describes the difficult line proponents of social enterprise forms, such as benefit corporations, must walk. On one hand, social enterprise proponents argue for the statutory permission to intentionally sacrifice profits, and, on the other hand, they argue that social enterprises will provide a market rate of return. The last substantive section, Part V, unpacks financing options outside of the ERISA umbrella for social enterprises such as venture capital and crowdfunding while also considering the future of social enterprise investing under ERISA. A brief conclusion closes the Article.
Book Synopsis The Socially Responsive Portfolio by : James Melton
Download or read book The Socially Responsive Portfolio written by James Melton and published by Irwin Professional Publishing. This book was released on 1994 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book coves the major issues, along with practitioner responses to the new pressures resulting from socially reponsible investing. Specific topics include: environmental investing; screening the portfolio; public sector pension funds; political pressure-vs-fiduciary responsibilities; community development.
Book Synopsis Social Investing by : Dan Mays McGill
Download or read book Social Investing written by Dan Mays McGill and published by University of Pennsylvania Press. This book was released on 1984 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Pension Research Council of the Wharton School
Book Synopsis Evolutions in Sustainable Investing by : Cary Krosinsky
Download or read book Evolutions in Sustainable Investing written by Cary Krosinsky and published by John Wiley & Sons. This book was released on 2011-12-27 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sustainable Investing is fast becoming an essential method of generating long-term returns, moving beyond the negative approaches to socially responsible investing that have dominated the field. This book, our second on the subject, provides over 15 case studies of leading global investors and companies demonstrating how they successfully apply sustainability aspects to their core strategies. Learn from prominent thought leaders Dan Esty and Paul Hawken among others who have contributed key chapters. Our chapter on performance shows clearly how these strategies have been working once negative approaches are parsed out by those examining fund returns. This book also examines in great depth what data exists, and what's on the horizon, to best measure & capture sustainability successfully. Regional perspectives, including 3 chapters on Asia, and focuses on Canada, Australia, Africa & India are also included, as is a look across asset classes. Sustainable Investing, when performed with a positive perspective, has been outperforming the mainstream, unlike negative approaches designed to match benchmark returns. From eco-efficiency to sustainability-driven innovation and beyond, investors of all shapes & sizes need to know how best to position themselves for the radical market shifts underway.
