UNSW Business School Research Paper Series最新文献_第7页

Understanding Social Impact Bonds and Their Alternatives: An Experimental Investigation 理解社会影响债券及其替代品:一项实验调查

UNSW Business School Research Paper Series Pub Date : 2013-09-09 DOI: 10.2139/ssrn.2323057

Jade Wong, A. Ortmann, Alberto Motta, Le Zhang

{"title":"Understanding Social Impact Bonds and Their Alternatives: An Experimental Investigation","authors":"Jade Wong, A. Ortmann, Alberto Motta, Le Zhang","doi":"10.2139/ssrn.2323057","DOIUrl":"https://doi.org/10.2139/ssrn.2323057","url":null,"abstract":"Policy-makers world-wide have proposed a new contract – the “social impact bond” (SIB) – which they claim can allay the underperformance and underfunding afflicting not-for-profit sectors, by tying the private returns of (social) investors to the success of social programs (Bolton 2010; Bolton & Savell 2010; Mulgan et al. 2010a,b; Liebman 2011; Tierney & Fleishman 2011; Von Glahn & Whistler 2011). Given the high hopes governments on various levels in England, Australia, and New York have pinned on this contract format, the considerable amount of money that has recently been poured into this emerging market (e.g., http://www.bigsocietycapital.com/), and the fact that serious are program evaluations cannot be expected any time soon (Disley et al. 2011; see also McKay 2013 and Pratt 2013), we test this new contract by way of experimental methods. We report an investigation of how SIBs perform in a first-best world, where investors are rational and able to obtain hard information about not-for-profits’ performance. To this end, we use a principal-agent multi-tasking framework to compare SIBs to inputs-based (IBs) and performance-based (PBs) contracts, which represent the most commonly used contracts governments and not-for-profits write. IBs contain a piece-rate mechanism, PBs contain a non-binding bonus mechanism, and SIBs contain a mechanism that, due to the presence of an investor, offers full enforceability. Although SIBs can perfectly enforce good behavior, they also require the principal (i.e. government) to relinquish control over the agent’s (i.e. not-for-profit’s) payoff to a self-regarding investor, which prevents the principal and agent from being reciprocal. In spite of these drawbacks, in our experiment SIBs outperformed IBs and PBs. We therefore conclude that, at least in our laboratory test-bed, SIBs can indeed allay underperformance and therefore possibly underfunding of not-for-profits.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81604991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 11

Model Risk, Mortality Heterogeneity and Implications for Solvency and Tail Risk 模型风险、死亡率异质性以及偿付能力和尾部风险的含义

UNSW Business School Research Paper Series Pub Date : 2013-05-01 DOI: 10.2139/ssrn.2258814

M. Sherris, Qiming Zhou

引用次数: 9

As Easy as Pie: How Retirement Savers Use Prescribed Investment Disclosures 简单如馅饼:退休储蓄者如何使用规定的投资披露

UNSW Business School Research Paper Series Pub Date : 2013-03-03 DOI: 10.2139/ssrn.2227801

H. Bateman, L. Dobrescu, B. Newell, A. Ortmann, S. Thorp

{"title":"As Easy as Pie: How Retirement Savers Use Prescribed Investment Disclosures","authors":"H. Bateman, L. Dobrescu, B. Newell, A. Ortmann, S. Thorp","doi":"10.2139/ssrn.2227801","DOIUrl":"https://doi.org/10.2139/ssrn.2227801","url":null,"abstract":"Using a laboratory experiment, we study how retirement plan members choose investment options using five information items prescribed by regulators. We found that asset allocation information for pre-mixed investment options – normally presented as a pie chart or a table – had the largest impact on choices. Participants preferred investment options with more, and more evenly weighted, asset class allocations. This novel application of a 1/n strategy differs significantly from the existing findings of naive diversification in ‘mix-it-yourself’ conditions where participants spread resources evenly across funds or categories. When asset allocation information was included, coefficients on return and risk information had unexpected signs, but when asset allocation was omitted, participants preferred options with high Sharpe ratios. We also demonstrate that none of the five prescribed information items was significant in explaining individual choices of more than 35% of participants. These findings highlight that information contained in prescribed investment disclosures might not be used in the manner intended by the regulator. The results raise important methodological questions about the way ‘user-friendly’ information prescribed by regulators is validated before being legislated.","PeriodicalId":23435,"journal":{"name":"UNSW Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88912919","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 28

Historical Housing-Related Statistics for Australia 1881-2011 – A Short Note 澳大利亚1881-2011年历史住房相关统计数据-简要说明

UNSW Business School Research Paper Series Pub Date : 2012-12-17 DOI: 10.2139/SSRN.2190682

Nigel Stapledon

引用次数: 3

Full Employment 充分就业

UNSW Business School Research Paper Series Pub Date : 2012-08-28 DOI: 10.2139/ssrn.2140988

G.C. Harcourt

引用次数: 0

Marketing’s Strategic Role: An Analysis of Guest-Tek Interactive Entertainment Company 市场营销的战略作用:客泰互动娱乐公司分析

UNSW Business School Research Paper Series Pub Date : 2012-08-07 DOI: 10.2139/ssrn.2126450

D. Dissanayake

引用次数: 0

Public Sector Pension Funds in Australia: Longevity Selection and Liabilities 澳大利亚公共部门养老基金:长寿选择与责任

UNSW Business School Research Paper Series Pub Date : 2012-05-31 DOI: 10.2139/ssrn.2078683

Joelle H. Fong, J. Piggott, M. Sherris

引用次数: 4

The Lifetime Harvesting Plan: Smoothed Annuities with Sharing of Mortality, and Averaging of Investment, Risks 终身收获计划:死亡率共享和投资风险平均的平滑年金

UNSW Business School Research Paper Series Pub Date : 2012-04-30 DOI: 10.2139/ssrn.2415470

A. Asher

引用次数: 0

A Bright Future Can Be Ours!: Macroeconomic Policy for Non-Euro-Zone Western Countries 光明的未来属于我们!:非欧元区西方国家宏观经济政策

UNSW Business School Research Paper Series Pub Date : 2012-04-23 DOI: 10.2139/ssrn.2045239

J. Nevile, Peter Kriesler

引用次数: 4

Problems with the Measurement of Banking Services in a National Accounting Framework 在国民核算框架下衡量银行服务的问题

UNSW Business School Research Paper Series Pub Date : 2012-04-03 DOI: 10.2139/ssrn.2037649

W. Diewert, Dennis J. Fixler, K. Zieschang

引用次数: 21