Information asymmetries in socially responsible investment最新文献

Challenges to Investment Ethics in the Norwegian Petroleum Fund: a Newspaper Debate 挪威石油基金投资伦理的挑战:报纸辩论

Information asymmetries in socially responsible investment Pub Date : 2007-01-02 DOI: 10.21825/philosophica.82176

Kristian Alm

引用次数: 16

Building a Socially Responsible Equity Portfolio Using Data Envelopment Analysis 利用数据包络分析构建社会责任股权投资组合

Information asymmetries in socially responsible investment Pub Date : 2007-01-02 DOI: 10.21825/philosophica.82178

Karl W. Einolf

{"title":"Building a Socially Responsible Equity Portfolio Using Data Envelopment Analysis","authors":"Karl W. Einolf","doi":"10.21825/philosophica.82178","DOIUrl":"https://doi.org/10.21825/philosophica.82178","url":null,"abstract":"This paper uses two techniques to build a socially responsible portfolio of U.S. equities and examines prospective perf ormance us ing publicly avai lable data. The first technique eliminates stocks from considerat ion using categorical exclusions with a restrictive Environment, Social and Governance (ESG) screen. The paper shows that stocks surviving the screen have a significantly higher average projected Value Line alpha and are more likely to have a Morningstar 5-star rating. Using cate gorical exclusions, however, introduces a sector bias in that the ESG screen is more likely to restrict stocks from the manufacturing sector than the service sector. The second technique does not introdu ce a sector bias because it uses a best-in-class optimization approach in place of screening. The paper introduces a linear programming model called Data Envelopment Analysis (DEA) to the application of SRI portfolio development to find the best financially and socially performing companies within each industry sector. When compared to a categorical exclusions portfolio, a DEA portfolio is rated significantly higher by Morningstar and Value Line. Depending on the specific needs of a socially responsible in vestor, t he DEA technique could be a better tool in developing a financially and socially balanced equity portfolio.","PeriodicalId":322225,"journal":{"name":"Information asymmetries in socially responsible investment","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122996617","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: 5

Having a Look at the Effectiveness of SRI-endeavours 审视“一带一路”的成效

Information asymmetries in socially responsible investment Pub Date : 2007-01-02 DOI: 10.21825/philosophica.82180

Jos Leys

引用次数: 4

Asymmetries in the Social Responsible Investment Agendas: From an NGO Driven World to a Stakeholders Dialogue. 社会责任投资议程的不对称:从非政府组织驱动的世界到利益相关者对话。

Information asymmetries in socially responsible investment Pub Date : 2007-01-02 DOI: 10.21825/philosophica.82177

Etienne Coerwinkel

{"title":"Asymmetries in the Social Responsible Investment Agendas: From an NGO Driven World to a Stakeholders Dialogue.","authors":"Etienne Coerwinkel","doi":"10.21825/philosophica.82177","DOIUrl":"https://doi.org/10.21825/philosophica.82177","url":null,"abstract":"NGOs have taken a dom inant position in setting the agendas of Corporate Responsibility and Socially Responsible Investment matters, thereby skewing the efforts of corporates to limit negative externalities towards their own agendas. As the latter remain to a certain extent unpredictable, corporates must deal with an informati on asymmetry. This situation can be explained by the historically defensive nature of Corp orate Responsibility codes established by companies under pressure of the NGOs. In this paper, I contend that only a new approach to Corporate Responsibility co uld reverse this asymmetry: one where the social responsibility matters are articulated in a political debate between all stakeholders of a company and wh ere conflicting interests are addressed in a deliberative process. To this end, the corporate world and the NGOs need to understand the need for a larger debate that includes all relevant stakeholders defined as the Public in the sense of Dewey. Latour and the Actor-Network theory provide us with a workable fr amework to structure such a dialogue, where participants have the authority and legitimacy to speak for the Public.","PeriodicalId":322225,"journal":{"name":"Information asymmetries in socially responsible investment","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131634850","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: 3

Editorial introduction 编辑介绍

Information asymmetries in socially responsible investment Pub Date : 2007-01-02 DOI: 10.21825/philosophica.82175

Wim Vandekerckhove, Jos Leys

引用次数: 0

Lemons and Timber. The Case of Tropical Timber Investment Funds in the Netherlands 柠檬和木材。荷兰热带木材投资基金案例

Information asymmetries in socially responsible investment Pub Date : 2007-01-02 DOI: 10.21825/philosophica.82179

Bert Scholtens, L. Spierdijk

{"title":"Lemons and Timber. The Case of Tropical Timber Investment Funds in the Netherlands","authors":"Bert Scholtens, L. Spierdijk","doi":"10.21825/philosophica.82179","DOIUrl":"https://doi.org/10.21825/philosophica.82179","url":null,"abstract":"In this paper, we analyze the behavior of Dutch tropical timber investment funds in relation to financial regulation. These funds are a niche market within the market for socially responsible investments. Duri ng the past few year s, se veral Dutch timber funds went bankrupt, whereas others were surrounded by scandals. Partly as a reaction to this, tighter regulation was developed and implemented. In resp onse to the regulatory changes timber funds adjusted their operations and bus iness strategy. The lack of supervision of tim ber funds, the subsequent tightening of the regulation and the strategic responses of the timber funds fits into the ‘regulatory dialectic’ as de scribed by Edward Kane. Moreover, we can use Akerlof’s concept of informational asymmetries to explain the underlying cause of the regulatory dialectic. The key problem with the Dutch timber funds is that there is no financial supervision with respect to the liquidity and the solvency of the timber funds. Consequently, investors are unable to verify the claims made by t he timber funds, which causes major information asymmetries between the two parties. Our case study demonstrates how a lack of regulation can spoil a market that in itself has the potential to offer something useful to society.","PeriodicalId":322225,"journal":{"name":"Information asymmetries in socially responsible investment","volume":"11 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114340901","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: 1