撤资，无视，还是加倍下注?对不良企业的慈善捐赠投资

IF 8.1 1区经济学 Q1 ECONOMICS

American Economic Review-Insights Pub Date : 2019-09-01 DOI:10.1257/aeri.20180347

B. Tran

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引用次数: 9

摘要

如果一家公司的活动与捐赠基金的慈善使命背道而驰，那么捐赠基金应该向这家公司投资多少?我提出了描述这类投资决策的第一个模型。我介绍了一种名为“使命对冲”的策略，与传统的社会责任投资相比，基金会可能会从向不受欢迎的公司倾斜投资中受益，从而使资金可用性与需求保持一致。我描述了推动基金会投资决策的权衡。通过利用特殊的公司风险，通常分散在利润最大化的投资组合中，基金会可能会发现，不良行为者提供了对冲特定任务风险的好机会。(凝胶g11, g14, l31, m14)

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Divest, Disregard, or Double Down? Philanthropic Endowment Investments in Objectionable Firms

How much, if at all, should an endowment invest in a firm whose activities run counter to the charitable missions the endowment funds? I offer the first model characterizing this type of investment decision. I introduce a strategy called “mission hedging,” where—in contrast to traditional socially responsible investing—foundations may benefit from skewing investment toward the objectionable firm in order to align funding availability with need. I characterize the trade-offs driving foundation investment decisions. By leveraging the idiosyncratic firm risk typically diversified away in profit-maximizing portfolios, foundations may find that bad actors provide good opportunities to hedge mission-specific risks. (JEL G11, G14, L31, M14)

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来源期刊

American Economic Review-Insights ECONOMICS-

自引率

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发文量

期刊介绍： The journal American Economic Review: Insights (AER: Insights) is a publication that caters to a wide audience interested in economics. It shares the same standards of quality and significance as the American Economic Review (AER) but focuses specifically on papers that offer important insights communicated concisely. AER: Insights releases four issues annually, covering a diverse range of topics in economics.