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SUMMARY:Impact Investing  - Brad M Barber (UC Davis) \, Professor of Finan
 ce
DTSTART:20190221T130000Z
DTEND:20190221T140000Z
UID:TALK109138@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We document that investors derive nonpecuniary utility from in
 vesting in dual-objective venture/growth equity funds\, thus sacrificing f
 inancial returns. In reduced form\, impact funds earn 4.7% lower IRRs comp
 ared to traditional VC funds. Likewise\, random utility/willingness-to-pay
  (WTP) models of investment choice indicate investors accept 3.4% lower IR
 Rs for impact funds. We rule out alternative interpretations of risk\, liq
 uidity\, and naiveté. Development organizations\, banks\, public pensions
 \, Europeans\, and UNPRI signatories have high WTP\; endowments and privat
 e pensions have none. Mission-oriented objectives and local political pres
 sure increase WTP\; legal restrictions (e.g.\, ERISA) decrease WTP. 
LOCATION:Room W4.05 Cambridge Judge Business School
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