Academic literature on the topic 'Social investment markets'

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Journal articles on the topic "Social investment markets"

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Mattingly, James E., and Lori Olsen. "Performance Outcomes of Investing Slack Resources in Corporate Social Responsibility." Journal of Leadership & Organizational Studies 25, no. 4 (March 21, 2018): 481–98. http://dx.doi.org/10.1177/1548051818762336.

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Our study examined relationships among slack resources, investment in corporate social responsibility (CSR) and firm performance, finding that accounting and market returns respond differently to investments of slack in CSR. Although accounting returns to both financial and organizational CSR investment were positive, equity markets reward organizational slack but punish financial slack investments. Moreover, distinguishing among forms of CSR indicates that both accounting and market returns respond much more positively to investment in stakeholder protection than to investment in stakeholder improvement. Finally, risk, strategy, and governance are mediating mechanisms partially explaining CSR effects but not to the extent we expected.
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Wang, Liu, and Shaomin Li. "Determinants of foreign direct and indirect investments from the institutional perspective." International Journal of Emerging Markets 13, no. 5 (November 29, 2018): 1330–47. http://dx.doi.org/10.1108/ijoem-01-2018-0038.

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Purpose Amid the rising concerns about the unbalanced globalization, there has been a renewed interest in examining the pattern of international trade and investment, especially between emerging and mature economies. In this study, the purpose of this paper is to examine the role of different institutional and market-related determinants in shaping the pattern and mode of foreign investments in emerging and developed markets. Design/methodology/approach The empirical investigation is based on a balanced panel sample of 45 countries (28 developed countries and 17 emerging economies) over an 11-year period from 2002 to 2012. A series of multivariable regressions are conducted to evaluate both the trend and the mode of foreign investment with rigorous robustness checks. Findings Overall, the authors find that market openness and capital market development are the main determinants of a country’s ability to attract foreign investment in developed countries, while the governance environment is the key consideration in emerging markets. Regarding the mode of foreign investment, the authors find that, in developed markets, foreign investors tend to choose direct investment in the countries with more open markets. In emerging markets, however, the choice between direct and indirect (portfolio) investments is mainly driven by arbitrage activities, where investors opt for portfolio investment when the stock market is undervalued. Practical implications First, the findings may aid foreign investors in their strategic choice between emerging vs mature markets based on the governance environment, market openness, capital market development and arbitrage opportunities. Second, the findings may be used to aid governments in prioritizing institutional improvement in market openness, stock market development and policies aimed at balancing different investment channels. Social implications The study may enhance the social understanding on the current debate on the winners and losers of globalization. A main complaint from mature economies is that the emerging economies took their jobs away and, therefore, they should adopt protectionism (which implies closing their own markets) in order to preserve jobs. The study shows that such a reaction may not be in the best interests of the mature economies since they will be able to attract more foreign investment (which implies creating or at least keeping more jobs) if they make their markets more open. Originality/value Existing studies on foreign investment have primarily focused on direct investment. The study examines both the direct and indirect investments and the way in which they affect the foreign investment markets in emerging and mature economies. From the institutional perspective, the authors show how the governance environment and market factors affect foreign investors’ strategic choice between direct and indirect investment, contingent upon the stage of a country’s economic and institutional development.
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Casasnovas, Guillermo. "How Markets Form: Intermediation in the UK Social Investment Market." Academy of Management Proceedings 2015, no. 1 (January 2015): 17811. http://dx.doi.org/10.5465/ambpp.2015.17811abstract.

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Lis, Bettina, and Christian Neßler. "Corporate Social Responsibility: Mehr als nur PR." Der Betriebswirt 55, no. 1 (February 28, 2014): 27–31. http://dx.doi.org/10.3790/dbw.55.1.27.

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Der Beitrag soll auf die wachsende ökonomische Relevanz von Corporate Social Responsibility auf dem Finanzmarkt Bezug nehmen . Nachhaltigkeits-Investments stellen hierbei einen noch kleinen, aber stetig wachsenden Bereich des Kapitalmarktes dar. Sustainable and Resposnsible Investments (SRI) verfolgen eine Investitionsstrategie, die sowohl den ökonomischen als auch gesellschaftlichen Anlageerfolg fokussiert. The paper reviews the development of corporate social responsibility (CSR) and sustainable and responisble investment (SRI). SRI is a growing segment of international capital markets. SRI describes an investment strategy which seeks to maximize both financial return and social good. Keywords: sustainable investments, responsible investments, nachhaltige kapitalanlagen, csr
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Aggarwal, Divya, and Varun Elembilassery. "Sustainable Finance in Emerging Markets: A Venture Capital Investment Decision Dilemma." South Asian Journal of Business and Management Cases 7, no. 2 (June 4, 2018): 131–43. http://dx.doi.org/10.1177/2277977918774651.

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This case is crafted to highlight the dilemma faced by two senior executives of Softbank Asia Infrastructure Fund (SAIF) Partners. It showcases their approach towards an impact investment and an analysis of the same, keeping in perspective the uncertainty in an impact investment resulting due to Indian government regulatory provisions. Lack of standardized tools in measuring impact investment returns hinders the commercial funds to assess the true implications of an impact investment. Sustainable finance is directed towards benefiting both client and society by integrating environmental, social and governance (ESG) criteria, either in a business practice or in an investment decision. Investing in an MSME lending enterprise has elements of impact investment in it and is best catered by sustainable funds and not commercial funds. Impact investment, sustainable funds and microfinance are some of the typical activities falling under sustainable finance. SAIF Partners is evaluating an opportunity to invest in an Indian MSME lending enterprise. The key concern is, can commercial funds like SAIF Partners see matching return opportunities in an impact investment? This case provokes the target audience to examine the nature of social impact investments and the nuances in aligning the same with the objectives of commercial investments.
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Oxana, Wieland. "Market Conditions for Impact Investments as a Subsidiary of the Social Finance Model." International Journal of Financial Accountability, Economics, Management, and Auditing (IJFAEMA) 3, no. 4 (July 26, 2021): 434–40. http://dx.doi.org/10.52502/ijfaema.v3i4.111.

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In this paper, the author presents an overview of the development of socially oriented impact investing in country-specific markets as a development of the social finance model. This analysis focuses on socially responsible investing (SRI) or impact investing, which has experienced continuous growth in certain countries, including European (UK, particular Scandinavian) and US markets. The equity of social impact mutual fund markets has grown both in the number of funds and in the differentiation of the securities under the social finance model. Despite the fact that socially responsible investments or impact investments still lack a uniform definition under social finance, it mainly refers to investments that emphasize social/ecological/ethical value over monetary return. In the academic literature, it is not clear whether the behavior of impact investors will be sustainable toward the social finance paradigm, as their investment decision about the monetary return should be motivated by their economic behavior. The author analyzes the economic conditions of the capital market that provide long-term institutional support for socially oriented investments.
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Hebb, Tessa, and Dariusz Wójcik. "Global Standards and Emerging Markets: The Institutional-Investment Value Chain and the CalPERS Investment Strategy." Environment and Planning A: Economy and Space 37, no. 11 (November 2005): 1955–74. http://dx.doi.org/10.1068/a37264.

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Institutional investors, particularly pension funds, based in developed Anglo-American capital markets are increasingly investing in international markets, including emerging markets, in an effort to capitalize on the rapid growth rates of these markets. But investment in far-flung jurisdictions carries with it risk and uncertainty, particularly when the corporate standards of firms in emerging markets are below those found in these investors' home countries. In order to mitigate the risks posed by poor corporate standards of behaviour, institutional investors increasingly apply nonfinancial criteria not only to individual firms in emerging markets, but to the corporate practices of whole countries. Though countries and their regulatory regimes are central to external capital-investment decisions, we find convergence to global standards occurs when key actors in the investment value chain demand levels of corporate and social behavior greater than those currently consistent with countries' own regulatory frameworks. We test this hypothesis using the decision of the California Public Employees Retirement System to screen out several emerging-market countries from their investment portfolio on the basis of a variety of nonfinancial criteria.
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Barman, Emily. "Of Principle and Principal: Value Plurality in the Market of Impact Investing." Valuation Studies 3, no. 1 (October 14, 2015): 9–44. http://dx.doi.org/10.3384/vs.2001-5592.15319.

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Impact investing-investment with the intentional expectation of social or environmental impact alongside financial return-constitutes one of a growing array of “concerned markets” where economic exchange is employed as a means to pursue financial and social or environmental value. Drawing from the pragmatist turn in valuation studies, this article attends to the valuation work that took place in the formation of this new market, examining how market proponents as evaluators recognized, defined, and negotiated the presence of value complexity in impact investing. I frame the market of impact investing as a case of market design complete with experiments, one in which advocates produced a valuation infrastructure so as to address investors’ difficulty in ascertaining the social and environmental value - as a distinct regime of value from financial value - of an investment. These experimenters extended judgment devices from mainstream finance to construct calculative tools in this setting that permitted the social or environmental value of investments to be brought into being and to be made calculable for investors without being assigned a financial value. The study contributes to literature that theorizes the conditions underlying evaluators’ mediation of the multiple registers of value at work in the making of markets.
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Shimizu, Chihiro. "Microstructure of asset prices, property income and discount rates in the Tokyo residential market." International Journal of Housing Markets and Analysis 10, no. 4 (August 7, 2017): 552–71. http://dx.doi.org/10.1108/ijhma-12-2016-0082.

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Purpose The purpose of this paper is to decompose and measure the microstructure of property investment returns for Tokyo’s residential property markets in as much detail as possible in comparison with office market. Design/methodology/approach Using enterprise value data for property investment trust companies composed of share prices available on capital markets, this study proposed a method of estimating property investment returns corresponding to changes in capital markets, and clarified the distortion in capitalization rate that are formed based on property appraisal prices. Findings The results for residential property showed that as building floor space increased, income and price increased while the discount rate decreased. In particular, a higher return could be obtained from office property than residential property by investing in larger-scale properties. Building age lowered asset price and income for both residential and office property, especially for residential property. Research limitations/implications In Japan, investors believe that investment returns are high for properties close to the city centre, relatively new properties and those with large design or floor space. Therefore, this study first measured how asset prices, income and asset price–income ratios that comprise property investment returns change based on differences in these property characteristics. Second, the reliability/distortion of information that can be observed on the property investment market was measured. Furthermore, there was a significant divergence between discount rates and risk premiums formed by asset or space markets versus capital markets. Practical implications The differences of discount rate and risk premium formed by asset markets versus capital markets indicate that appraisal prices have biases. Thus, when it comes to property investment decisions, it is essential to make active use not just of property investment returns based on appraisal prices formed by asset markets but also information formed by capital markets. Social implications A greater difference was generated in a shrinking market, suggesting that analysing property returns estimated on asset market information alone could lead to erroneous investment decisions. Originality/value This research is the first to use the enterprise value data from real estate investment trust companies composed of share prices available on capital markets for calculating discount rate and risk premium in property market.
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Palladino, Lenore. "Democratizing Investment." Politics & Society 47, no. 4 (November 11, 2019): 573–91. http://dx.doi.org/10.1177/0032329219878989.

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Americans have trillions of dollars invested in public and private companies, yet stock ownership is highly unequal: the wealthiest 1 percent of households possess 40 percent of all wealth, and there is a large and persistent racial wealth gap. What if innovations in distributed technologies allowed for democratic facilitation of new opportunities for wealth and a rebalancing of power within the capital markets? This article proposes using innovative financial technologies to create a “Public Investment Platform”—a public option for participation in capital markets—and a “Public Investment Account” to universalize access to investment opportunities. Capital markets are currently governed by public policies that submerge the role of the public in structuring them and enable an inequitable accumulation of wealth. To democratize finance, new policies are required to democratize participation in investment.
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Dissertations / Theses on the topic "Social investment markets"

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Jou, Inchausti Diego Jose, and Carlos Povoa. "An investigation into demand determinants in portuguese social investment market." Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-15361.

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Social enterprises may be instrumental to overcome the well-known difficulties of State provision of social welfare services. Considering the impressive movement of social entrepreneurship and innovation witnessed in most European societies, coincident with the decline of economic growth and the rise of unemployment, the idea of a transition from a welfare state to a welfare mix gains interest. For social enterprises to meet the challenge, they need to scale up operations. Moreover, for that purpose they should be able to diversify the finance resources used, instead of relying mainly on subsidies and donations. However, so far not much progress has been made in that direction what led (Daggers & Nicholls, 2016) to identify as a critical research topic: how do social investment markets develop? That research question was investigated in the Portuguese context. Besides a conceptual framework, literature review allowed to identify the factors that currently are believed to determine demand in social investment markets: i) impact; ii) return; iii) double cost issue; iv) financial dead zone; v) investment readiness; vi) ecosystem. Theory development was greatly enhanced from the contacts made with the Project Manager of an ongoing applied research project launched by European Investment Bank Group on a similar topic: “Social Enterprises Access to Finance – An exploration into the constraints around social businesses access to finance in Portugal”. The importance of the research question becomes clear from the fact that, in spite of all the knowledge and attempts, for some reason not yet identified, social investment market does not grow. The investigation revealed that the key to the problem had to be looked in the demand side of the market and that there is reason to believe that social and cultural characteristics of demand agents are being overlooked. This supported the main theoretical proposition: Portuguese social investment market development will be unlikely to occur as expected from current understanding about how the market operates, unless prevailing characteristics of the social and cultural structure of demand agents are also taken into account. The investigation was conducted through case study research. A rival theory was elaborated and study propositions were defined for both main and rival theory. Multiple sources of evidence were collected and from the respective analysis the study propositions of the main theoretical propositions were corroborated. None of the study propositions of the rival theory were corroborated. The conclusion was that initiatives for growth of Portuguese social investment market will have to integrate a factor that so far has been neglected. Indeed, social and cultural characteristics are a determinant a demand that needs to be considered.
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Ho, Ching-ching Mary, and 何晶晶. "Socially responsible investment indices in Asian markets : merging stakeholder theories with social construction for improved index construction methodology." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hdl.handle.net/10722/193511.

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The growth of the managed investment industry brings with it the potential for institutional investors to exert their influence on boards of listed companies to deliver strong and sustainable growth. The concepts of socially responsible investment (SRI), responsible investment (RI) or ethical investment (EI) have become part of mainstream investment practices in many financial markets. While SRI is largely a qualitative concept, its survival and adoption by the mainstream investment community may, in part, be due to the formalising of its concepts into language that investors, asset managers and analysts can more readily understand: the benchmark index. SRI indices may hold the key to attracting attention to ESG issues in listed corporates and to help bring about positive outcomes in sustainable development. Figures show SRI investments in emerging markets are minimal when compared to those in developed markets but emerging markets hold great potential for growth and development of these tools. This research develops a tool for bringing together social construction theory and stakeholder theory in understanding the construction of SRI Indices and in development of new indices. The core of this research is an analysis of SRI indices in three major emerging markets of Hong Kong, India and China, together with an analysis of different perspectives of SRI in Asia. The purpose is to identify opportunities to building SRI indices through a stakeholder engagement approach. The research was conducted over several phases between October 2008 and August 2010 and can be defined by three different studies: 1. a comparative study on SRI indices and their ESG criteria; 2. a comparative study on SRI indices and their stakeholder engagement approach; and 3. an analysis on the feasibility of building SRI indices in Asian markets. The findings from the three studies indicate three main arguments. First, ESG assessment and criteria of SRI indices does have an impact on the creditability and value of the SRI indices. Due to the lack of transparency on the ESG assessment and criteria, SRI investors and other stakeholder groups are deterred from adopting SRI indices as SRI tool. Second, stakeholder engagement is essential for SRI indices. And lastly, SRI indices in emerging markets, especially in the three studied markets, are attractive to both global and local SRI investors; however, these SRI indices need to include local ESG contexts to reflect the actual ESG concerns of the societies and avoid blindly following developed markets’ SRI index model, which in the end become unrealistic and unpopular to investors and stakeholder groups. We recommend that stakeholder engagement in index criteria and corporate assessment be widened and deepened; that governments and stock exchanges can play a pivotal role in SRI development and should take the lead. We also recommend that SRI indices strengthen the institution of corporate research to rely less on secondary data when making their corporate assessments.
published_or_final_version
Kadoorie Institute
Doctoral
Doctor of Philosophy
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Casasnovas, Guillermo. "Ambiguity and intermediation in the early moments of market formation : the case of the UK social investment market." Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:1eaa17f6-4e65-4fe3-a887-c4943ded9972.

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Markets are arenas of social interaction for the exchange of products and services that are embedded in specific networks, cultures, and political relations. The study of how new markets come into being is a lively area of scholarly debate, and the purpose of this thesis is to shed light on the dynamics of these early moments of market formation. These nascent markets are characterized by the lack of shared meanings and settled rules around their participants, processes, and infrastructure. I approach them with arguments from economic sociology and from theories of organizations and institutions. The empirical context is a longitudinal study of the UK social investment market from 2000 to 2015, a field that intersects the social, financial, and public sectors. Social investment refers to the combination of financial returns and social impact, but the contest over its meaning and practice is itself a part of this analysis. The core data collection is based on interviews, reports, field events, and online sources, which provide an empirical basis to understand the social, cultural, and political processes that are shaping this market. I build on different traditions in the sociology of markets to explore changes over time in the rules, identities, practices, and dominant actors during the early moments of the UK social investment market. My first main finding is that the initial period of uncontested ambiguity is followed by efforts from mainstream organizations to reduce that ambiguity by reshaping rules and practices. This then results in a period of collaborative contestation, where peripheral actors challenge the core features of the field and hinder the path to stability. The second finding is about the role played by intermediary organizations in nascent markets, which consists of building the market infrastructure by connecting actors, developing a language, and establishing rules and practices. These findings point to the importance of theorizing about ambiguity in the early moments of markets. I contribute to this endeavor by specifying some of its features and dynamics, and by emphasizing the centrality of intermediation. I also further our understanding of those markets that span across the worlds of business, policy, and civil society.
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Hansson, Josefine, and Jennie Larsson. "Every cloud has a silver lining : Swedish social enterprises making an impact in emerging markets." Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-75786.

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Throughout the history, different types of businesses have reflected the zeitgeist of the specific era. Today, the globalization has led to the rise of the third wave of internationalization, which has increased the importance of emerging markets in the global business environment. An additional global trend that reflects today’s businesses is to fulfill social purposes along with making profit. The latter global trend entails the rise of the social sector in industrialized countries, including social enterprises. There is currently no universal definition of social enterprises as well as a lack of theoretical contribution on those; however, there is a lot of passion for the topic. In Sweden, social enterprises are associated with work integration social enterprises (WISEs), although other types of social enterprises exist, for example those finding opportunities in social issues in emerging markets. The purpose of this thesis is therefore to increase the holistic awareness for a wider concept of social enterprises in Sweden. To be able to increase this awareness, the aim is to examine how Swedish social enterprises turn social issues in emerging markets into business opportunities. It is further interesting to emphasize the challenges social enterprises are facing, as well as how they use their business models and strategies inorder to cope with the challenges. This study is carried out through a qualitative case-study of three Swedish social enterprises that are or were operating in emerging markets to some extent. Semi-structured interviews were conducted with one representative from each enterprise. The findings show that social enterprises have the ability to turn social issues into business opportunities. In addition, being able to balance making social impact with profit-making is one main challenge for Swedish social enterprises, especially in emerging markets as the enterprises’ core mission might be questioned regarding who their operations will benefit. The findings of this thesis have also shown that social enterprises commonly are taking the whole value-chain into account. Furthermore, as emerging markets are fast-changing and uncertain, it is difficult to plan ahead for what to come. Finally, as this thesis’ purpose states, it is thus crucial to increase the awareness and knowledge of these kinds of social enterprises since this will help them improving and increase their social impact.
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Ricard-Bourget, Catherine. "The information accuracy of SRI markets : A comparative study between SRI-screening firms and Auditing firms." Thesis, Stockholms universitet, Stockholm Resilience Centre, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-45729.

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The sustainability of Social Responsible Investments (SRI) markets is highly dependent on the accuracy of social and environmental information. Surprisingly, and in contrast to financial information, there exists no methodological standard for gathering social and environmental information in SRI markets. This work is a first contribution to the understanding of how SRI-analysts verify the accuracy of social and environmental information. A second aim of this thesis is to evaluate if SRI-analysts can produce an accurate output with their respective methodologies. To do so, a case study was performed comparing the assessment of social and environmental information at SRI-screening firms to the more regulated financial auditing process, using legal a categorization of evidence strengths as a model. The findings of this study suggest that practices are not standardized amongst SRI-analysts. Therefore, investors are unlikely to receive an equal degree of information accuracy from one analyst to the next. Moreover, when comparing SRI-screening and financial auditing using the legal categorization of evidence, it was found that screening firms tend to produce outputs that are less carefully verified than seen in their financial counterparts. Nevertheless, the findings also reveal that SRI-analysts generally acknowledge the importance of assessing sources of evidence when controlling information accuracy. In conclusion, a standardized methodology should be welcomed by SRI-analysts, and the legal categorization of evidence strengths could be a good starting point to manage information accuracy in their screening process.
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Medetbekova, Tamila. "The influence on ethical behaviour of established foreign companies when entering emerging markets - A case study of two Swedish companies in Kazakhstan." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-59500.

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Background: Companies always look for opportunities to expand their businesses internationally as it is the way for them to grow beyond its current status. Nowadays, emerging markets seem to be very attractive in terms of economic growth. Thus, there is a tendency towards foreign direct investment inflows to emerging market economies. However, these markets can be very risky and there is no guarantee of success. Companies would have to be ready to face challenges and obstacles related to the unfamiliar environment. They would have to deal with the internal confrontation of whether to accept or reject the local rules of the game as well as to face difficulties in terms of maintaining a high standard of business ethics and promoting best corporate governance practices. Overall, the conditions of these markets can negatively affect the ethical behaviour of established foreign companies which in turn can negatively affect the reputation and brand value of these companies.  This paper describes and analyzes the above issues through a case study of two Swedish companies in the market of Kazakhstan: Tele2 and TeliaSonera. Purpose: The aim of this study is to analyze the effects of emerging market economy conditions of Kazakhstan on companies control structure or code of conduct, specifically how they can handle the internal confrontation and maintain a high standard of business ethics and corporate governance practices. Therefore, the tasks were also set to describe and analyze the entry process of two Swedish telecom companies into the market of Kazakhstan in order to improve the understanding of Swedish companies’ preparations, strategy of entry and operations when entering an emerging market of Kazakhstan. Methodology: The research thesis is based on the case study approach which uses a qualitative method to obtain the necessary data. Primary data was collected through interviews with the above mentioned two Swedish telecom companies in Kazakhstan. Secondary data was collected from e-sources. Findings/ Conclusions: In this research, I found that the best entry strategy for entering Kazakhstan is to form a joint-venture with the local partner, but if the company had an earlier experience in similar markets, then the acquisition strategy can be chosen. With regard to the ethical issues, factors such as a weak legal framework, a high level of corruption, poor corporate governance and cultural differences between Sweden and Kazakhstan as well as individual factors of all stakeholders including the manager may have a negative effect on the ethical behaviour of Swedish companies entering and operating in Kazakhstan. It is revealed in this study that Swedish companies manage to confront ethical dilemmas by choosing to “go at it alone”. To be able to confront these issues, companies should set their own bar for how to act as ethically and responsibly. Also, they should ensure the enforcement of codes of conduct, corporate governance, ethics training, ethical role model of top management and whistle-blowers policy.
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Kamal, Md Rajib. "Could the Sustainable Stock Index convey any signal to the investors of Emerging Markets? An event study on Dow Jones Sustainability Index." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172382.

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The discussion about the corporate sustainability issues getting more importance in recent days. The stock markets around the world also are affected with this subject of discussion. Investors as well as the companies theirselves are considering sustainability concepts during taking their investment decision strategies. Many index providers launched different ’Sustainable stock’ indices around the world to recognise these new investment decision choices. But do the investors actually care about the sustainability during their investment choices? The purpose of the study was to explore the answer of this unsolved question. Towards achieving the goal the study has been conducted to explore the relationships between the announcement of the ’Dow Jones sustainability Index Emerging Markets’ and the market reactions. Though there were some efforts, which were done to understand the patterns of the relationships between these two variables in developed markets, but no such study has been conducted in case of emerging markets. An event study was conducted to find out the answer of the research question. Five years panel data from 2015 to 2019 of the listed companies on the ’Dow Jones sustainability Index Emerging Markets’ were considered as the study sample to analyse the market reactions for the announcement of this index of this study period. The findings of the study did not recieve any significant influences of the announcement of inclusion, exclusion and continuation events on the stock market return at that study period. That means the investors in the emerging markets did not care about the sustainable performance of the listed companies during their investment decisions. But this study provide a deep insight about the future trend of sustainable investment, as the announcement events had some non-significant influences on the return trend. The results of the study indicate that investors are getting aware of the corporate sustainable performances day by day. Hopefully these insights give us the opportunity to anticipate that the investors will consider the sustainability issues more in their investment decision making process in the future.
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Lee, Samuel. "Information and control in financial markets." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2009. http://www2.hhs.se/efi/summary/799.htm.

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Graaf, Johan. "The Pursuit of Relevance : Studies on the Relationships between Accounting and Users." Doctoral thesis, Stockholms universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-133275.

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Relevance has become one of the key priorities for accounting policy, and implies that accounting should have an impact on the economic decision-making of accounting users. Despite the increased importance given to users, however, little is known concerning the properties of such relevance in practice. Furthermore, the lack of insight into the practices of users has been mitigated with a theoretical perspective of decision-making which supports an insufficient understanding of how stock markets function and how accounting users behave. This dissertation contributes to the emerging interest in the sociology of financial analysis by following users in their pursuit of relevance. By theorising financial analysis as a social and institutional practice, this dissertation investigates not only how accounting is relevant but also how such relevance is influenced by the particular setting of accounting users. Furthermore, the understanding of relevance as located within the activities leading up to a decision is here extended by emphasising the continuous activities of users and therefore also the role of accounting in the management of their decisions. Based on in-depth field studies targeting the activities of (sell-side) equity research analysts and equity sales brokers, this dissertation presents four papers addressing different notions of accounting, users and relevance. Theoretical insights are drawn from sociology and include actor-network theory, dramaturgy and text-and-conversation-theory. The studies find that the organisation of the sell-side industry necessitates a use of accounting which accentuates the links between accounting, users and investments recommendations. This dissertation concludes that, in order to produce and sustain such links, relevance becomes (a) mediated by a variety of elements, (b) based on the production of differences, and (c) mutually constitutive for accounting and users.

At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 2: Manuscript. Paper 3: Manuscript. Paper 4: Manuscript.

 

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Fransman, Madeleine, and Beatrice Häll. "Green bonds - market barriers and investor motives." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-358227.

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This study addresses the green bond market, a young and upcoming market that has received increasing attention in recent years. Academic literature in the field is limited, therefore theaim of this study is to identify investors’ main barriers and motives behind green bondinvestments. In order to examine Swedish fund companies’ requirements to invest in greenbonds, questionnaire responses were linked to interviews. The overall result shows the importance of financial incentives in investment decisions. In terms of market barriers, the low return of green bonds was the main reason that investments were restrained. It has been stated that green bonds are issued at a premium due to an additional reporting related administrative cost for the issuers. Another defined limit was the concern for issuers not fulfilling their 'green' obligation. The main motive behind green bond investments was to invest in a sustainable environment followed by the possibility to gain a combined financial and environmental return. In addition to the financial attributes, investors find a utility function in the green bonds that account for the premium price that these investors seem to accept. Furthermore, social norms are shown to influence the investment decision to a lesser extent.
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Books on the topic "Social investment markets"

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Ilyina, Anna. Investment restrictions and contagion in emerging markets. [Washington, D.C.]: International Monetary Fund, International Capital Market Dept., 2005.

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The role of the financial markets in social security reform: Hearing before the Subcommittee on Securities and Investment of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Ninth Congress, first session ... June 14, 2005. Washington: U.S. G.P.O., 2006.

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Social security investment in the securities markets: Hearing before the Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Fifth Congress, first session ... April 30 and June 26, 1997. Washington: U.S. G.P.O., 1998.

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Abel, Andrew B. The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks. Cambridge, MA: National Bureau of Economic Research, 2000.

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Office, General Accounting. Social Security: Capital markets and educational issues associated with individual accounts : report to the Chairman, Committee on Ways and Means House of Representatives. Washington, D.C. (P.O. Box 37050, Washington, 20013): The Office, 1999.

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Harper, Timothy. Cracking the new European markets. New York: J. Wiley, 1992.

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B, Brown Paul, ed. Save your retirement: What to do if you haven't saved enough or if your investments were devastated by the market meltdown. Upper Saddle River, N.J: FT Press, 2009.

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Ryzhenkov, A. V. Technology policy for a future-oriented social market economy in Russia. Bremen: Universität Bremen, 1995.

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Project, Carbon Disclosure, ed. Climate disclosure: Measuring financial risks and opportunities : hearing before the Subcommittee on Securities and Insurance and Investment of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Tenth Congress, first session, on examining the types of economic risks and opportunities posed and the connection between climate change and the health of financial markets, risks and opportunities discussed in corporate financial disclosure statements and whether requirements are adequate, and listen to investors and other stakeholders on their request for consistent climate risk disclosure in order to better manage financial risks, Wednesday, October 31, 2007. Washington: U.S. G.P.O., 2010.

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Calvo, Guillermo A. Rational contagion and the globalization of securities markets. Cambridge, MA: National Bureau of Economic Research, 1999.

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Book chapters on the topic "Social investment markets"

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Kjørholt, Anne Trine, and Jens Qvortrup. "Childhood and Social Investments." In The Modern Child and the Flexible Labour Market, 262–74. London: Palgrave Macmillan UK, 2012. http://dx.doi.org/10.1057/9780230314054_15.

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Bonoli, Giuliano. "Social investment, active labour market policies and migration." In The European Social Model under Pressure, 193–206. Wiesbaden: Springer Fachmedien Wiesbaden, 2019. http://dx.doi.org/10.1007/978-3-658-27043-8_12.

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Hirschland, Matthew J. "Market Heal Thyself?—Socially Responsible Investment Networks." In Corporate Social Responsibility and the Shaping of Global Public Policy, 58–86. New York: Palgrave Macmillan US, 2006. http://dx.doi.org/10.1057/9780230601772_4.

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Zimmermann, Katharina, Heejung Chung, and Jan-Ocko Heuer. "Labour Market Challenges and the Role of Social Investment." In Attitudes, Aspirations and Welfare, 243–72. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-75783-4_8.

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Piotrowski, Dariusz. "Sukuk on the Socially Responsible Investments Market." In Eurasian Business Perspectives, 357–67. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-35051-2_24.

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Ortsin, Ernest Amoabeng. "The ECOWAS Common Investment Market Vision: A Conceptual Preview." In Advances in African Economic, Social and Political Development, 221–45. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-46482-0_12.

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Malikova, A. Kh, J. Z. Malikov, and K. A. Temir-Bulatov. "Public Investment in Human Capital as a Factor of Social Progress." In Digital Economy and the New Labor Market: Jobs, Competences and Innovative HR Technologies, 720–24. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-60926-9_89.

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Doś, Anna, and Monika Foltyn-Zarychta. "Socially Responsible Investment Market Size in Poland: The Content Analysis." In New Trends in Finance and Accounting, 653–63. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-49559-0_60.

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Amponsah, William A., and Pablo Garcia-Fuentes. "Do Market Size and Remittances Explain Foreign Direct Investment Flows to Sub-Sahara Africa?" In Advances in African Economic, Social and Political Development, 87–107. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-44787-2_5.

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Stark, David, and Balázs Vedres. "Social Sequence Analysis." In The Emergence of Organizations and Markets. Princeton University Press, 2012. http://dx.doi.org/10.23943/princeton/9780691148670.003.0012.

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This chapter poses a new agenda for the field of economic development, asking whether and how foreign investment is integrated into the local networks of host economies. It first presents the basic contours of this case: the Hungarian economy after the collapse of state socialism, the subsequent emergence of interenterprise networks, the demise of state ownership, and the rise of foreign investment. After describing the data collection involved, the chapter charts the changing proportions of the Hungarian economy that are foreign or domestic, and networked or isolated. To identify the microprocesses of interorganizational network formation that explain the macrostructural outcomes, the chapter turns to modeling that makes sequences of network positions the unit of analysis. Finally, this chapter explores the patterns of firms' personnel ties to political parties and then presents findings that demonstrate the relationship between the network sequence pathways, firms' political ties, and levels of foreign investment.
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Conference papers on the topic "Social investment markets"

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Danilova, Elena, and Elena Nazmutdinova. "Financial leadership: an analysis of investment behaviour on financial markets." In 2nd International Conference on Social, Economic and Academic Leadership (ICSEAL 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/icseal-18.2018.24.

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Widuri, Retnaningtyas, Vanessa Naomi, Lovena Cicilia Bumulo, and Jonathan Bima Wijaya. "Tax Avoidance and Investment Efficiency: Can Competition in Product Markets Mediate?" In 5th International Conference on Tourism, Economics, Accounting, Management and Social Science (TEAMS 2020). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.201212.060.

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Renigier-Biłozor, Małgorzata, and Andrzej Biłozor. "Comparative Analysis of Urban Condition the Residential Market Area with the Use of GIS Tools." In Environmental Engineering. VGTU Technika, 2017. http://dx.doi.org/10.3846/enviro.2017.117.

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Analysis of the significance of structural and spatial similarities aims to identify homogeneous categories of real estate markets on the basis of the urban features of the area. Real estate markets play an increasingly important role in the global economy and investment, which is why the reliable view of residential market area became an essential tool in the process of investment planning. The positions of particular cities that will be developed by themselves according to established criteria can be crucial when choosing an investment location, and can affect the range of influence of the central site for the entire region. The aim of the research is to conduct the comparative analysis of the condition of residential market area in relation to their urban features. The social, spatial, economic and residential factors will be analysed taking into consideration their exogenous structure. The assessments of coherence and diversification of esidential markets similarities in terms of their mutual location will be shown in the article. The developed methodology will be presented on the example of the largest residential markets centers in Poland. Due to the dynamic and complex nature of the information related to real estate (in various residential regions), and increase the objectivity of the results, the assumptions of data mining analysis and GiS tools will be used.
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Galetin, Milena, and Viktória Csizmadiáné Czuppon. "IMPACT OF FOREIGN INVESTMENTS IN VESZPRÉM COUNTY AND THE BALATON REGION: A DIFFERENT APPROACH." In XVII majsko savetovanje. Pravni fakultet Univerziteta u Kragujvcu, 2021. http://dx.doi.org/10.46793/uvp21.171g.

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The importance of foreign investment for both foreign investors and host states (i.e. the economic development of the country receiving capital) is without question. Among the motives for cross-border movement of capital are profit making, entering new markets and cheaper production1. In that sense foreign investments are suitable tools which allow companies to expand their cross-border operations and possibility to become key economic players, locally and globally. The authors deal with the impact of foreign investment on local companies/local producers in Veszprém County and the Balaton Region. The research aims to explore their attitude - advantages and obstacles they encounter due to the existence of foreign companies. There was a requirement to analyze investment disputes in which Hungary is a party, scrutinizing socio-legal aspects of foreign investment. This research consists of four parts. After the introduction, the results of the survey are shown in the second part and investment disputes in the third part. Although the survey was done just before the COVID 19 outbreak, in some parts of the paper it was necessary to address certain issues in this context. The combination of theoretical analysis and empirical research that is characteristic of social sciences is used. Finally, in the last part, concluding remarks along with recommendations are presented.
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Rad, Nataliya. "Ukraine Pension System and Financial Markets: Conceptualization Problems." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00233.

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The paper analyzes some aspects of Ukrainian pension system formation. All its three levels taken as a whole are a real source for the formation of domestic investment resources and implementation of their potential through financial market instruments. At the present stage relationship of these two institutes is pronounced in the frameworks of non-state pension funds. Implementation of the accumulative level of pension system has only to accelerate processes at work. Investigation is focused on the problems of integrating pension system investment resource into financial market infrastructure. It is noted that in the current conditions infrastructure of domestic financial market is being formed. Its instruments are developed and are functioning irregularly. However, there exist general problems that require their solution. They are related to insufficient operational capacity and efficiency of financial market regulating mechanism and other factors. Analysis of the quality of implementation of financial market basic macroeconomic function associated with redistribution of pension savings allowed us to make conclusion on the incompatibility of the achieved level of its development with the current needs adjusted for pension reform. Proposals for improvement of the concept of pension system and financial market along the lines of their harmonization and enhancement of the functioning efficiency in the context of social-economic development of Ukraine are worked out.
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MAKNICKIENĖ, Nijolė, Jovita MASĖNAITĖ, Viktorija STASYTYTĖ, and Raimonda MARTINKUTĖ-KAULIENĖ. "INVESTIGATION OF THE HERDING AND CONTRARIAN BEHAVIOUR OF INVESTORS." In International Scientific Conference „Contemporary Issues in Business, Management and Economics Engineering". Vilnius Gediminas Technical University, 2021. http://dx.doi.org/10.3846/cibmee.2021.596.

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Purpose – The paper analyses two different paradigms of investor behaviour that exist in the financial mar-ket – the herding and contrarian behaviour. The main objective of the paper is to determine which pattern of investor behaviour better reflects the real changes in the prices of financial instruments in the financial markets. Research methodology – Algorithms of technical analysis, deep learning and classification of sentiments were used for the research; data of positions held by investors were analysed. Data mining was performed using “Tweet Sentiment Visualization” tool. Findings – The performed analysis of investor behaviour has revealed that it is more useful to ground financial decisions on the opinion of the investors contradicting the majority. The analysis of the data on the positions held by investors helped to make sure that the herding behaviour could have a negative impact on investment results, as the opinion of the majority of investors is less in line with changes in the prices of financial instruments in the market. Research limitations – The study was conducted using a limited number of investment instruments. In the future, more investment instruments can be analysed and additional forecasting methods, as well as more records in social networks can be used. Practical implications – Identifying which paradigm of investor behaviour is more beneficial to rely on can offer ap-propriate practical guidance for investors in order to invest more effectively in financial markets. Investors could use investor sentiment data to make practical investment decisions. All the methods used complement each other and can be combined into one investment decision strategy. Originality/Value – The study compared the ratio of open positions not only with real price changes but also with data obtained from the known technical analysis, deep learning and sentiment classification algorithms, which has not been done in previous studies. The applied methods allowed to achieve reliable and original results.
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Koç, Murat, and Hakkı Çiftçi. "World Investments, Global Terrorism and the New Perception of Politic Risk." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01108.

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Based on economic power struggle, the economic strength began to take the place of military power and economic security has been considered as important as military security in this new world order. Multinational companies and their feasibility studies constitute the agenda of politic risks before entering these markets. Political risk faced by firms can be defined as “the risk of a strategic, financial, or personnel loss for a firm because of such nonmarket factors as macroeconomic and social policies, or events related to political instability”. However, terrorism should be considered as a multiplier effect on some of the components mentioned above. Terrorism itself and these strict measures directly affect investments. In 2012, FDI (Foreign Direct Investment) flows into the Middle East and North Africa have been adversely affected by political risk over the past couple of years. Investor perceptions of political risks in the region remain elevated across a range of risks. The Arab Spring countries have fared worse than other developing countries in the region. The risk perception of civil disturbance and political violence, but also breach of contract, is especially prominent in Arab Spring countries. In other words, global terrorism has created a negative multiplier effect in the region. In this context, Multiplier effect can be summarized as an effect on a target, situation or event which exceed its creating strength than expected. Considering this impact, MNC’s SWOT analysis and investment analysis must signify a redefinition in a wide range by the means of political risk perceptions.
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Beloshitskiy, A. V. "The role of the government in the development of green financing." In General question of world science. Наука России, 2021. http://dx.doi.org/10.18411/gq-31-07-2021-13.

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The study focuses on the role of the government in financing the green economy and the development of the market of socially responsible investment. The paper considers the Russian and foreign experience of governmental support of green financing, as well as some tools to stimulate green investments. Conclusions are drawn about the effective configuration of the state and the private sector to stimulate green investments.
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Erdogan, Seyit Ali, and Andrej Naumčik. "Evaluation of investing in real estate in EU and non-EU countries based on MCDM." In The 13th international scientific conference “Modern Building Materials, Structures and Techniques”. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/mbmst.2019.151.

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Investment in real estate is a zoning issue as the real estate market is closely related to economic development and trends in real estate market are considered to be indicators of trends in the whole economy of the country. The goal of this paper is to analyse the main aspects and considerations when investing in real estate, evaluate investment in real estate situation in different EU and non-EU countries and introduce MCDM methods that could be used for selecting a state for investment in real estate. It is identified that when investing in real estate various political, social, economic, environmental and other factors have to be taken into consideration. Analysed examples of EU (Lithuania, Romania, UK) and non-EU (Turkey, China, Russia) countries show different risks and opportunities for investments in real estate. MCDM methods are applicable to evaluate which countries are most attractive for investment in real estate. Described TOPSIS and ARAS methods could be used for assessing states as alternatives when selecting where to invest
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Koochakzadeh, N., K. Kianmehr, A. Sarraf, and R. Alhajj. "Stock Market Investment Advice: A Social Network Approach." In 2012 International Conference on Advances in Social Networks Analysis and Mining (ASONAM 2012). IEEE, 2012. http://dx.doi.org/10.1109/asonam.2012.22.

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Reports on the topic "Social investment markets"

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Feldstein, Martin, and Elena Ranguelova. Accumulated Pension Collars: A Market Approach to Reducing the Risk of Investment-Based Social Security Reform. Cambridge, MA: National Bureau of Economic Research, August 2000. http://dx.doi.org/10.3386/w7861.

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Finnsson, Páll Tómas. Housing markets and housing policy in the Nordics. Nordregio, April 2021. http://dx.doi.org/10.6027/wp2021:1.1403-2511.

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The Nordic Economic Policy Review (NEPR) is an annual publication presenting some of the latest and cutting-edge research into selected topics of economic policy. This year’s edition dives into the Nordic housing markets, examining some of the key policy mechanisms behind the rapidly rising housing prices, as well as the impacts on social welfare and social and ethnic segregation. The theme is selected by the NEPR steering group, which consists of representatives from the Nordic Ministries of Finance, Nordregio, and the NEPR editor. This publication provides a short summary of the five NEPR 2021 articles, which seek to answer the following questions: André Anundsen: What is the prevalence of house price bubbles in the Nordics? Erlend Eide Bø: Do buy-to-let investments lead to higher housing prices? Mats Bergman and Sten Nyberg: What explains the large increase in the relative cost of construction? Niku Määttänen: How can housing taxation improve social welfare? Essi Eerola: How do Nordic housing policies affect affordability and integration?
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Katz, Sabrina, Miguel Algarin, and Emanuel Hernandez. Structuring for Exit: New Approaches for Private Capital in Latin America. Inter-American Development Bank, March 2021. http://dx.doi.org/10.18235/0003074.

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Structured financing solutions encompass a range of investment approaches that provide liquidity to investors without the need for a traditional equity exit event, such as a strategic sale, sale to another financial investor, or public market listing. Structuring mechanisms across the debt-to-equity spectrum determine the exit terms of the deal, therefore providing considerable downside protection to investors. Structured financing solutions are an incipient but increasingly important set of tools for investors active in Latin America to address the financing gap for companies that lack access to bank financing and are not attractive targets for traditional PE and VC players. Many investors employing these strategies are in an experimental phase, reporting new lessons learned with each deal completed. Impact investors have been among the top drivers of these structuring innovations, as they have grappled with the additional limitations associated with the straight equity model for environmental or social enterprises. However, the use of structured financing is by no means restricted to the impact investing space. Fund managers have invested USD4b in private credit deals in Latin America since 2018, more than the previous ten years combined. PE and VC investors have also increasingly employed quasi-equity and debt instruments. ACON Investments, for example, has employed mezzanine structures in several deals from its latest funds. Brazil-focused venture capital firm SP Ventures has recently begun investing from its debut venture debt fund. Growing experimentation by fund managers demonstrates the opportunity for investors across ticket sizes, strategies, and the impact-to-commercial spectrum. The structures discussed and the case studies highlighted in this report contain some of the major lessons applicable to a wide group of private capital investors in Latin America targeting certain and timely exits with consistent returns.
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Sturzenegger, Germán, Cecilia Vidal, and Sebastián Martínez. The Last Mile Challenge of Sewage Services in Latin America and the Caribbean. Edited by Anastasiya Yarygina. Inter-American Development Bank, November 2020. http://dx.doi.org/10.18235/0002878.

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Access to piped sewage in Latin America and the Caribbean (LAC) cities has been on the rise in recent decades. Yet achieving high rates of end-user connection between dwellings and sewage pipelines remains a challenge for water and sanitation utilities. Governments throughout the region are investing millions in increasing access to sewage services but are failing in the last mile. When households do not connect to the sewage system, the full health and social benefits of sanitation investments fail to accrue, and utilities can face lost revenue and higher operating costs. Barriers to connect are diverse, including low willingness to pay for connection costs and/or the associated tariffs, liquidity and credit constrains to cover the cost of upgrades or repairs, information gaps on the benefits of connecting, behavioral obstacles, and collective action failures. In contexts of weak regulation and strong social pressure, utilities typically lack the ability to enforce connection through fines and legal action. This paper explores the scope of the connectivity problem, identifies potential connection barriers, and discusses policy solutions. A research agenda is proposed in support of evidence-based interventions that have the potential to achieve higher effective sanitation coverage more rapidly and cost-effectively in LAC. This research agenda must focus on: i) quantifying the scope of the problem; ii) understanding the barriers that trigger it; and iii) identifying the most cost-effective policy and market-based solutions.
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Lazonick, William, Philip Moss, and Joshua Weitz. The Unmaking of the Black Blue-Collar Middle Class. Institute for New Economic Thinking Working Paper Series, May 2021. http://dx.doi.org/10.36687/inetwp159.

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In the decade after the Civil Rights Act of 1964, African Americans made historic gains in accessing employment opportunities in racially integrated workplaces in U.S. business firms and government agencies. In the previous working papers in this series, we have shown that in the 1960s and 1970s, Blacks without college degrees were gaining access to the American middle class by moving into well-paid unionized jobs in capital-intensive mass production industries. At that time, major U.S. companies paid these blue-collar workers middle-class wages, offered stable employment, and provided employees with health and retirement benefits. Of particular importance to Blacks was the opening up to them of unionized semiskilled operative and skilled craft jobs, for which in a number of industries, and particularly those in the automobile and electronic manufacturing sectors, there was strong demand. In addition, by the end of the 1970s, buoyed by affirmative action and the growth of public-service employment, Blacks were experiencing upward mobility through employment in government agencies at local, state, and federal levels as well as in civil-society organizations, largely funded by government, to operate social and community development programs aimed at urban areas where Blacks lived. By the end of the 1970s, there was an emergent blue-collar Black middle class in the United States. Most of these workers had no more than high-school educations but had sufficient earnings and benefits to provide their families with economic security, including realistic expectations that their children would have the opportunity to move up the economic ladder to join the ranks of the college-educated white-collar middle class. That is what had happened for whites in the post-World War II decades, and given the momentum provided by the dominant position of the United States in global manufacturing and the nation’s equal employment opportunity legislation, there was every reason to believe that Blacks would experience intergenerational upward mobility along a similar education-and-employment career path. That did not happen. Overall, the 1980s and 1990s were decades of economic growth in the United States. For the emerging blue-collar Black middle class, however, the experience was of job loss, economic insecurity, and downward mobility. As the twentieth century ended and the twenty-first century began, moreover, it became apparent that this downward spiral was not confined to Blacks. Whites with only high-school educations also saw their blue-collar employment opportunities disappear, accompanied by lower wages, fewer benefits, and less security for those who continued to find employment in these jobs. The distress experienced by white Americans with the decline of the blue-collar middle class follows the downward trajectory that has adversely affected the socioeconomic positions of the much more vulnerable blue-collar Black middle class from the early 1980s. In this paper, we document when, how, and why the unmaking of the blue-collar Black middle class occurred and intergenerational upward mobility of Blacks to the college-educated middle class was stifled. We focus on blue-collar layoffs and manufacturing-plant closings in an important sector for Black employment, the automobile industry from the early 1980s. We then document the adverse impact on Blacks that has occurred in government-sector employment in a financialized economy in which the dominant ideology is that concentration of income among the richest households promotes productive investment, with government spending only impeding that objective. Reduction of taxes primarily on the wealthy and the corporate sector, the ascendancy of political and economic beliefs that celebrate the efficiency and dynamism of “free market” business enterprise, and the denigration of the idea that government can solve social problems all combined to shrink government budgets, diminish regulatory enforcement, and scuttle initiatives that previously provided greater opportunity for African Americans in the government and civil-society sectors.
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Promoting Social Bonds for Impact Investments in Asia. Asian Development Bank, May 2021. http://dx.doi.org/10.22617/spr210180-2.

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Social bond markets have grown rapidly in Asia and around the world amid the coronavirus disease (COVID-19) pandemic. Today, the global social bond market is dominated by bonds that address pandemic-related social impact areas. To better understand the potential contribution of social bonds in tackling developing Asia’s most urgent social issues, this study reviews the current status and recent trends of global and Asian social bond markets. It further analyzes social impact areas that can be addressed by social bonds in both the short and long term. The study’s findings can help align finance with the Sustainable Development Goals and maximize the impact of the social bond market for sustainable development.
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