This introduction to the special issue on impact investing applies the attractive nuisance notion to impact investing. Social sector actors ‘trespassing’ on the playing field of conventional investment markets may not appreciate the risks. We apply the framework of essentially contested concepts to foster fruitful diverse research in this emerging research field. We advance six dimensions, which we propose allow to describe different sub-clusters of how the term is used in research and practice. For each dimension we identify risks (...) and opportunities stemming from the contested nature and highlight an ambitious research agenda for how future business ethics scholars can help address and foster impact investing. We conclude by illustrating how the papers in this special issue address these challenges. (shrink)

How are ownership relationships distributed in the geographical space? Is physical proximity a significant factor in investment decisions? What is the impact of the capital city? How can the structure of investment patterns characterize the attractiveness and development of economic regions? To explore these issues, we analyze the network of company ownership in Hungary and determine how are connections are distributed in geographical space. Based on the calculation of the internal and external linking probabilities, we propose several measures (...) to evaluate the attractiveness of towns and geographic regions. Community detection based on several null models indicates that modules of the network coincide with administrative regions, in which Budapest is the absolute centre, and where county centres function as hubs. Gravity model-based modularity analysis highlights that, besides the strong attraction of Budapest, geographical distance has a significant influence over the frequency of connections and the target nodes play the most significant role in link formation, which confirms that the analysis of the directed company-ownership network gives a good indication of regional attractiveness. (shrink)

The purpose of the research is to identify the structure of investment projects in the regions included in the Northwestern Federal District on the basis of the data of the digital platform "Investment Projects". The scientific novelty consists in determining the sectoral structure of investments in the Northwestern Federal District, based on the forms of systematization of information used on this portal. The result of the study is the identification of industry specifics of each region and the selection (...) of three groups of regions based on the level of investment attractiveness. (shrink)

Sovereign Wealth Funds have attracted significant attention over the past few years, as a result of their increasing role in the global economy and their controversial minority investments in distressed financial and infrastructure companies in Western economies. Although SWFs provide important benefits to home, host and global markets, they have been perceived by the Western mind as a growing threat to economic supremacy and national security. While the current legal scholarship provides an incomplete policy response, by either selectively referring to (...) specific legal instruments within the international law framework or proposing an entirely new legal regime, this Article attempts to address this crucial lacuna by providing an original and comprehensive legal analysis of the SWF phenomenon and its interaction with the preexisting framework of international law. The various abovementioned concerns have prompted various Western attempts to block SWF cross-border investments through legislative reforms or ad hoc protectionism of the executive branch. These governmental policies frequently violate international commitments in the international economic law arena and call for a closer look at the nature of such commitments and their respective implementation in the SWF environment. The Article looks at recent practices in Western countries aimed at blocking SWF investments, especially in the context of iconic brands and national champions. It then reviews various relevant provisions in international legal instruments, which are applicable to these potential investments, and examines the question of their violation by capital-importing countries. A proposed innovative adaptation to this new reality is provided. I argue that the existing framework of international investment law can provide adequate solutions to investment protectionism against SWFs. Regarding regulation of SWFs’ investments, since recent experience has underlined that SWFs function largely like any other commercial entities, there is a need to shift the discussion and terminology towards regulation of sovereign activity rather than sovereign funds. Finally, the Article explores the broad consequences of investment law and corporate governance reforms following the debate around SWF investments on maintaining healthy and productive cross-border economic relations in a globalized world. (shrink)

The UK Alternative Investment Market (AIM) was launched in 1995 and has been a great success with over 1200 companies now listed. In this article, we examine the development of AIM as it reaches its 15th year and discuss the potential pitfalls of the light touch regulation that is one of the attractions of AIM and identify potential corporate governance and ethical issues that may arise as a result of light touch regulation. We examine the central role of the (...) nominated advisor (NOMAD) and draw on the findings of in depth interviews with 25 AIM participants including AIM company directors, institutional investors, nominated advisors and brokers. We highlight the influence of the NOMAD on these participants and potential governance and ethical implications. We also discuss some of the concerns that AIM participants have about the market. We examine some of the recent scandals on AIM to determine why these scandals occurred — were they, for example, attributable to corporate governance weaknesses? Finally, we offer some concluding comments to discuss the future of AIM. The findings of the article have important implications for investors and policymakers alike. (shrink)

Using food regime analysis, this paper critically analyzes how corporate actors amass, secure and apply power in the global agrifood system through International Investment Agreements (IIAs). IIAs are a key enabler of increasing corporate power in the agrifood system. We focus on three sets of investment provisions in IIAs: (a) the stringent enforceability mechanism of the investor-state dispute settlement (ISDS) system, (b) the expansion of the concept of expropriation, and (c) limitations or prohibitions on host countries to impose (...) performance requirements on foreign investors. We argue that these provisions compromise fairness in the international economic system. Attracted by promises of technology transfer, economic growth and employment, host states often prioritize policies that favor foreign investors even if such policies compromise domestic policy space. We provide analysis and examples of escalating corporate power at different stages of the industrial and transgenic model of agriculture. (shrink)

Impact investing is the fastest growing responsible investment strategy and has the potential to address many of the environmental and socio-economic challenges faced by humanity. Some scholars, however, claim that definitional ambiguity confounds impact measurement and hence reduces the attractiveness of this investment strategy. To investigate this claim, semi-structured personal interviews were conducted with 13 experienced impact investors in a large African market. Participants did not regard definitional ambiguity as a serious barrier, but found it difficult to identify (...) and articulate specific impact objectives that could match their financial return expectations. Investors called for more training and information sharing platforms. (shrink)

The risky investment game of Gneezy and Potters :631–645, 1997) has been proposed as a simple tool to measure risk aversion in applied settings, especially attractive in settings where participants may have limited education. However, this game can produce a significant endowment effect, so that analysis of the behavior in this game should not be done in the Expected Utility Theory framework. The paper illustrates this point, by showing that risk tolerance can be much higher when the initial endowment (...) concerns a risky lottery. (shrink)

Sexual selection processes have received much attention in recent years, attention reflected in interest in human mate preferences. Among these mate preferences are preferences for physical attractiveness. Preferences in and of themselves, however, do not fully explain the nature of the relationships that individuals attain. A tacit negotiation process underlies relationship formation and maintenance. The notion that preferences for physical attractiveness evolved under parasite-driven “good genes” sexual selection leads to predictions about the nature of trade-offs that individuals make between mates’ (...) physical attractiveness and investment potential. These predictions and relevant data are explored, with a primary emphasis on women’s preferences for men’s qualities. In addition, further implications of trade-offs are examined, most notably (a) the impact of environmental variations on the nature of mating and (b) some effects of trade-offs on infidelity and male attempts to control women. (shrink)

Although ethical investment is a growing phenonenon which attracts a signficant amount of media interest, relatively little has been written about the internal operations of ethical investment funds. Using a variety of sources, including interviews with a fund manager and participant observation at meetings of the fund’s ethical advisory committee, this paper examines the decision making of one ethical unit trust operating in the United Kingdom. In particular, it describes the development of the ethical criteria and the ways (...) in which their implementation was monitored. Several significant parallels between publicly stated ethical investment criteria and corporate codes of ethics are then discusssed. (shrink)

The concepts of 'ethical' and 'socially responsible' investment (SRI) have become increasingly popular in recent years and funds which offer this kind of investment have attracted many individual inve... merstors. The present book addresses the issue of 'How ought one to invest?' by critically engaging with the ideas of the proponents of this movement about what makes 'ethical' investing ethical. The standard suggestion that ethical investing simply consists in refraining from investing in certain 'morally unacceptable companies' is criticised (...) for being both too rigid (often resting on absolute moral rules which lead to an austere conclusion) and too ineffective for individual investors (investors who after all control only a small part of the investment universe). Furthermore, the idea that ethical investing could consist in engaging more actively with the companies one invests in, in order to make them change their ways and become more socially responsible, is criticised for being just as ineffective for individual investors. Some more radical alternatives are elaborated on and defended - for instance, the suggestion that investors should make as much money from their investments as possible and then donate the proceeds to socially worthwhile charities. From similar suggestions, the common idea that there is no conflict between morality and profitability, or that genuinely ethical investing can be just as profitable as mainstream investing, is criticised for being too naïve. Making a difference may indeed require personal sacrifice of investors, but it is argued that the needs of the possible recipients of philanthropy are morally more important than the luxury of investment returns. (shrink)

For loss averse investors, a sequence of risky investments looks less attractive if it is evaluated myopically—an effect called myopic loss aversion (MLA). The consequences of this effect have been confirmed in several experiments and its robustness is largely undisputed. The effect’s causes, however, have not been thoroughly examined with regard to one important aspect. Due to the construction of the lotteries that were used in the experiments, none of the studies is able to distinguish between MLA and an explanation (...) based on (myopic) loss probability aversion (MLPA). This distinction is important, however, in discussion of the practical relevance and the generalizability of the phenomenon. We designed an experiment that is able to disentangle lottery attractiveness and loss probabilities. Our analysis reveals that mere loss probabilities are not as important in this dynamic context as previous findings in other domains suggest. The results favor the MLA over the MLPA explanation. (shrink)

Women with high sociosexual orientation inventory (SOI) scores may trade signs of willingness to invest for signs of ability to invest, instead of, or in addition to, genetic benefits. The target person's status traits affect women's judgments of sexual/physical attractiveness more than men's. An objective measure of a physical trait such as FA is therefore crucial in untangling the factors affecting women's judgments of attractiveness.

The growth of socially responsible investment (SRI) on public financial markets has drawn considerable academic attention over the last decade. Discarding from the previous literature, this article sets up to analyze the Private Equity channel, which is shown to have the potentiality to foster sustainable practices in unlisted companies. The fast integration of the environmental, social and governance issues by mainstream Private Equity investors is unveiled and appears to have benefited from the maturation of SRI on public financial markets (...) and the impetus of large conventional actors. Hypotheses on the characteristics and drivers of this movement are proposed and tested on a unique database covering the French Private Equity industry in 2011. Empirical findings support that Private Equity socially responsible investing is characterized by investor engagement and strategically driven by a need for new value creation sources, increased risk management and differentiation. In particular, results show that independent funds, which need to attract investors, are more likely than captive funds to develop socially responsible practices. Evolution of the movement and future research paths are proposed. (shrink)

We examine the relationship between Japanese foreign direct investment (FDI) and the national corporate responsibility (NCR) environment in host countries using corporate social responsibility and international business theories. Based on data from the Japanese Government’s Ministry of Finance AccountAbility, and other sources, we find that the level of NCR has a positive relationship with FDI inflow for developing countries. The relationship for developed countries is negative but not statistically significant. The underlying host country development stage moderates the relationship. The (...) results can help deepen understanding of FDI behaviors and have practical implications for host countries in terms of attracting FDI. (shrink)

In many conflict situations, defense is easier to mobilize than attack. However, a number of factors, namely, the initial endowments available to each side, the stakes of the conflict, the respective costs of defense and attack, and the way that conflict is framed and perceived, may make attacking more attractive than defending.

This article examines the theoretical motivations underlying the conflicting beliefs in support of and against responsible investment and presents unique quantitative evidence to illustrate how such conflicting logics produce a curvilinear relationship between screening intensity and two measures of risk. First, I argue that, whereas limiting the investable universe by using RI screening criteria increases the risk specific to the portfolio, very high screening intensity can reduce this risk. This is due to the fact that information benefits enable fund (...) managers to be more selective, allowing them to select less risky firms. Second, by drawing on behavioral studies, I argue that this same curvilinear relationship occurs when examining the flow of money coming in and out of a fund. That is, high RI screening makes ethical investors “stickier” and less likely to pull money out of a fund because they are attracted to its ethical properties. I test my hypotheses using a data set of all known European RI screening equity mutual funds. I generally find strong support for both hypotheses. This has an important implication for investors: For high screening intensity and meaningful RI practices, RI is associated with a significant risk reduction. (shrink)

Although a great deal of research addresses the neural basis of deliberate and intentional emotion-regulation strategies, less attention has been paid to the neural mechanisms involved in implicit forms of emotion regulation. Behavioural research suggests that romantically involved participants implicitly derogate the attractiveness of alternative partners, and the present study sought to examine the neural basis of this effect. Romantically committed participants in the present study were scanned with functional magnetic resonance imaging (fMRI) while indicating whether they would consider each (...) of a series of attractive (or unattractive) opposite-sex others as a hypothetical dating partner both while under cognitive load and no cognitive load. Successful derogation of attractive others during the no cognitive load compared to the cognitive load trials corresponded with increased activation in the ventrolateral prefrontal cortex (VLPFC) and posterior dorsomedial prefrontal cortex (pDMPFC), and decreased activation in the ventral striatum, a pattern similar to those reported in deliberate emotion-regulation studies. Activation in the VLPFC and pDMPFC was not significant in the cognitive load condition, indicating that while the derogation effect may be implicit, it nonetheless requires cognitive resources. Additionally, activation in the right VLPFC correlated with participants' level of relationship investment. These findings suggest that the RVLPFC may play a particularly important role in implicitly regulating the emotions that threaten the stability of a romantic relationship. (shrink)

Female behavior that is driven by ambivalent attachment is far from passive or withdrawn. As dramatised in the movie such women's emotional hyper-reactivity is often expressed in violence, which is antithetical to securing investment from mates or peers. Single motherhood, rather than reflecting an avoidant strategy in which close relationships are devalued, is often the result of ecological conditions in which paternal investment is desired but unavailable.

Our research investigates how the inclusion of a company on an independent ethics index affects its attractiveness to institutional investors. Using a sample of 864 U.S. firms over the 2010–2018 period, we find that institutional investors significantly increase their holdings in companies in the quarter that they are included on the ethics index and maintain larger holdings in the four quarters following the inclusion on the Ethisphere list relative to pre-inclusion period, with dedicated institutional investors being more swayed to invest (...) than transient investors. This paper adds to the emerging literature on intermediate signaling by showing that a firm's inclusion on an ethics index reduces information asymmetry with institutional investors. Our evidence suggests that public companies should effectively, rather than ceremonially, adopt sound governance structures and invest in socially responsible activities, as these actions can increase their likelihood of being included on ethics indices. By doing so, these firms send credible signals about their ethical compass, granting them access to valuable institutional investments. (shrink)

Risk is not always nasty. Risk can be the cost of opportunity, of course; but sometimes risk is regarded not as a cost at all, but as a close attendant of pleasure. Many things that people invest considerable time and resources in would not be pursued at all if not for the attendant risk. Attempting to offer clarification of the role that risk plays in human affairs is thus itself a risky business. People largely want to avoid unnecessary risk except (...) when they deliberately seek it out. One might be tempted to say that people are funny that way. In what follows, I shall attempt to undermine the temptation to say this. I shall argue that there is nothing at all odd or funny about the fact that people are sometimes drawn to and sometimes repelled by risk. I would contend, further, that a clear understanding of the way value enters human affairs not only allows but requires this. (shrink)

Every day we make choices, but our degree of investment in them differs, both in terms of pre-verbal experience and verbal justification. In an earlier experimental study, participants were asked to pick the more attractive one among two human faces, and among two abstract figures, and later to provide verbal motivations for these choices. They did not know that in some of the cases their choices were manipulated. Against claims about our unreliability as conscious agents, the study found that (...) in about half the cases the manipulations were detected. In the present study, we investigated whether varying degrees of choice investment could be an explanatory factor for such findings. We analysed the verbal justifications of the participants along a set of semantic categories, based on theoretical ideas from phenomenology and cognitive linguistics, and formulated a matrix of eleven markers of choice investment. We predicted a greater degree of investment when motivating choices of faces than figures, manipulated than actual choices, and detected than non-detected manipulations. These predictions were confirmed, but with various strength. This allows us to argue for both consilience and differences between pre-verbal choice investment and the corresponding verbal motivations of the choices made, and thus for conscious awareness of choice making. (shrink)

Regional integration over the past decade has facilitated a huge flow of foreign direct investment (FDI) into Latin America. Less is known, however, about why these newforeign enterprises decided to enter specific markets. This study investigates three recent investments in Costa Rica: two by U.S.-based multinational corporations (MNCs) and another by an MNC based in Spain. The behavior of these MNCs is examined in their initial bargaining and subsequent operations. Through the lens of political economy, this study concludes that (...) Costa Rica’s stable democratic institutions and formalized economic links through multilateral and regional trade and investment accords constitute an advanced factor of comparative advantage that attracted foreign investment to Costa Rica and induced the MNCs to become responsive to host country interests. (shrink)

Source: Author: Uzoamaka S. Chigbu, Chijindu Promise Ubah, Ezeji E. Chigbu The level of bank development has a determinant effect on the growth potentials of a developing economy. In response, this study examined the impact of banking sector development on foreign investment inflows in the West African countries of Nigeria and Ghana. The study relied on secondary data for analysis and made use of multiple regression technique. However, to ensure the authenticity of our result, Augmented Dickey-Fuller unit root test (...) and Johansen Cointegration techniques were respectively employed to test for the presence unit root and long-run equilibrium relationship in the exogenous variables. Additionally, causal relationships were tested with Granger Causality. It was revealed that banking sector development has a significant influence on foreign investment inflows in the two West African countries. Specifically, domestic credit to private sector and bank deposit rate has significant influence on foreign investment inflows in both countries. Whereas domestic credit to private sector is directly related to the dependent variable in Ghana, it is related inversely in Nigeria. It was also discovered that bank lending rate is significantly and positively related to foreign investment in Ghana. Intermediation efficiency and profitability of banks should be improved by enhancing the capital structure and adopting the appropriate lending rate especially in Nigeria as measures to attract more inflows of foreign investment in both countries. ]]>. (shrink)

In this article, we studied the Corporate Sustainability Index (ISE) of the Brazilian Mercantile, Futures and Stock Exchange (BM&FBOVESPA), with the main objective of analyzing the performance of sustainable investments in the Brazilian stock market, during the period from December 2005 to December 2010. To achieve this aim, we characterized ISE portfolios and we compared its performance with the IBOVESPA (representing the market portfolio) and other BM&FBOVESPA sectoral indices. In the performance comparison, we used level of liquidity, return and risk (...) indicators, as well as the following measures: Sharpe, Treynor, Sortino, and Omega. Our results show that although sustainable investments have presented some interesting characteristics, such as increasing liquidity and low diversifiable risk, they did not achieve satisfactory financial performance in the analysis period. This indicates that the constraints imposed by this type of investment in capital allocation in Brazil may be harming their return and risk attractiveness. (shrink)

Because of China’s tremendous increase in foreign direct investment over the past two decades, this method of internationalization has become increasingly significant for companies worldwide. Heavy industry’s dominant role in China’s industrial structure must be modernized to ensure the country’s long-term growth and prosperity. There are 30 provinces in China covered by this dataset, which dates back from 2005 to 2018. Augmented mean group and common correlated effects mean groups estimations demonstrate that China’s industrial upgrading and resource allocation considerably (...) impact FDI inflows. The findings show that FDI inflows appear to be negatively affected by environmental rules. The results show that industrial upgradation and environmental regulations have not had the expected effect on FDI in China without the participation of other stakeholders. For the selected panel, the results from the control variable show that population aging reduces foreign direct investment inflows, whereas, economic growth increases FDI inflows. According to our findings and those of the empirical study, we make some policy proposals to help Chinese provinces attract more foreign direct investment by encouraging and upgrading the screening of such investments. (shrink)

This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight – but this is incompatible with a robust capital stock and tax base. Third, they can harmonize its taxes and regulations with other states – but this is incompatible with international independence. Fourth, they can impose capital (...) controls – but this is incompatible with international capital mobility. These incompatibilities make up four different goals, the value of which are described. Strategies may be mixed, but the pursuit of any three goals must always come at the expense of the fourth. (shrink)

This study utilizes social exchange theory to argue that a more complete picture of the effects of China’s FDI in Africa needs to include non-economic factors, especially institutional forces that incorporate macro political considerations. We propose that economic dependencies created by China’s FDI in Africa are reciprocated by votes in international organizations, and thus, we hypothesize and test that increasing China’s FDI in African nations leads to increased political alignment in international affairs with those African nations. The proposed relationship, however, (...) will be weakened for African countries with stronger governance mechanisms. Using data for China’s FDI in African countries from 2001–2019, we find support for our hypotheses. We find that China’s economic engagement in Africa has resulted in increased political alignment on international issues evidenced by votes in United Nations organizations raising the possibility Africa’s most attractive resource may not be economic, but rather political. This, however, poses the question of whether votes are a ‘resource’ that can be traded for economic purposes. (shrink)

Studies show that research and development may not always benefit entrepreneurial firms. This paper focuses on the double-edged effect of R&D activities on attracting institutional investment in entrepreneurial firms. Based on a panel dataset of 700 listed entrepreneurial firms in ChiNext, we document: an inverted-U relationship between R&D intensity and future institutional investment, which we argue is evidence that institutional investors are concerned about R&D overinvestment; an inverted-U relationship between R&D capitalization and future institutional investment, which we (...) argue shows suspicion of the institutional investors towards high R&D capitalization. Furthermore, by splitting institutional investors into venture capitals and non-venture capitals, we confirm that VCs have higher acceptance of both R&D intensity and capitalization as VCs have more expertise to alleviate a certain level of risks. (shrink)

We conduct experiments to analyze investment behavior in decisions under risk. Subjects can bet on the outcomes of a series of coin tosses themselves, rely on randomized ‘experts’, or choose a risk-free alternative. We observe that subjects who rely on the randomized experts pick those who were successful in the past, showing behavior consistent with the hot hand belief. Obviously the term ‘expert’ suffices to attract some subjects. For those who decide on their own, we find behavior consistent with (...) the gambler’s fallacy, as the frequency of betting on heads (tails) decreases after streaks of heads (tails). (shrink)

In this article it is proved the necessity of forming and monitoring the investment policy. The main task of investment policy's monitoring are the organization of continuous observation of the object of study, formation of informative indicators; assessment and analysis of the information received, forecasting development and providing recommendations to avoid or reduce adverse effects on the object of study. It is proved that a monitoring system should include investment and provide flexibility and adaptability tools. There is (...) studied foreign experience of monitoring investment climate and defined principles of monitoring systems in accordance with the concept of sustainable development for an effective system of monitoring investment policy. The system of investment policy's monitoring as is a set of multiple monitoring systems, the implementation of which will accelerate the implementation of sustainable development in the domestic financial system. (shrink)

In the article, the authors have raised an urgent topic related to the provision of state support for rural areas. Attention is focused on the deficit of most of the budgets of both the municipal and regional levels, which does not contribute to the development of the infrastructure of the territories. In addition, the low investment attractiveness does not allow relying on private capital. The authors are confident in the rationality of the development of public-private partnership, as the most (...) optimal form of relationship between private capital and public authorities. (shrink)

In this article is classified world confectionary markets in terms of investment attractiveness, is justified the choice of countries, which are the most appropriate for production enterprise creation, is calculated the potential growth level of network spread index and transnationalization index for one of the leading companies on the Ukrainian confectionary markets under the condition of enterprises establishment in the mentioned regions of the world.

The real estate industry is characterized by a high degree of financial intensity and is more significant in certain areas. The relative enterprises require certain financial ability and large shareholders’ controlling power to support their survivals and competitiveness. However, due to the multiple adverse impacts of current state policies on banks and private capital, the problem of capital restraints of real estate has become increasingly serious. From a corporate governance perspective, this paper studies the interactions among financial constraints, ownership concentration (...) and corporate performance under different shareholding states: by analyzing the quantitative characteristics of equity structure and searching for the appropriate range of the largest shareholder holding ratio, which has considered both the financial sustainability and characteristics. It is found that raising the ownership concentration could enhance supervision effect rather than encroachment, effectively ease the financial constraints and improve the performance of enterprises, both of which are significant under high ownership concentration. Financial constraints play a significant intermediary effect in absolute holdings and have obvious regulatory effects in decentralized equity. Also, the mechanisms of ownership concentration are reflected in the strengthening of corporate supervision, reduced agency costs, improved operating efficiency, and increased investment attractiveness. The adjusted behavior adds to the responsibility awareness rather than free-ride psychology, forming a dynamic game on financial decisions. Their financial sustainability in areas would provide a nationwide reference for governance reform and managerial behavior. (shrink)

This case describes a recent iteration of the Ponzi scheme originated in 1920 by Charles Ponzi: creating a plausible investment, attracting investors, using the money from more recent investors to pay off earlier investors, and earning a substantial profit, estimated to be $15 million (worth $220 million today).1 While not as big as Bernie Madoff’s Ponzi scheme, as a result of which he was sentenced to 150 years in prison and ordered to pay restitution of $170 billion to his (...) victims,2 the Federal district court in Miami was asked to order Par Funding’s cofounders, Joseph W. LaForte and his wife, Lisa McElhone, to pay $337 million to Par Funding investors and to declare they engaged in a Ponzi scheme in defrauding those investors.3 Ultimately the Federal district court in Miami ordered Par cofounders to pay “$219 million in ‘ill-gotten gains,’ fines and interest so the funds can be used to help reimburse 1,200 investors who were duped into buying the risky, unregistered securities used to finance the high-fee loan company.”4 How LaForte and McElhone executed their scheme is an intriguing story which provides helpful insight into ethical and U.S. securities law principles. (shrink)

Recent years have witnessed an increasing growth in mutual funds that invest according to social criteria. As a consequence, the financial performance of these portfolios has attracted the interest of academics and practitioners. This paper investigates the performance of a sample of socially responsible mutual funds from seven European countries investing globally and/or in the European market. Using unconditional and conditional models, we assess the performance of these funds in comparison to conventional and socially responsible benchmark portfolios. The results show (...) that European socially responsible funds present in general neutral performance in relation to both conventional and socially responsible benchmarks. However, performance estimates seem to be slightly higher when funds are evaluated in relation to socially responsible indices. Our results also show that socially responsible funds are more exposed to conventional than to socially responsible indices. Furthermore, conventional benchmarks are better able to explain fund returns than socially responsible benchmarks. These findings are robust to both unconditional and conditional models of performance. We also observe that conditional models lead to a slight improvement of performance estimates and to the explanatory power of the models, both when conventional and socially responsible benchmarks are considered. This is consistent with most previous empirical findings on conditional performance evaluation. Our results show that investors who wish to hold European funds can add social screens to their investment choices without compromising financial performance. (shrink)

The article deals with the financing of investment projects by the World Bank, especially the rehabilitation of hydropower plants. It is noted that cooperation with Ukraine World Bank launched since 1992. The World Bank develops and finances projects at the request of the Government of Ukraine. After evaluating the project and the terms of the loan are following the negotiations, the approval of the Board of Directors and the signing of the agreement. The funds of the World Bank in (...) Ukraine are on the system of financing and investment projects. The content system projects is to change the conditions and rules of certain sectors of the public administration or industries. The aim of the investment projects is the technical reconstruction of some existing businesses a particular industry or region, creating new companies or provide funds to replenish the working capital of enterprises. This clearly defined list of goods, services and works to be procured through the World Bank loan. The paper conclusions on the results of the project of rehabilitation of hydropower plants. SuccessinitiatedenergyreforminUkraineislargelydeterminedbytheefficiencyoftheinvestmentpolicy, including attracting loans from international financial organizations. On receipt of credit, including the World Bank, depend on the possibility of upgrading technologically obsolete and worn-out fixed assets of the energy sector and problems olving reduce country's energy dependence, improve energy efficiency and reduce the impact on the environment. In turn Hydropower Rehabilitation project funding by the World Bank Ukraine will ensure uninterrupted operation of hydropower plants and have a positive impact on the environmental and energy security. (shrink)

In the article questions of implementation of regional investment programs which are capable to influence social and economic development of regions and also to promote achievement of strategic priorities of investment development of the state by attraction of financial resources are considered. Special attention is paid to development of the concept of improvement of the mechanism of implementation of regional investment programs as financial instrument for stimulation of regional development. The main components of the concept of (...) improvement of the mechanism of implementation of regional investment programs are defined, namely: principles, purposes, interests, tasks, factors, threats, subjects and objects of management, providing, stages, methods and criteria for evaluation of efficiency of implementation of regional investment programs. Within the offered concept of improvement of the mechanism of implementation of regional investment programs it is allocated the following stages: 1. Development of methodical bases of implementation of regional investment programs. 2. Analysis of conditions and factors of implementation of regional investment programs. 3. Assessment of a condition of implementation of regional investment programs. 4. Assessment of efficiency of implementation of regional investment programs. The conclusion is drawn that the offered concept of improvement of the mechanism of implementation of regional investment programs allows to influence in a complex internal and external threats to the interests of regional investment programs, avoiding and minimizing negative impact in the conditions of the dynamic external environment. (shrink)

Over the past decade, investments in agricultural and food technology startups have grown to previously unknown dimensions. Mushrooming agri-food tech startups that promise to solve critical issues in the agri-food system through technological innovation are increasingly perceived as an attractive new investment opportunity for venture capitalists and investors. This paper investigates how digital agri-food technologies are narrated, constructed, and promoted for financial investment. Through qualitative content analysis of agri-food tech industry reports, articles, and commentaries we trace the logic, (...) rationales, and narratives of this most recent investment rush, and reveal its immanent techno-finance fixes. We conceptualize the agri-food imaginaries produced within the agri-food tech discourse as financialized imaginaries, and argue that they are specifically tailored to construct, incentivize, and legitimize this new agri-food tech space for financial investment. In their attempt to raise money from investors, venture capital firms further fuel this development by discursively creating an ‘agri-food tech investment rush’—similar to the land and gold rushes of the past. Investments in agri-food tech startups, however, are presented to investors as both a profitable investment opportunity as well as a moral obligation, allowing for food production to cope with neo-malthusian and environmental threats. This paper contributes to our understanding of digitization as a socio-technical project, which includes the active envisioning and promotion of desirable agri-food futures. (shrink)

Corporate greenwashing, a significant manifestation of the decoupling of corporate social responsibility, has attracted considerable attention from stakeholders. Based on the internal governance theory, this study examines listed Chinese companies from 2011 to 2021 to assess the effects of managerial decision horizons on corporate greenwashing behaviours. Our finding shows that a shorter managerial decision horizon exacerbates corporate greenwashing. The robustness of the result has been verified by employing various methods, including the use of instrumental variables, the two-stage Heckman model and (...) alternative variable substitution. Additionally, the study reveals the mechanisms underlying this phenomenon and identifies reduced environmental investment as one of the channels through which myopic managerial decision-making enhances corporate greenwashing. The results also indicate that financial constraints on firms intensify the impact of managerial myopia on greenwashing, whereas the proportion of female executives and investors' site visits mitigate this effect. This study presents important implications for stakeholders governing corporate greenwashing by elucidating the relationship between managerial decision horizons and greenwashing. (shrink)

This article applies a life history model to advance the evolutionary understanding of poetry that inspired nineteenth-century Swedish National Romanticism. We show that the characters featured in two of Erik Gustaf Geijer’s poems, “The Viking” and “The Yeoman Farmer”, display patterns of time perspective, mating effort, and parental invest­ment that are now recognized as central life history attributes: a fast strategy and a slow strategy, respectively. These patterns were identified by undergraduate participants who read excerpts of the poems that had (...) been stripped of identifying information and mentions of romantic or sexual relationships. Participants read each poem and rated each character on validated scales of the life history dimensions of mating effort and paren­tal investment, relationship interests and attractiveness, characteristics of his developmen­tal environment, and physiological characteristics. Results are consistent with generally accepted associations in life history theory and also inform current theoretical develop­ments and debates. Geijer had an intuitive understanding of life history patterns, which he used to create recognizable characters for his Romantic depiction of Swedish history. (shrink)

Herodas'Mimiamb7 has often attracted scholarly attention on account of its thematic preoccupation with the sexuality of ordinary people, thus offering a realistic and exciting glimpse of everyday life in the eastern Mediterranean of the third centuryb.c.e. In addition, his obscure reference in lines 62–3 to the obsession of women and dogs with dildos has been the focus of long-standing scholarly debate: while most scholars agree that the verses employ a metaphor, possibly of obscene nature, their exact meaning is still to (...) be clarified. In response, this article offers an additional paradigm which stresses the cultural osmosis between the Greeks and their eastern neighbours in the Hellenistic period; in my view, Herodas' peculiar choice of expression could be explained more aptly through this hitherto unnoticed perspective. Despite having frustratingly little information about the poet and his life, his familiarity with the Hellenistic East is often implied in his poetic settings: for example, Cos inMimiamb2 and probably locations in Asia Minor inMimiambs6 and 7 are considered likely to reflect the places where he lived. Hence, it is reasonable to assume that Herodas spent periods of his life in areas of the eastern Aegean where cultural interaction was practically unavoidable. Moreover, his first poem exhibits a certain amount of knowledge and admiration for Ptolemaic Egypt and, although this does not necessarily mean that he lived there, he must have been very familiar with Alexandria and its erudite circles. After all, Herodas, a contemporary of Theocritus who subscribed to his preference for short, elegant poetic forms, shared the latter's interest in the lowly mime, which both of them invested with learned language. Thus, specific motifs, such as the visit of an abandoned mistress to the witches in a desperate attempt to coax back a cruel lover, are treated by both poets and ultimately derive from the literary corpus of mimes by the influential Sophron. Theocritus was also familiar with locations in Cos, an island that appears to have been culturally diverse. One of the foreign communities that increasingly made its presence felt in third-centuryb.c.e. Asia Minor and the nearby islands of the eastern Aegean was that of the Jews, although the history of particular communities is often difficult to recover. Nevertheless, we do know that as early as the third centuryb.c.e. ‘various Jewish authors writing in Greek had adopted the prevailing patterns of Greek literature in its many forms, filling them with Jewish content’. The Jews had a prominent and well-documented presence at Alexandria, where their interaction with the Greeks was promoted by the Ptolemies. There, already by the middle of the third centuryb.c.e., the Pentateuch (the Hebrew Torah) had been translated into Koine Greek by royal request, which probably indicates a sizeable community able to participate dynamically in the cultural interface of Ptolemaic Alexandria. In the following pages, I shall revisit the past interpretations of the aforementioned verses inMimiamb7 before arguing that the key to their understanding lies in the interaction of the Greeks with near eastern cultures, particularly the Jews, who seemed to have employed a distinctive metaphor about ‘dogs’ and their perceived sexual habits. (shrink)

The integration of ideas, methods, and data from diverse disciplines has been a transformative force in science and higher education, attracting policy interventions, program innovations, financial resources, and talented people. Much energy has been invested in producing a new generation of scientists trained to work fluidly across disciplines, sectors, and research problems, yet the success of such investments has been difficult to measure. Using the Integrative Graduate Education and Research Training (IGERT) program of the U.S. National Science Foundation as a (...) strategic research site, we conducted an experiment to determine whether and how the process and products of research of IGERT-trained scientists differ from those of scientists trained in disciplinary graduate programs. Among scientists in the early years of graduate study we found substantial and consistent differences suggesting that interdisciplinary training improved the quality and process of research, but this pattern was equally strongly reversed among students in the latter years of graduate study. Using systematic observation and other data we suggest why this might be so, then discuss the implications of these results for the design and conduct of graduate education and research. (shrink)

The concept of ‘accounts’ (Scott and Lyman, 1968) – or linguistic strategies for neutralizing the negative social meanings of norm violation – has a long history in sociology. This work examines British and American women's accounts of cosmetic surgery. In the medical literature, feminist writings and the popular press, aesthetic plastic surgery has been associated with narcissism, psychological instability and self-hatred. Given these negative connotations, cosmetic surgery remains a practice requiring justification even as its popularity increases. Drawing on interview data, (...) I argue that respondents' efforts to account for cosmetic surgery vary according to the ‘repertoires of evaluation’ (Lamont and Thévenot, 2000) made available by their own nation and, particularly, by its healthcare culture. In the market-based US healthcare system, women justify cosmetic surgery by referring to their personal and financial ‘investments’ in physical attractiveness and well-being. Such explanations are less legitimate in Britain, where healthcare is considered a social right rather than a consumer good. In the latter context, women employ narratives that medicalize the pre-surgical body by stressing the physical pain and emotional distress that it caused. (shrink)

Vertical farming is a rapidly expanding type of indoor controlled environment agriculture whose promises have attracted widespread praise and considerable early-stage capital in recent years. Among vertical farming’s many claimed benefits, per-area productivity is frequently mentioned, proposing crop yields at least two orders of magnitude higher than outdoor field agriculture. These extremely high yields form the basis for a theory of land use change whereby yield-increasing technologies reduce or reverse the expansionary demands of lower-yielding farms, retaining or returning those areas (...) to “wild nature”. In a sensational articulation of this kind of intensification, from 2007 to 2017 many vivid proposals portrayed centrally located skyscraper farms as a key strategy for building self-sufficient cities. This skyscraper articulation of vertical farming captured the public imagination and led to substantial investment into contemporary vertical farming facilities, the majority of which are in large suburban high-ceiling single-story warehouses. This paper traces the politics of vertical farming’s land-sparing narratives beginning early in the twentieth century, with a closer analysis of two contrasting historical examples: Othmar Ruthner’s 1960s tower greenhouses, which closely resemble the imaginary skyscraper farms of the 2010s; and Noel Davis’ 1980s PhytoFarms, which more closely resembles the well-funded warehouse vertical farms of the 2020s. This analysis suggests that, despite their high yields, the extremely high capital investments needed to build the precise controlled environments of today’s vertical farms preclude the profitable production of staple crops, rendering them unlikely to fulfil their land-sparing promises. (shrink)

Life history data, attractiveness ratings of male photographs, and attitudes towards partnership and child-rearing of 321 women were used to test four evolutionary models (quantitative reproductive strategy, male short-age, polygyny indication, and maternal reproductive interests) which attempt to explain the influence of family composition on reproductive strategies. Links between early menarche and other markers of reproductive strategy were investigated. Childhood stress and absence of a father figure, whether genetically related or not, were found to have accelerated menarche whereas having younger (...) siblings decelerated it. Early menarche was associated with attractiveness ratings, the number of partners desired for the immediate future, and the early onset of intimate relationships. It was not linked with sociosexual orientation, mate choice criteria, and investment in the subjects’ own children, but these three markers were interrelated. The implications of the findings for the four evolutionary models are discussed. (shrink)

We live in an increasingly globalizing world, in which countries are closely linked by international trade and investment ties. Cross-cultural comparative studies of national values and ethics have attracted growing research interest in recent years, because shared practices, values and ethical standards depend on shared beliefs. However, the findings of such studies have been unable to reach a consensus on the impact of culture on ethics-related attitudes and behavior. Empirically, many "cross–cultural" differences reported by previous studies might actually stem (...) from cross-national differences. In order to partially fill this gap, this study advocates an analytical framework that isolates the role of cultural and national differences in order to test their relationship to individual level variables. Within this framework, we test competing hypotheses based on both cultural and national contexts by comparing groups of Chinese and American respondents together with a "bridging group" of Chinese Chinese-Americans. Theoretically, this contextual approach helps resolve the debate on the role of culture, by showing that culture plays a far more important role in shaping value orientations than the national background. Specifically, the two ethnic Chinese groups had many cultural values in common, and differed significantly from the Caucasian group. Implications are discussed. (shrink)

In today's age of restrictionism, a growing number of countries are closing their gates of admission to most categories of would-be immigrants with one important exception. Governments increasingly seek to lure and attract “high value” migrants, especially those with access to large sums of capital. These individuals are offered golden visa programs that lead to fast-tracked naturalization in exchange for a hefty investment, in some cases without inhabiting or even setting foot in the passport-issuing country to which they now (...) officially belong. In the U.S. context, the contrast between the “Dreamers” and “Parachuters” helps to draw out this distinction between civic ties and credit lines as competing bases for membership acquisition. Drawing attention to these seldom-discussed citizenship-for-sale practices, this essay highlights their global surge and critically evaluates the legal, normative, and distributional quandaries they raise. I further argue that purchased membership goods cannot replicate or substitute the meaningful links to a political community that make citizenship valuable and worth upholding in the first place. (shrink)

Moral entrepreneurship is the fine art of recycling evil into good by taking advantage of situations given or constructed as crises. It should be seen as the ultimate generalisation of the entrepreneurial spirit, whose peculiar excesses have always sat uneasily with homo oeconomicus as the constrained utility maximiser, an image that itself has come to be universalised. A task of this essay is to reconcile the two images in terms of what by the end I call ‘superutilitarianism’, which draws on (...) the lore of both superheroes and utilitarianism. After briefly surveying the careers of three exemplars of the moral entrepreneur (Robert McNamara, George Soros and Jeffrey Sachs), I explore the motives of moral entrepreneurs in terms of their standing debt to society for having already caused unnecessary harm but which also now equips him with the skill set needed to do significant good. Such a mindset involves imagining oneself a vehicle of divine will, which would be a scary proposition had it not been long presumed by Christians touched by Calvin. In conclusion, I argue that moral entrepreneurship looks most palatable – and perhaps even attractive – if the world is ‘reversible’, in the sense that every crisis, however clumsily handled by the moral entrepreneur, causes people to distinguish more clearly the necessary from contingent features of their existence. This leads them to reconceptualise past damages as new opportunities to assert what really matters; hence, a ‘superutilitarian’ ethic that treats all suffering as less cost than investment in a greater sense of the good. (shrink)

TWEEN POP examines the creation of the "tween" in the early 2000s as a gendered and raced consumer audience. The tween, aged nine to twelve, and usually thought of as a white girl, occupies a temporality between childhood and adolescence: she has aged out of children's products but is too young to fully engage in marketing directed at teenagers. But, as Tyler Bickford argues, this seemingly narrow market grew to broadly include four to fifteen year olds, with producers and marketers (...) pulling upwards and downwards by creating material that would attract younger viewers and teenagers, thereby creating a demographic that expanded, rather than limited, the traditional reach of child and teenage markets. According to Bickford, the key to this expansion was pop music, as it provided an intensity of experience that mirrored childhood in its investments in emotional authenticity, cultural value, and relational intimacies. In other words, pop music needed to be both intimate and public--a tension that Bickford argues defined the tween's positionality as well--and tween pop did so by pairing the mainstream pop of adulthood with images and lyrics suitable for younger audiences. Throughout the book, Bickford reveals how childhood's status as a private domestic position outside of politics was not a hindrance to the cultivation of children as a mass audience but rather was the very foundation of that project. By creating an intimate public of tween pop, the tween music industry was able to position tweens as still within the private domestic sphere of family life, but connected in a broader public of other tween-pop-listening tweens. Chapter 1 looks at Kidz Bop music videos to argue that the tween music industry framed childhood domesticity as complementary to participation in a public culture. Chapter 2 focuses on Disney Channel's popular music programs' efforts to engage older children, particularly older girls, in their marketing tactics. Chapter 3 analyzes the Disney Channel show Hannah Montana and its foregrounding of tensions between girlhood, public culture, and family. Chapter 4 attends to how whiteness served as central to the tween construction of innocence and childhood. Bickford concludes the book by periodizing the tween moment as the decade from 2001 to 2011, and then outlines the developments in popular culture for children since that time. This book will be of interest to students and scholars of ethnomusicology, feminism and gender studies, and cultural studies. (shrink)