We model investing that considers environmental, social, and governance (ESG) criteria. In equilibrium, green assets have low expected returns because investors enjoy holding them hedge climate risk. Green nevertheless outperform when positive shocks hit the ESG factor, which captures shifts in customers’ tastes for products investors’ holdings. The factor market portfolio price a two-factor mo...

1. Ben Davis Special Section Editor Welcome to the first special issue dedicated direct indexing. The past several years have seen impressive asset growth in indexing, drawing increased attention within investment industry. Some of biggest names investing

Abdul Moiz Khan The problems of the overwhelming amount of medical literature have been thoughtfully highlighted in the PLoS Medicine editorial “Drowning or Thirsting: The Extremes of Availability of Medical Information” [1]. It is of vital importance to medical professionals that they improve on their skills of sifting through the huge amounts of literature that are made available to them ever...

Over the last few decades the movement of Socially Responsibly Investing (SRI) has been afoot that started almost as an anti-establishment reaction, but has morphed into mainstream consciousness and focus. It has become clear that one can go beyond the subjective implications of engaging in enterprises that produce dangerous, unhealthy or immoral products. There are many processes that optimize...

We study investments in impact funds, which we define as private equity funds with a stated mandate to fund companies that generate both financial returns and positive externalities. Using data on the capital commitments of 6,000 limited partners (LPs) into 10,000 funds, we examine the effect of impact on LP’s fund choice within a general fund choice model. We focus on how fund choice varies by...

The educational landscape of the United States has shifted as more low-income, first-generation Latinx students enroll in 4-year universities. Despite this, many underlying structures and practices these institutions still reflect cultural norms culturally dominant groups (e.g., White, upper-to-middle-class, continuing-generation), privileging individualism. This overlooks values students, who ...

china is a vast and overpopulated country in the eastern asia whose energy security and supply is the most important factor of economic growth and consequently, economic, social and political security. by the past decades, its leaders have understood the key role of economic growth and development in the economic and political security of china. thus, they have put all their concentration on th...

Rapid urbanization is an important characteristic of African development and yet the structural transformation debate focuses on agriculture’s relative merits without also considering the benefits from urban agglomeration. As a result, African governments are often provided conflicting recommendations on the importance of rural agriculture or urban industry. We develop dynamic economy-wide mode...