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Special Issue "Social Impact Investments for a Sustainable Welfare State"

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: 30 April 2019

Special Issue Editors

Guest Editor
Dr. Helen Chiappini

Department of Management and Business Administration, G. d’Annunzio University of Chieti-Pescara, Viale Pindaro 42, 65127 Pescara, Italy
E-Mail
Phone: +39 085 4537966
Interests: social impact investment funds; banking sustainability; microfinance; intellectual capital; non-performing loans; governance of financial institutions
Guest Editor
Prof. Mario La Torre

Department of Management, University of Rome “La Sapienza”, Via del Castro Laurenziano 9, 00185 Roma, Italy
Website | E-Mail
Phone: +39 06 49766449
Interests: social impact investments; microfinance; financial innovation; asset securitization; financing of cultural and audiovisual industry.
Guest Editor
Prof. Dr. Gianfranco A. Vento

Centre For Banking and Finance, Regent’s University London, Inner Circle, NW1 4NS, London, UK; Guglielmo Marconi University, Rome, Italy
Website | E-Mail
Phone: +44 487 7774
Interests: Microfinance; socially responsible investments; financial institutions; banking regulation; credit guarantee institutions and SME financing; emerging markets
Guest Editor
Prof. Dr. Giuliana Birindelli

Department of Management and Business Administration, G. d’Annunzio University of Chieti-Pescara, Viale Pindaro 42, 65127 Pescara, Italy
Website | E-Mail
Phone: +39 085 4537966
Interests: environmental performance in banks; corporate social responsibility in financial industry; intellectual capital; corporate governance of banks; credit risk; operational risk management; compliance risk

Special Issue Information

Dear Colleagues,

Social Impact Investments have gained the interest of many financial institutions and policy-makers due to the role that they can play in the achievement of a measurable social impact for the involved communities, and a financial return for interested investors. Specifically, social impact investment could play a huge role in the financing of currently unsatisfied social needs, promoting a sustainable welfare state. Many scholars have recognized that the literature on social impact investments is not properly developed and some areas of research have remained under-explored over the years.

This Special Issue aims to extend the current knowledge on social impact investments, with particular reference to the financial structures of impact investments and to the link between social impact investments and a sustainable welfare state. Conceptual and empirical papers are invited from scholars, policy makers, and professionals dealing with various finance, economic, business and management aspects of social impact investments. The selected papers will contribute to the evolving literature, as well as provide new directions for research on the topic of social impact investments.

Interested contributors can present their working papers at the 2nd Social Impact Investment International Conference that will we held in Rome on 13 December 2018. Attendance at this conference is recommended, but is not a prerequisite for submission to the Special Issue.

Dr. Helen Chiappini
Prof. Mario La Torre
Prof. Dr. Gianfranco A. Vento
Prof. Dr. Giuliana Birindelli
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1700 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Sustainable finance
  • Sustainable finance versus social impact investments
  • Social impact investments and a sustainable welfare state
  • Social impact investments and a sustainable public dept
  • Social impact investments and sustainable EU policies
  • The role of banking institutions
  • The role of institutional investors
  • The role of public institutions
  • Financial structures of social impact investments
  • Social impact bonds
  • Social impact investment funds
  • Governance of social impact investments
  • Sustainable finance and millennials
  • Social impact investments and gender
  • Measurement and measurability of social impact investments

Published Papers (1 paper)

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Research

Open AccessArticle The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification
Sustainability 2019, 11(4), 1098; https://doi.org/10.3390/su11041098
Received: 23 December 2018 / Revised: 3 February 2019 / Accepted: 14 February 2019 / Published: 19 February 2019
PDF Full-text (817 KB) | HTML Full-text | XML Full-text
Abstract
If we examine the characteristics of a sample of green bonds matched with their closest brown bond neighbors, we encounter a challenge. Green bonds have higher yields, lower variance, and are more liquid. The institutional/private issuer and the green third-party verification/non-verification breakdowns help [...] Read more.
If we examine the characteristics of a sample of green bonds matched with their closest brown bond neighbors, we encounter a challenge. Green bonds have higher yields, lower variance, and are more liquid. The institutional/private issuer and the green third-party verification/non-verification breakdowns help explain this puzzle. Green bonds from institutional issuers have higher liquidity with respect to their brown bond correspondents and negative premia before correcting for their lower volatility. Green bonds from private issuers have much less favorable characteristics in terms of liquidity and volatility but have positive premia with respect to their brown correspondents, unless the private issuer commits to certify the “greenness” of the bond. An implication of our findings is that the issuer’s reputation or green third-party verifications are essential to reduce informational asymmetries, avoid suspicion of green (bond)-washing, and produce relatively more convenient financing conditions. Full article
(This article belongs to the Special Issue Social Impact Investments for a Sustainable Welfare State)
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