Abstract
Since the 2007/2008 financial crisis, questions have been raised about how financial markets operate and can benefit society (Shiller, Finance and the Good Society. Princeton: Princeton University Press 2013; Zingales, Does Finance Benefit Society? Cambridge, MA: National Bureau of Economic Research, 2015). Around the globe, new investment models able to reflect responsible behavior have been claimed in order to keep financial markets in tune with the development of society.
Given upsurge in social entrepreneurship and impact-driven business models, and recently the EU action plan for financing sustainable growth, there is no shortage of investors and financiers eager to absorb this demand. The problem, as emphasized by the World Economic Forum, lies in matching assets that create positive impact with investors in a manner that is efficient, effective, transparent, and scalable (WEF, Bringing Impact Investing From the Margins to the Mainstream. Available at https://thegiin.org/knowledge/publication/bringing-impact-investing-from-the-margins-to-the-mainstream, 2013). This chapter investigates the research agenda to make impact investing part of stock exchanges.
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Notes
- 1.
A conceptually related development in the late 2000s was the launch of the Sustainable Stock Exchanges Initiative by the UN (see http://www.sseinitiative.org), a learning platform to encourage the integration of environmental, social and governance (ESG) considerations into the rules and procedures of conventional stock exchanges. A full consideration of this topic is beyond the scope of this paper
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Wendt, K. (2020). Social Stock Exchanges: Defining the Research Agenda. In: La Torre, M., Chiappini, H. (eds) Contemporary Issues in Sustainable Finance. Palgrave Studies in Impact Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-40248-8_5
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