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Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds./
作者:	Fermand, Elyas D.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	86 p.
附註:	Source: Dissertations Abstracts International, Volume: 82-12, Section: A.
Contained By:	Dissertations Abstracts International82-12A.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28415249
ISBN:	9798516058288

Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds.
Fermand, Elyas D.

Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 86 p.

Source: Dissertations Abstracts International, Volume: 82-12, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2021.

This item must not be sold to any third party vendors.

This paper studies whether and how investments by public pension funds result in a different social impact, measured by employment growth, relative to investments by other large investors. Using commercial real estate (CRE) investments as a laboratory, I compare direct pension fund CRE investments to a counterfactual of real estate private equity (REPE) CRE investments. I document that CRE investments by public pension funds are associated with 3.5% higher zip code employment relative to REPE CRE investments. The effect is more pronounced for investments in the pension fund's home state and for pension funds with more political appointees on their board make investments that have a larger impact on employment. I also provide evidence for two potential mechanisms: (1) after a pension fund invests, $40M of additional capital from other investors flows to the invested zip code; and (2) pension funds invest 28% more CAPEX into their properties than REPE funds. Furthermore, investments earning bottom quartile returns exhibit large positive employment impact, especially for home state investments, evidence that suggests a trade-off between returns and social impact.

ISBN: 9798516058288Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Commercial Real Estate

Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds.
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300 $a 86 p.
500 $a Source: Dissertations Abstracts International, Volume: 82-12, Section: A.
500 $a Advisor: Kuhnen, Camelia M.;Sagi, Jacob S.
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506 $a This item must not be sold to any third party vendors.
520 $a This paper studies whether and how investments by public pension funds result in a different social impact, measured by employment growth, relative to investments by other large investors. Using commercial real estate (CRE) investments as a laboratory, I compare direct pension fund CRE investments to a counterfactual of real estate private equity (REPE) CRE investments. I document that CRE investments by public pension funds are associated with 3.5% higher zip code employment relative to REPE CRE investments. The effect is more pronounced for investments in the pension fund's home state and for pension funds with more political appointees on their board make investments that have a larger impact on employment. I also provide evidence for two potential mechanisms: (1) after a pension fund invests, $40M of additional capital from other investors flows to the invested zip code; and (2) pension funds invest 28% more CAPEX into their properties than REPE funds. Furthermore, investments earning bottom quartile returns exhibit large positive employment impact, especially for home state investments, evidence that suggests a trade-off between returns and social impact.
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653 $a Socially Responsible Investment
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