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

Record Type:	Electronic resources : Monograph/item
Title/Author:	Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds./
Author:	Fermand, Elyas D.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	86 p.
Notes:	Source: Dissertations Abstracts International, Volume: 82-12, Section: A.
Contained By:	Dissertations Abstracts International82-12A.
Subject:	Finance. -
Online resource:	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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245 1 0 $a Investment with Social Impact: Evidence from Commercial Real Estate Investment by Public Pension Funds.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2021
300 $a 86 p.
500 $a Source: Dissertations Abstracts International, Volume: 82-12, Section: A.
500 $a Advisor: Kuhnen, Camelia M.;Sagi, Jacob S.
502 $a Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2021.
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.
590 $a School code: 0153.
650 4 $a Finance. $3 542899
650 4 $a Land use planning. $3 2122760
653 $a Commercial Real Estate
653 $a Employment Effects
653 $a Pension Funds
653 $a Private Equity
653 $a Real Estate Finance
653 $a Socially Responsible Investment
690 $a 0508
690 $a 0510
690 $a 0536
710 2 $a The University of North Carolina at Chapel Hill. $b Business Administration. $3 1026784
773 0 $t Dissertations Abstracts International $g 82-12A.
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791 $a Ph.D.
792 $a 2021
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28415249