scholarly journals Promoting Social Bonds for Impact Investments in Asia

2021 ◽  
Keyword(s):  
Sustainable Development ◽  
Social Impact ◽  
Social Issues ◽  
Social Bonds ◽  
Bond Market ◽  
Social Bond ◽  
Current Status ◽  
Potential Contribution ◽  
Bond Markets ◽  
The Impact

Social bond markets have grown rapidly in Asia and around the world amid the coronavirus disease (COVID-19) pandemic. Today, the global social bond market is dominated by bonds that address pandemic-related social impact areas. To better understand the potential contribution of social bonds in tackling developing Asia’s most urgent social issues, this study reviews the current status and recent trends of global and Asian social bond markets. It further analyzes social impact areas that can be addressed by social bonds in both the short and long term. The study’s findings can help align finance with the Sustainable Development Goals and maximize the impact of the social bond market for sustainable development.

scholarly journals Social Bonds for Sustainable Development: A Human Rights Perspective on Impact Investing

2018 ◽  
Vol 3 (2) ◽  
pp. 233-255 ◽  
Author(s):  
Stephen Kim PARK
Keyword(s):  
Sustainable Development ◽  
Human Rights ◽  
Affordable Housing ◽  
Social Bonds ◽  
Social Benefit ◽  
Bond Market ◽  
Social Bond ◽  
Impact Investing ◽  
Global Capital ◽  
The Social

AbstractThis article analyses the human rights implications of impact investing, which aims to create positive social and environmental impacts in addition to financial returns. Reflecting growing awareness of the capacity of the global capital markets to advance sustainable development, companies and institutional investors are seeking new financial instruments and strategies. This article focuses on social bonds, a prominent and illuminating example of this phenomenon. Social bonds are debt securities sold to investors whose proceeds are used to finance projects with a defined social benefit such as affordable housing, education, food security, and access to healthcare. To analyse social bonds in the context of human rights, this article proposes a framework for evaluating human rights factors in impact investing and applies it to the social bond market. It finds that current standards and practices do not adequately account for the human rights implications of social bonds. In light of these observations, this article suggests reforms to the social bond market that enhance investor assessment, external assurance, and impact-maximizing leverage.

scholarly journals Is There an Issuance Premium for SRI Bonds?: Evidence from the Periods Before and After the COVID-19 Outbreak

2021 ◽  
Vol 50 (4) ◽  
pp. 369-409
Author(s):  
Hak-Kyum Kim ◽  
Hee-Joon Ahn
Keyword(s):  
Social Bonds ◽  
Bond Market ◽  
The Other ◽  
Bond Markets ◽  
Sample Analysis ◽  
Socially Responsible ◽  
Responsible Investment ◽  
South Korean ◽  
Before And After ◽  
Empirical Approaches

This study empirically examines whether there are any issuance premia for Socially Responsible Investment (SRI) bonds, using the data from the South Korean bond market from May 2018 to December 2020. We classify SRI bonds into three types: green, social, and sustainability. We divide the sample period into pre-COVID-19 and post-COVID-19 to understand how the pandemic has impacted the pricing of SRI bonds. We employ two empirical approaches: a matching sample analysis and a regression analysis that controls various bond and market characteristics. We find the following. First, significant issuance premia of at least 8bp existed for our sample of social bonds. However, we do not find any evidence of an issuance premium from the other two types of bonds. The premia on social bonds decreased significantly after the outbreak of COVID-19. As most studies have focused on green bonds, the literature on SRI bonds has largely been silent about social bonds and sustainability bonds. By focusing on these two less researched SRI bond types in addition to green bonds, we help expand our knowledge on SRI bond markets. Moreover, to the best of our knowledge, this is the first study to examine the SRI bond market in South Korea.

scholarly journals Geographical Distribution and Modeling of the Impact of Women Driving Cars on the Sustainable Development of Saudi Arabia

2021 ◽  
Vol 13 (17) ◽  
pp. 9941
Author(s):  
Najah Al-Garawi ◽  
Ismail Anil
Keyword(s):  
Sustainable Development ◽  
Saudi Arabia ◽  
Economic Impact ◽  
Geographical Distribution ◽  
Public Perception ◽  
Online Survey ◽  
Social Impact ◽  
Well Being ◽  
The Sustainable Development ◽  
The Impact

Background: This work investigated attitudes and public perception regarding the impact of allowing women to drive on social, environmental, and economic aspects of the sustainable development in the Kingdom of Saudi Arabia (KSA). The study includes the perspectives of both women and men towards the potential implications of this decree on society in general and women’s well-being in particular. Methods: The methodology consisted of an online survey that was conducted before and after the decree was activated in 2017, where 62,065 individuals participated from thirteen provinces of the KSA. Geographic information systems (GISs) and statistical methods were applied to the obtained datasets to examine the geographical distribution and modeling of the effect of women driving on sustainable development of the KSA. Results: The results show that the attitudes towards allowing women to drive are geographically and statistically diverse. The study revealed that the economic impact of women driving was the highest significance, especially in increasing employment opportunities for women and decreasing household travel expenses for women. Conclusion: Overall, 70.4% of respondents agreed that women driving will positively affect the sustainable development of the KSA in terms of social and economic impact. The study also revealed that geographic location is one of the dominating factors on the attitudes towards the social impact of women driving within 95% confidence interval. Additionally, participants strongly believe (with an agreement rate of 85.1%) that Saudi women driving will improve economic development and the female job market.

scholarly journals The Global Green Bond Market in the Face of the COVID-19 Pandemic

2021 ◽  
Vol 5 (1) ◽  
pp. 50-60
Author(s):  
Greta Keliuotytė-Staniulėnienė ◽  
Kamilė Daunaravičiūtė
Keyword(s):  
Negative Impact ◽  
Research Problem ◽  
Bond Market ◽  
Rapid Expansion ◽  
Bond Markets ◽  
Upward Trend ◽  
Bond Index ◽  
Academic Literature ◽  
The Face ◽  
The Impact

This paper summarizes the relevant researches in the area of the green bond market within the perspective of the performance of the global green bond market in the face of the COVID-19 pandemic. Despite the rapid expansion of the green bond market during the last decade, this market has also experienced the consequences of the COVID-19 pandemic. The researches on the effect of COVID-19 and its induced crisis on the green bond markets are still fragmentary; therefore, the main purpose of this research is to evaluate the impact of the COVID-19 pandemic on the global green bond market. To reach the purpose, the methods of literature analysis, and correlation-regression analysis are used. In the first section of the paper, the research problem is presented; in the second part the analysis of academic literature is conducted; in the third part the design of the research is described, and in the fourth part the results of the assessment of the impact of COVID-19 pandemic on the global green bond market are discussed. The results of the research revealed that the spread of the COVID-19 pandemic appeared to have a negative impact on the performance of the S&P Green Bond Index. The market reaction to deaths caused by COVID-19 infection proved to be stronger than the reaction to confirmed cases of COVID-19 infection. However, after a sufficiently significant negative shift, which was observed in the first quarter of 2020, the S&P Green Bond Index regained its upward trend, which continued for the rest of the year.

scholarly journals Social Impact Bonds: Development Prospects in the Russian Federation

2020 ◽  
Vol 14 (2) ◽  
pp. 91-100
Author(s):  
D. G. Mirakyan
Keyword(s):  
Budget Deficit ◽  
Social Impact ◽  
Social Issues ◽  
Social Bonds ◽  
Social Programs ◽  
State Budget ◽  
Social Impact Bonds ◽  
The Usa ◽  
The Russian Federation ◽  
Development Prospects

Amid the state budget deficit, there is a problem of financing social projects. In this regard, new sources of extrabudgetary funding for social issues need to be sought. Financial instruments capable of implementing various social programs include social bonds. This study identifies the main characteristics of social impact bonds (SIB): fundamental principles, mechanism of work. The current work describes the practice of implementing social impact projects on education, poverty, ecology, etc., presenting the experience of the USA and several European countries. This study analyses Russia’s present state and prosperities in the development of SIB projects. The research defines the unique catalyst-funds role in processes of impact investment, as well as the suitability of their creation in Russia. The author analyses opportunities and likely risks from social impact projects realization.

scholarly journals Transmissão Financeira entre o Mercado Acionário e o Mercado de Títulos de Dívida

2008 ◽  
Vol 6 (1) ◽  
pp. 1
Author(s):  
Francisco Eduardo de Luna e Almeida Santos
Keyword(s):  
Stock Markets ◽  
Opportunity Cost ◽  
Cost Of Capital ◽  
Relative Size ◽  
Capital Flow ◽  
Bond Market ◽  
Bond Markets ◽  
Structural Form ◽  
The Impact

The aim of this paper is to measure the endogenous relationship between stock and bond markets. To recover the structural form of this relationship, the author applied the method of identification through heteroskedasticity. Both coefficients were found to be negative which is consistent with the notion that, given an opportunity cost of capital, the returns move in opposite directions in order to promote the equilibrium of the capital flow. However, only the coefficient that measures the impact of bond market over stock markets was significantly different from zero. Thus, the intensity of this relationship also depends on the relative size of the markets under study.

scholarly journals Sustainability of Steel Office Buildings

Energies ◽  
2020 ◽  
Vol 13 (14) ◽  
pp. 3723
Author(s):  
Filip Broniewicz ◽  
Miroslaw Broniewicz
Keyword(s):  
Sustainable Development ◽  
Social Impact ◽  
Office Buildings ◽  
Office Building ◽  
Sustainable Construction ◽  
Sustainable Buildings ◽  
Steel Construction ◽  
Informed Decisions ◽  
The Impact ◽  
Design And Construction

Sustainable construction is an important part of sustainable development because of its contribution to the economy as well as the environmental and social impact of buildings on our lives. Steel is one of the most basic materials, both in the structures and for the finishes. It enables efficiency, durability, and recyclability, especially for office buildings. All these features of steel show its sustainable potential. Consumers are becoming increasingly concerned about the environment. They need to be able to make informed decisions about the impact of their actions. This publication is aimed at setting out key themes for the design and construction of sustainable buildings. Examples of office building environmental analyses are presented to illustrate how this is being achieved in steel construction.

Municipal Bond Markets

2019 ◽  
Vol 11 (1) ◽  
pp. 65-84 ◽  
Author(s):  
Dario Cestau ◽  
Burton Hollifield ◽  
Dan Li ◽  
Norman Schürhoff
Keyword(s):  
Capital Market ◽  
Bond Market ◽  
Municipal Bonds ◽  
Bond Markets ◽  
Municipal Bond ◽  
Local Public Finance ◽  
Decentralized Markets ◽  
The Impact ◽  
Natural Laboratory ◽  
Financial Technology

The effective functioning of the municipal bond market is crucial for the provision of public services, as it is the largest capital market for state and municipal issuers. Prior research has documented tax, credit, liquidity, and segmentation effects in municipal bonds. Recent regulatory initiatives to improve transparency have made granular trade data available to researchers, rendering the municipal bond market a natural laboratory for the study of financial intermediation, asset pricing in decentralized markets, and local public finance. Trade-by-trade studies have found large trading costs, contemporaneous price dispersion, and other deviations from the law of one price. More research is required to understand optimal market design and the impact of post-crisis regulation, sustainability, and financial technology.

scholarly journals A Small-Scale Event and a Big Impact—Is This Relationship Possible in the World of Sport? The Meaning of Heritage Sporting Events for Sustainable Development of Tourism—Experiences from Poland

2018 ◽  
Vol 10 (11) ◽  
pp. 4289 ◽  
Author(s):  
Ewa Malchrowicz-Mośko ◽  
Joanna Poczta
Keyword(s):  
Sustainable Development ◽  
Social Impact ◽  
Positive Impact ◽  
Tourism Industry ◽  
Small Scale ◽  
Sporting Events ◽  
Sporting Event ◽  
Horse Riding ◽  
The World ◽  
The Impact

The theoretical part of this article presents the meaning of sporting events for the tourism industry and the importance of sporting events at a small scale, as well as heritage sporting events for sustainable development of tourist destinations. The literature review shows that there is a clear research gap with respect to the analysis of economic and social impacts of small-scale events. The empirical research was conducted by the method of a diagnostic survey during three sporting events of different rank, which took place in Poland and represented various sports disciplines—running, horse riding, and swimming. A total of 2098 respondents took part in the study, including sports tourists and resident-hosts who took part in the studied events. The aim of the study was to examine whether there is a link between the rank of a sporting event, the development of tourism, and the impact on the host city’s image. The results of the study showed that the highest additional tourism activity in the city on the occasion of participation in an event as an athlete or supporter was undertaken by the participants of the lowest ranked sporting event (Half-Marathon). They also gave the highest rating of the positive impact of a sporting event on the host city’s image. The hosts also rated the highest social impact from the Half-Marathon (i.e., increased sense of pride, social integration, and local identity). Events related to the heritage of the sport of a given region and other smaller-scale sporting events, including mass sports and recreation events (e.g., marathons and other running events), provide an alternative to homogenized, commercial, and very expensive sporting events in the world and may contribute to the sustainable development of tourist regions. The research results show that big social potential lies in the organization of small-scale sports events. The reflections contained in this article may inspire the organization of small-scale sporting events and the continued care for sporting events related to the cultural heritage of a given region. Events of this kind successfully impact tourist revival and improvement of the regions’ image.

scholarly journals Evaluating the Impact of Social Entrepreneurship: A Multi-criteria Approach

2019 ◽  
Vol 27 (2) ◽  
pp. 141-153
Author(s):  
Martha Luz Benjumea Arias ◽  
Diana Arango-Botero
Keyword(s):  
Social Entrepreneurship ◽  
Social Impact ◽  
Structural Changes ◽  
Social Issues ◽  
Analytic Hierarchy ◽  
Expert Choice ◽  
Full Picture ◽  
National Economies ◽  
Qualitative Responses ◽  
The Impact

Despite the importance of social entrepreneurship acknowledged in the literature, this field is still at a conceptual stage because the implementation and support of initiatives that solve social issues and achieve common benefits is not the full picture of the social impact and the structural changes that enable the dynamization of national economies. Therefore, the promotion of this type of entrepreneurship requires a framework based on leadership training and instruments that support the management to accurately measure their progress and results. This work is derived from an analysis of social entrepreneurship and the prioritization of variables to evaluate its social impact. Expert Choice, a piece of software based on an Analytic Hierarchy Process (APH), was used for the multi-criteria multi-goal analysis. The result was weighing the criteria expressed as qualitative responses, which makes the evaluation more flexible to respond to the needs and features of the types of social entrepreneurship.

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