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ifc online courses
Impact Investing 101
audio | Video PRESENTATIONS.
Bugg-Levine, Antony and Jed Emerson. Impact Investing: Transforming How We Make Money While Making a Difference. Jossey-Bass, 2011.
Louche, Céline and Steve Lydenberg. Dilemmas in Responsible Investment. Greenleaf, 2011.
Remer, Sven and Olaf Weber. Social Banks and the Future of Sustainable Finance. Routledge, 2011.
Vandekerckhove, W., J. Leys, K. Alm, B. Scholtens, S. Signori, H. Schäfer (eds). Responsible Investment in Times of Turmoil. Springer, 2011.
CASE I3 - Initiative on Impact Investing Fuqua School of Business, Duke University Cathy Clark
Beeck Center for Social Impact and Innovation Georgetown University Sonal Shah
Social Enterprise Initiative (SEI) at Harvard Harvard Business School, Harvard University Dutch Leonard, Michael Chu, Kash Rangan
Jacob Gray Institute for Business and Social Impact Haas School of Business, University of California, Berkeley Laura D’Andrea Tyson
Social Enterprise Initiative (SEI) at Booth Booth School of Business, University of Chicago Christina Hachikian
Wharton Social Impact Initiative (WSII) Wharton, University of Pennsylvania Katherine Klein,
James Lee Sorenson Center for Global Impact Investing (SGII) David Eccles School of Business, University of Utah Patrick Mullen
2007 Report on Socially Responsible Investing Trends in the United States, Social Investment Forum, 2008.
Abrams, Julie and Damian von Stauffenberg, Role Reversal: Are Public Development Institutions Crowding Out Private Investment in Microfinance?, MFInsights, February 2007.
Ambachtsheer, Jane, “2006 Fearless Forecast: What Do Investment Managers Think About Responsible Investment?”, Mercer Investment Consulting, 2006.
Ambachtsheer, Jane, “Socially Responsible Investing,” Benefits & Compensation International Volume 35, Number 1, July/August 2005.
Anderson, Miranda, and David Gardiner, Managing the Risks and Opportunities of Climate Change: a Practical Toolkit for Corporate Leaders, Boston, MA: CERES, 2006.
Akerlof, George A. and Robert J. Shiller, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, Princeton: Princeton University Press, 2009.
Barber, B. and T. Odean, “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Journal of Finance LV(2), 2000: 773-806.
Barber, B. and T. Odean, “Boys will be Boys: Gender, Overconfidence, and Common Stock Investment,” Quarterly Journal of Economics 116(1), 2001: 261-292.
Barberis, N. and R. Thaler,“A Survey of Behavioral Finance,” G. M. Constantinedes, M. Harris and R. Stulz. eds., North Holland Handbook of the Economics of Finance, Amsterdam: Elsevier, 2003: 1052-1090.
Bayon, Ricardo, Amanda Hawn, and Katherine Hamilton, Voluntary Carbon Markets: An International Business Guide to What They Are and How They Work, 2nd ed., London: Earthscan, 2009.
Belsky, Gary and Thomas Gilovich, Why Smart People Make Big Money Mistakes And How To Correct Them: Lessons From The New Science Of Behavioral Economics, New York: Simon & Schuster, 1999.
Benartzi, S. and R. H. Thaler, “Myopic Loss Aversion and the Equity Premium Puzzle.” The Quarterly Journal of Economics 110(1), 1995: 73-95.
Bernholz, Lucy and Lisa Richter, MRI and Community Foundations Report, New York: Ford Foundation, 2009.
Bernholz, Lucy and Lisa Richter, Equity Advancing Equity: How Community Philanthropy Can Build Racial and Social Equity through Mission Investing, Blueprint Research & Design and GPS Capital Partners LLC, September 2009.
Bishop, Matthew, “The Business of Giving,” The Economist, 25 February 2006.
Bishop, Matthew and Michael Green, Philanthrocapitalism: How the Rich Can Save the World, Bloomsbury Press, 2008.
Bolton, Margaret, Foundations and Social Investment: Making Money Work Harder, London: Esmée Fairbairn Foundation, October 2005.
Bruck, Connie, “Millions for Millions,” The New Yorker, 30 October 2006, 62-73.
Bugg-Levine, Antony, “Impact Investing Bold Models to Drive Development at Scale,” Beyond Profit Magazine, May/June 2009: 17-21.
“Building Tools for Effective Philanthropy,” Washington, DC: PRI Makers Network, June 17 2009.
Burns, Brody Weiser, “Program-Related Investments for Small Foundations,” Association of Small Foundations 2004 National Conference, Chicago: 16 October 2004.
CC14: Investment of Charitable Funds - Basic principles, Charity Commission Fiduciary Duty, 2004, 2008
Camerer, C., G. Loewenstein, et al, “Neuroeconomics: How Neuroscience Can Inform Economics.” Journal of Economic Literature 43(1), 2005: 9-64
Carlson, Neil, Assessing and Managing PRI Risk: Nothing Ventured, Nothing Gained, New York: GrantCraft Guides, 2008.
Chan, Margaret, “Address to 60th World Health Assembly,” World Health Organization, Geneva, Switzerland: 15 May 2007.
Clark, Catherine, William Rosenzweig, David Long, and Sara Olsen, Double Bottom Line Project Report: Assessing Social Impact in Double Bottom Line Ventures, The Rockefeller Foundation, 2004.
A Climate for Change: A Trustee’s Guide to Understanding and Addressing Climate Risk, The Carbon Trust, IIGCC and Mercer Investment Consulting, 2005.
Cogan, Douglas G., Corporate Governance and Climate Change: Making the
Connection, Investor Responsibility Research Center, Boston, MA: CERES,
Cohen, Rick, “A Call for Mission-Based Investing by America’s Private Foundations,” National Committee for Responsive Philanthropy, September 2005.
Collins, Jim, and Jerry I. Porras, Built to Last: Successful Habits of Visionary Companies, New York: HarperBusiness Essentials, 2002.
Cooch, Sarah, Mark Kramer, Fi Cheng, Adeeb Mahmud, Ben Marx, and Matthew Rehrig, Compounding Impact: Mission Investing by U.S. Foundations, Boston, MA: FSG Social Impact Advisors, 2007.
Cooch, Sarah and Mark Kramer, Aggregating Impact: A Foundation’s Guide to U.S. Mission Investment Intermediaries, Boston, MA: FSG Social Impact Advisors, 2007.
“Creating Social Capital Markets for Fourth Sector Organizations: Opportunities and Challenges,” Google, New York: 14 June 2007.
Davis, Lee, Nicole Etchart, and Claire Costello, All in the Same Boat: an Introduction to Engaged Philanthropy, ed. Edith Goldenhar, Nonprofit Enterprise and Self-Sustainability Team, 2005.
Deringer, Freshfields Bruckhaus, “Legal Framework for the Integration of Environmental, Social and Governance Issues into Institutional Investment,” UNEP Financial Initiative, 2005.
Deutsch, Claudia H., “Study Says U.S. Companies Lag on Global Warming,” The New York Times, 22 March 2006.
Dietel, William M., Mission Stewardship: Aligning Programs, Investments, and Administration to Achieve Impact, New York: The F.B. Heron Foundation, 2007.
Dunn, Brian, “Alternative Investment Opportunities Offering Financial Return and Social Impact,” August 2006, Aquillian Investments, San Francisco, CA: 2006.
Easton, Tom, “The Hidden Wealth of the Poor,” The Economist, 5 November 2005.
Edwards, Michael, Just Another Emperor? The Myths and Realities of Philanthrocapitalism, Demos/Young Foundation, 2008.
Elkington, John, and Pamela Hartigan, The Power of Unreasonable People: How Social Entrepreneurs Create Markets That Change the World, New York: Harvard Business School, 2008.
Emerson, Jed and Tim Little, with Jonas Kron, The Prudent Trustee: The Evolution of the Long-Term Investor, Generation Foundation and the Rose Foundation for Communities and the Environment, 2005.
Emerson, Jed and Joshua Spitzer, Blended Value Investing: Capital Opportunities for Social and Environmental Impact, World Economic Forum, 2006.
Emerson, Jed and Joshua Spitzer, From Fragmentation to Function: Critical Concepts and Writings on Social Capital Markets’ Structure, Operation and Innovation, Oxford: Skoll Centre for Social Entrepreneurship, 2007.
Emerson, Jed, Joshua Spitzer and Jacob Harold, Blended Value Investing: Innovations in Real Estate, Oxford: Skoll Centre for Social Entrepreneurship, 2007.
Emerson, Jed, Shari Berenbach and Timothy Freundlich, Where Money Meets Mission: Creating a Unified Investment Strategy, Calvert Foundation, 2007.
Environmental Impact, CERES, 2004.
Esposito, Virginia M., ed. et al, Splendid Legacy: The Guide to Creating Your Family Foundation, National Center for Family Philanthropy, 2002.
Fitzgerald, Niall and Mandy Cormack, The Role of Business in Society: an Agenda for Action, The Conference Board, Harvard University Kennedy School of Government, and the International Business Leaders Forum, 2007, 4-36.
Fleishman, Joel L., The Foundation: A Great American Secret; How Private Wealth is Changing the World, PublicAffairs, 2007.
Gary, Tracy, “Giving Families, Giving Communities,” National Marketing Action Team, 10 November 2004.
Giller, Chip, trans., “How Green is Your Cash?” Contribute New York, February-March 2007: 42-45.
Godeke, Steven, “Hybrid Transactions in the US Social Capital Market,” Alliance Magazine, September 2006.
Godecke, Steven, and Doug Bauer, Mission-Related Investing: Philanthropy’s New Passing Gear—A Policy and Implementation Guide for Foundation Trustees, Rockefeller Philanthropy Advisors, 2008.
Goodman, Sandra and Michael Walker, Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States, CERES, NRDC, PSEG, 2006.
Gore, Al, and David Blood, “For People and Planet,” The Wall Street Journal, 28 March 2006.
Gunther, Marc, “Global Warming Could Melt Your Portfolio,” Fortune, 21 March 2006.
Gunther, Marc, “Warren Buffet and Darfur,” Fortune, 20 April 2007.
Graham, Benjamin, The Intelligent Investor: The Classic Text on Value Investing, New York: Collins Business, 2005.
“The Growing Interest in Environmental Issues is Important to Both Socially Responsible and Fundamental Investors,” Goldman Sachs Global Strategy Research, August 2005.
Haboucha, Farha-Joyce, Focus on Climate Change, Socially Responsive Investing, Rockefeller & Co., Inc., 15 December 2006.
Hagerman, Lisa A., Gordon L. Clark and Tessa Hebb, Massachusetts Pension Reserves Investment Management Board: Urban Investing through a Transparent Selection Process, Labor & Worklife Program, Harvard Law School, August 2007.
Hammond, Allen L., William J. Kramer, Robert S. Katz, Julia T. Tran, and Courtland Walker, The Next 4 Billion: Market Size and Business Strategy at the Base of the Pyramid, New York: World Resources Institute and International Finance Corporation/World Bank Group, 2007.
Handbook on Responsible Investment Across Asset Classes, Institute for Responsible Investment Boston College Center for Corporate Citizenship, 2007.
Hawken, Paul. Ecology of Commerce: A Declaration of Sustainability, New York: Collins Business, 2005.
Hawken, Paul, Socially Responsible Investing, The Natural Capital Institute, 2004.
Hawken, Paul, Amory Lovins and Hunter L. Lovins, Natural Capitalism: Creating the Next Industrial Revolution, New York: Back Bay Books, 2000.
Hawken, Paul, “Socially Responsible Investment,” The Natural Capital Institute, October 2004.
Heller, Jonathan A.G., “Dissecting the Benefits of Socially Responsible Investing,” Family Office Forum, June 2007.
High Net Worth Individuals & Sustainable Investment, report by Eurosif, 2008.
Hua, Thao, “Hey, Is It Hot in Here?,” Pensions & Investments, 1 May 2006.
Humphreys, Joshua, The Mission in the Marketplace: How Responsible Investing Can Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions, Washington, D.C.: Social Investment Forum Foundation, 2007.
Humphreys, Josh, comp. “The Social Responsiveness of Philanthropic Foundations: Long-Term Perspectives,” The Rockefeller University, 2007.
“Introduction to Social Investing,” Best Practices for Foundations, Foundation Partnership for Corporate Responsibility, 6 June 2006.
Investing for Impact: Case Studies Across Asset Classes, Parthenon Group and Bridges Ventures, 2009.
“Investing in One World,” Microvest, 2005.
Johnson, Kyle, Social Investing 2007, Cambridge Associates LLC, 2007.
Kahneman, D., “Maps of Bounded Rationality: A Perspective On Intuitive Judgment And Choice,” Nobel Prize Lecture, 2003
Kahneman, D., “A perspective on judgment and choice: Mapping bounded rationality,” American Psychologist 58(9), 2003: 697-720.
Kahneman, D., “A psychological perspective on economics,” The American Economic Review 93(2), 2003: 162-168.
Kahneman, D., J. L. Knetsch, et al, “Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias,” The Journal of Economic Perspectives 5(1), 1991: 193-206
Kahneman, D. and A. Tversky, “Prospect Theory: An analysis of Decision Under Risk,” Econometrica 47(2), 1979: 263-291
Kahneman, M., P. Slovic, et al., eds, Judgment under uncertainty: Heuristics and biases, New York, Cambridge University Press, 1982
Kiernan, Matthew J., Investing in a Sustainable World: Why GREEN Is the New Color of Money on Wall Street, New York: AMACOM / American Management Association, 2009.
Kinder, Peter, “The Virtue of Consistency: The Gates Foundation & Mission-Related Investing,” KLD Blog, 28 June 2007.
Kramer, Mark and Sarah Cooch, Investing for Impact, Boston, MA: FSG Social Impact
Krauss, Nicolas and Ingo Walter, Can Microfinance Reduce Portfolio Volatility? New York: New York University Stern School of Business, 2008.
Krosinsky, Cary and Nick Robbins (eds.), Sustainable Investing: The Art of Long Term Performance, Earthscan Ltd., 2008.
La Franchi, Debbie and Belden Daniels, State of the Industry: Double Bottom Line Funds, Economic Innovation International, Inc., Los Angeles, CA, 2006.
Lash, Jonathan and Fred Wellington, “Competitive Advantage on a Warming Planet,” Harvard Business Review, March 2007, 3-13.
LaVoie, Valerie and David Wood, Handbook on Climate-Related Investing Across Asset Classes, Institute for Responsible Investment at the Boston College Center for Corporate Citizenship, 2009.
Learning for Social Impact, workshop by McKinsey & Co. and Foundation Center
A Legal Framework for the Integration of Environmental, Social and Governance Issues into Institutional Investment, Freshfields Bruckhaus Deringer and UNEP Finance Initiative, 2005.
Lewis, Jonathan C. and Robert A. Wexler, Mission Investing in Microfinance: A Program Related Investment (PRI) Primer and Toolkit, Microcredit Enterprises, July 2007.
Lipman, Harvey, “Meshing Proxy with Mission: Few Foundations Do Much to Influence Shareholder Votes,” Chronicle of Philanthropy, 4 May 2006.
Lufkin, Elise, Mission-Related Investing for Foundations and Non-Profit Organizations: Practical Tools for Mission/Investment Integration, Boston: Trillium Asset Management, 2007.
Lydenberg, Steven D., “Envisioning Socially Responsible Investing,” Domini Social Investments, 2002.
“Mainstreaming Responsible Investment,” World Economic Forum, Geneva, 2005.
Makower, Joel. State of Green Business 2009, report by Greener World Media, 2009.
The Materiality of Social, Environmental and Corporate Governance Issues to Equity Pricing, UNEP Finance Initiative, Asset Management Working Group, June 2004.
McDonough, William, and Michael Braungart. Cradle to Cradle: Remaking the Way We Make Things, New York: North Point, 2002.
McGray, Douglas, “Network Philanthropy,” The Los Angeles Times, 21 January 2007.
“Measuring Social Impact: The Foundation of Social Return on Investment,” London Business School and the New Economics Foundation, 2006.
Mendonca, Lenny T. and Jeremy Oppenheim, “Investing in Sustainability: An Interview with Al Gore and David Blood,” The McKinsey Quarterly, May 2007.
Microfinance Banana Skins 2008: Risk in a Booming Industry, Centre for the Study of Financial Innovation, 2008.
Miller, Clara, “The Looking-Glass World of Nonprofit Money: Managing in For-Profits’ Shadow Universe,” The Nonprofit Quarterly, Spring 2005.
Mission in the Marketplace: How Responsible Investing Can Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions, The Social Investment Forum Foundation, 2009.
Mission-Related Investing: Philanthropy’s New Passing Gear—A Policy and Implementation Guide for Foundation Trustees, Rockefeller Philanthropy Advisors, 2008.
Montier, James, Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance, Wiley, 2007.
Moore, Geoffrey, Crossing the Chasm, New York: Collins Business, 2002.
New Journey: Aligning Investment with Mission at the Northwest Area Foundation, Northwest Area Foundation, undated brochure.
Nocera, Joe, “Poking Holes in a Theory on Markets,” The New York Times, June 6, 2009.
Olsen, Sara and Woody Tasch, “Mission-Related Investing: A Workshop for Foundations,” Investors Circle Foundation, 2003.
Orlitzky, Marc, Frank L. Schmidt, and Sara L. Rynes, Corporate Social and Financial Performance: A Meta Analysis, Washington, D.C.: Social Investment Forum Foundation, 2004.
Passoff, Michael, Proxy Preview 2009: Helping Foundations Align Mission and Investment, As You Sow, San Francisco, 2009.
Penna, Robert M. and William J. Phillips, Outcome Frameworks: An Overview for Practitioners, Fort Orange Press, 2005.
Pension Programme SRI Toolkit, EuroSIF, 2004.
Piller, Charles, “Foundations Align Investments with their Charitable Goals,” The Los Angeles Times, 29 December 2007.
Pivo, Gary, Social and Environmental Metrics for US Real Estate Portfolios: Sources of Data and Aggregation Methods, University of Arizona Responsible Property Investing Center, Working Paper No. 08-1, June 2008.
Pollan, Michael, In Defense of Food: An Eater’s Manifesto, New York: Penguin, 2008.
Pollan, Michael, The Omnivore’s Dilemma: A Natural History of Four Meals, New York: Penguin, 2006.
Pompian, Michael, Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases, Wiley, 2006.
Price, Tom, Activists in the Boardroom: How Advocacy Groups Seek to Shape Corporate Behavior, Washington, D.C.: Foundation for Public Affairs, 2006.
PRIME: The Primer for the Responsible Investment Management of Endowments, toolkit by The European Foundation Centre, European Social Investment Forum and the Bellagio Forum for Sustainable Development, 2006
“Private Investment for Social Goals: Building the Blended Value Capital Market,” World Economic Forum, Geneva, Switzerland: 2005.
“Program-Related Investing: Skills & Strategies for New PRI Funders,” Grantcraft, 2006.
Proxy Season Preview: Helping Foundations Align Mission and Investment, Rockefeller Philanthropy Advisors, New York, 2007.
Questions and Answers for Foundations on Proxy Voting, CERES, 2006.
“Real Estate PRI Case Study: Hollywood Community Housing Corporation,” San Francisco, CA: Neighborhood Funders Group, 2007.
Robins, Nick, Robert Clover, and Charanjit Singh. A Climate for Recovery: The Colour of Stimulus Goes Green, report by HSBC Global Research, 2009.
Rosenberg, R. “Reflections on the Compartamos Initial Public Offering”, CGAP, June 2007.
Porter, Michael E. and Mark R. Kramer, “Philanthropy’s New Agenda: Creating Value,” Harvard Business Review, November–December 1999, 121-130.
Segerfeldt, Fredrik, Water for Sale, How Business and the Markets Can Resolve the World’s Water Crisis, Washington DC: The Cato Institute, 2005.
Senge, Peter, Bryan Smith, Nina Kruschwitz, Joe Laur, and Sara Schley, The Necessary Revolution: How Individuals and Organizations Are Working Together to Create a Sustainable World, New York: Doubleday, 2008.
Shefrin, Hersh, A Behavioral Approach to Asset Pricing, Burlington: Elsevier Inc, 2005.
Shefrin, Hersh, Beyond Greed and Fear, Understanding Behavioral Finance and the Psychology of Investing, Oxford: Oxford University Press, 2002.
Shefrin, H. and M. Statman, “The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence,” Journal of Finance 40(3), 1985: 777-790
Shefrin, Hersh, Ending the Management Illusion: How to Drive Business Results Using the Principle of Behavioral Finance, New York: McGraw-Hill, 2008.
Shiller, Robert J., Irrational Exuberance, 2nd edition. New York: Broadway Business, 2006
“Social Purpose Capital Market: An Opportunity for the Canadian Charitable Sector,” Tides Canada Foundation, January 2007.
SROI Reports, The Roberts Enterprise Development Fund San Francisco, CA, 2000.
Stetson, Anne, and Mark Kramer. Risk, Return and Social Impact: Demystifying the Law of Mission Investing by U.S. Foundations, FSG Social Impact Advisors, October 2008.
Subrahmanyam, A. “Behavioral Finance: A Review and Synthesis.” European Financial Management 14(1), 2008: 12-29
Sustainable Consumption Facts and Trends, report by World Business Council for Sustainable Development, November 2008.
Swack, Micheal, Jack Northrup, and Janet Prince, Expanding Philanthropy: Mission-Related Investing at the F.B. Heron Foundation, Southern New Hampshire University, School of Community Economic Development, 2007.
Swensen, David F., Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, New York: Free Press, 2000.
Thaler, R. H., “Mental Accounting Matters,” Journal of Behavioral Decision Making 12, 1999: 183-206.
Thematic Research Highlights, Generation Investment Management, 2007.
A Toolkit for Foundations and Individual Investors: Harnessing Your Investments to Help Solve the Climate Crisis, CERES, Investor Network on Climate Risk and Environmental Grantmakers Association, 2008.
Tyrell, Mike and Meg Brown, Crossing the River and Interpreting Sustainable Development for Financial Markets, Citigroup Smith Barney, 2005.
Tyrell, Mike and Meg Brown, Crossing the River II, Citigroup Smith Barney, 2007.
U.K. Commission on Unclaimed Assets, The Social Investment Bank, 2007
Unlocking the Power of the Proxy: How Active Foundation Proxy Voting Can Protect Endowments and Boost Philanthropic Mission, As You Sow Foundation and Rockefeller Philanthropy Advisors, 2004.
“The value of environmental, social and governance factors for foundation investments,” from EIRIS Foundation Charity Project, May 2009.
Vidal, David J., “Reward Trumps Risk: How Business Perspectives on Corporate Citizenship and Sustainability are Changing,” The Conference Board Executive Action Series 216th ser., 2006.
Viederman, S in C. Krosinsky and R. Robins, eds., “Sustainable Investing: The Art of Long Term Performance,” Earthscan, 2009.
Ward, Sally K. Ph.D., Charlie French, Ph.D. and Kelly Giraud, Ph.D., “Building Value and Security for Homeowners in Mobile Home Parks: A Report on Economic Outcomes,” The Carsey Institute at the University of New Hampshire, 2006.
Wilhelm, Ian, “Corporate Giving Rebounds,” The Chronicle of Philanthropy, August 2005.
Williams, Harold S., Arthur Y. Webb and William J. Phillips, Outcome Funding: A New Approach to Targeted Grantmaking, Rensselaerville Institute, 1996.
Wood, David and Belinda Hoff, Handbook on Responsible Investment Across Asset Classes, The Institute of Responsible Investing at the Boston College Center for Corporate Citizenship, 2007.
Yunus, Muhammad, Banker to the Poor: Micro-Lending and the Battle Against World Poverty, New York: PublicAffairs, 2003.
Yunus, Muhammad, Creating a World Without Poverty–Social Business and the Future of Capitalism, New York: PublicAffairs, 2008.
Zimet, Joseph, “US Philanthropy in the 21st Century: a Driving Force in the Landscape of Aid?” Annual Bank Conference on Development Economics, Tokyo, 29 May 2006.