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• Working Paper | 2020

  Long-run Returns to Impact Investing in Emerging Markets and Developing Economies

  Shawn Cole, Martin Melecky, Florian Mölders and Tristan Reed

  There is growing interest in impact investing, the idea of deploying capital to obtain both financial and social or environmental returns. Examination of every equity investment made by the International Finance Corporation, one of the largest and longest-operating impact investors, across 130 emerging market and developing economies shows that this portfolio has outperformed the S&P 500 by 15 percent. Investments in larger economies have higher returns, and returns decline as banking systems deepen and countries relax capital controls. These results are consistent with imperfect integration of international capital markets, and a core thesis of impact investing that some eligible markets do not receive sufficient investment capital.

  Citation:

  Cole, Shawn, Martin Melecky, Florian Mölders, and Tristan Reed. "Long-run Returns to Impact Investing in Emerging Markets and Developing Economies." NBER Working Paper Series, No. 27870, September 2020.  View Details

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• Supplement | HBS Case Collection | August 2020

  Mike McCreless- Root Capital

  Shawn A. Cole

  Citation:

  Cole, Shawn A. "Mike McCreless- Root Capital." Harvard Business School Multimedia/Video Supplement 221-702, August 2020.  View Details

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• Supplement | HBS Case Collection | August 2020

  Nancy Pfund DBL Partners

  Shawn A. Cole

  Citation:

  Cole, Shawn A. "Nancy Pfund DBL Partners." Harvard Business School Multimedia/Video Supplement 221-701, August 2020.  View Details

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