Do Impact Investments Contribute to Portfolio Performance? A Preliminary Investigation

Social Impact Investments (SII) intentionally aims at generating social impact and financial return. Portfolio diversification is one of the under-investigated areas in SII literature. The aim of this paper is to fill this gap by conducting a preliminary investigation of social impact firms (SIF) contribution to portfolio risk and performance. For the purpose of this paper, we use a sample of SIF members of the London Social Stock Exchange who are publically listed and two contrast samples of traditional firms (non-SIF). To carry out the analysis, we employed methodology based on Markowitz (1952a, 1952b) and Sharpe (1963). The paper may provide useful insights for asset managers and investors involved in portfolio choice evaluation and policy makers interested in fostering development of the social impact market

SME Development Banks: Conceptual Framework and Empirical Analysis

In this paper we develop a conceptual framework to define small and medium-sized enterprise development banks (SMEDB). This conceptual effort is motivated by the lack of a clear definition of SMEDB. Once a consistent definition of SMEDB is provided, we compare a sample of banks that are SMEDB according to such definition with a sample of commercial banks. We conclude that it is possible to separate SMEDB from commercial banks in a statistically significant manner by taking into consideration a set of relevant financial indicators and we confirm the widespread idea that SMEDB play a crucial public/social role

Impact-Oriented Microfinance Investment Vehicles: A Preliminary Investigation on the Controversial Link between Performance and Stability

Social impact finance can foster economic and financial stability by promoting investments with social goals and non-speculative financial returns. The aim of this paper is to test whether Microfinance Investment Vehicles (MIVs) — labeled impact-oriented MIVs — contribute to economic and financial stability via their performance. Specifically, we test MIVs financial performance and risk-adjusted performance, assuming that: (i) financial returns below the market rate of return (MRR) are likely to contribute to economic stability via higher social and financial inclusion rates and via the promotion of microentrepreneurship; (ii) higher adjusted returns, characterized by low volatility, support financial stability. Results show that impact-oriented MIVs perform below the MRR only if we look at financial performance; when risk-adjusted performance is taken into consideration, impact-oriented MIVs outperform the market. We tested our results with a comparative sample of alternative MIVs aiming for social impact, but not labeled as impact-oriented. Results show that impact-oriented MIVs outperform the comparative sample, while their risk-adjusted performance is lower than that of alternative MIVs. The analysis shows that the market offers different investment options to investors, blending different level of financial return, risks and social goals, with different potential impact on economic and financial stability

SME Development Banks: Conceptual Framework and Empirical Analysis

In this paper we develop a conceptual framework to define small and medium-sized enterprise development banks (SMEDB). This conceptual effort is motivated by the lack of a clear definition of SMEDB. Once a consistent definition of SMEDB is provided, we compare a sample of banks that are SMEDB according to such definition with a sample of commercial banks. We conclude that it is possible to separate SMEDB from commercial banks in a statistically significant manner by taking into consideration a set of relevant financial indicators and we confirm the widespread idea that SMEDB play a crucial public/social role

Genetic Characterization of smg-8 Mutants Reveals No Role in C. elegans Nonsense Mediated Decay

The nonsense mediated decay (NMD) pathway degrades mRNAs bearing premature translation termination codons. In mammals, SMG-8 has been implicated in the NMD pathway, in part by its association with SMG-1 kinase. Here we use four independent assays to show that C. elegans smg-8 is not required to degrade nonsense-containing mRNAs. We examine the genetic requirement for smg-8 to destabilize the endogenous, natural NMD targets produced by alternative splicing of rpl-7a and rpl-12. We test smg-8 for degradation of the endogenous, NMD target generated by unc-54(r293), which lacks a normal polyadenylation site. We probe the effect of smg-8 on the exogenous NMD target produced by myo-3::GFP, which carries a long 3′ untranslated region that destabilizes mRNAs. None of these known NMD targets is influenced by smg-8 mutations. In addition, smg-8 animals lack classical Smg mutant phenotypes such as a reduced brood size or abnormal vulva. We conclude that smg-8 is unlikely to encode a component critical for NMD.Molecular and Cellular Biolog

Crew Transportation System Design Reference Missions

Contains summaries of potential design reference mission goals for systems to transport humans to andfrom low Earth orbit (LEO) for the Commercial Crew Program. The purpose of this document is to describe Design Reference Missions (DRMs) representative of the end-to-end Crew Transportation System (CTS) framework envisioned to successfully execute commercial crew transportation to orbital destinations. The initial CTS architecture will likely be optimized to support NASA crew and NASA-sponsored crew rotation missions to the ISS, but consideration may be given in this design phase to allow for modifications in order to accomplish other commercial missions in the future. With the exception of NASAs mission to the ISS, the remaining commercial DRMs are notional. Any decision to design or scar the CTS for these additional non-NASA missions is completely up to the Commercial Provider. As NASAs mission needs evolve over time, this document will be periodically updated to reflect those needs

Manipulation of ultracold atomic mixtures using microwave techniques

We used microwave radiation to evaporatively cool a mixture of of 133Cs and 87Rb atoms in a magnetic trap. A mixture composed of an equal number (around 10^4) of Rb and Cs atoms in their doubly polarized states at ultracold temperatures was prepared. We also used microwaves to selectively evaporate atoms in different Zeeman states.Comment: 9 pages, 6 figure