This paper documents the emergence of economically targeted investments (ETIs) and social investments on pension funds. We find that these dual purpose investments are usually concessionary and reduce portfolio investment return. When fiduciary standards are weakened, public pension fund assets...

Euroequity, a new financial instrument, is a new issue of stock by a U.S. firm that is sold simultaneously to investors domestically as registered shares and offshore as bearer shares. In perfectly integrated capital markets, whether Euroequity or domestic equity is issued should not have...