ECORYS has been contracted through the framework contract on Evaluation and Evaluation-related services (BUDG N°06/PO/01/Lot N°3) of DG Budget of the European Commission to prepare a thematic evaluation on the assistance provided by the EC to Turkey through the Twinning instrument. The object...

This paper studies the problem of asset allocation in a mean-variance framework. The theoretical model of portfolio optimization is specified and then applied to a long panel data set from historic to most recent times, March 1990 – March 2013. The paper contributes in three ways. First, an...

I present a model of financing social enterprises to delineate the role of impact investors relative to “pure” philanthropists. I characterize the optimal scale and structure of a social enterprise when financed by grants, and when financed by investments. The analysis yields two heuristics...