How investors can (and can't) create social value

Abstract

how investors can (and can’t) create social value law working paper n° 394/2018 march 2018 paul brest stanford university ronald j. gilson stanford university, columbia university and ecgi mark a. wolfson stanford university © paul brest, ronald j. gilson and mark a. wolfson 2018. all rights reserved. short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. this paper can be downloaded without charge from: ssrn.com/abstract_id=3150347 www.ecgi.org/wp ecgi working paper series in law how investors can (and can’t) create social value working paper n° 394/2018 march 2018 paul brest ronald j. gilson mark a. wolfson we are grateful for comments by participants at the stanford and columbia law school faculty workshops, and at the faculty workshop at the wharton school of business, university of pennsylvania. © paul brest, ronald j. gilson and mark a. wolfson 2018. all rights reserved. short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. abstract most investors have a single goal: to earn the highest financial return. these socially-neutral investors maximize their risk-adjusted returns and would not accept a lower financial return from an investment that also produced social benefits. an increasing number of socially-motivated investors have goals beyond …

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