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Interest in impact investing is on the rise. And yet, there is a relative scarcity of academic literature on the financial performance and diversification potential of impact investments. In this paper, we apply a risk factors and dynamic correlation analysis to an original dataset essentially made of European publicly-listed impact firms. Our findings point to a risk-adjusted underperformance of impact investments compared to mainstream markets, and reveal impact firms’ failure to deliver non-negative returns to investors. This contradicts the practitioner literature, and suggests that investors must sacrifice financial returns for investing in line with their values. The results also indicate that the diversification potential of listed impact investments with regard to mainstream markets slowly decreases over time, suggesting that impact investors attach only limited weight to this aspect.

We investigate the effect of pre-IPO investments by public market institutional investors (institutions) on the exit of venture capitalists (VCs). Results indicate that institutions’ pre-IPO investments reduce IPO underpricing by mitigating VCs’ reliance on all-star analysts to boost market liquidity. We conclude that institutions facilitate VC exits in the secondary market. Supporting this view, our analysis reveals that the presence of institutions allows VCs to exit with a reduced price impact in the secondary market. Consistent with the ease of exit, VCs offer fewer shares at the IPO and are more likely to invest in institutionally backed startups.

In this paper, we examine price dynamics, cycles and lead-lag relationships between private and public commercial real estate markets. We utilize wavelet technology to capture both the frequency and the time variations of a time series. We find that the long-run trend of prices in public commercial real estate markets is steeper than that of private commercial real estate markets. In addition, both short-term and long-term cycles are longer in the public market than the private market. We also find that the private market led the public market up until the recession of early 1990s and the public market has led the private market since then. Finally, we offer the first evidence of contagion between the two markets. We find that there is an increase in excess (high frequency) contagion between the two markets during periods of crisis, but not beyond the crises periods. An understanding of co-movements of real estate prices across these two markets is of crucial importance policy makers and for maximizing portfolio diversification benefits and managing risk.

Street food is popular in Eastern Europe, but its diversity and nutritional value are unknown. This study aimed to characterise the street food environment in Chişinău, Moldova, including the vending sites and vendors, food availability and nutritional composition of foods and beverages. All street food vending sites (single point of sale) located in a 1-km buffer centred on the main public market were systematically selected (n 439; n 328 participants). Data on vending sites’ characteristics (mobility, type of physical set-up and access to electricity), operating periods and food availability were collected. Samples of the most commonly available foods of unknown composition were collected (twenty-eight home-made and twenty-four industrial). Macronutrients, Na and K were quantified through chemical analysis. Fruits, beverages and food other than fruits were available in 2·5, 74·3 and 80·8 % of the vending sites, respectively. Among the latter, 66·4 % sold only industrial foods (e.g. pretzels, biscuits, wafers, chocolate and ice cream), 21·5 % only home-made (e.g. savoury and sweet pastries) and 12·1 % both. Home-made foods presented larger serving sizes and energy/serving (median kJ/serving: 1312·5 v. 670·3, P = 0·022); industrial foods were more energy-dense (median kJ/100 g: 1797·0 v. 1269·8, P = 0·002). High SFA, trans-fat and Na contents were found, reaching 10·9 g/serving, 1·4 g/serving and 773·7 mg/serving, respectively. Soft drinks and alcoholic beverages were available in 80·7 and 42·0 % of the vending sites selling beverages, respectively. Concluding, industrial snacks and home-made pastries high in Na and unhealthy fat were frequent in Chişinău. Prevention of diet-related diseases in Moldova may benefit from the improvement of the nutritional profile of street food. The FEEDcities project was funded by the World Health Organization Europe (WHO registration 2015/591370 and 2017/698514). This study was funded by national funds through FCT - Fundação para a Ciência e a Tecnologia, I.P., under the projects UIDB/04750/2020 and UID/QUI/50006/2020. Individual PhD grants attributed to G. A. (SFRH/BD/118630/2016) and S. S. (SFRH/BD/130650/2017) were funded by FCT and the ‘Programa Operacional Capital Humano’ (POCH/FSE).

El artículo expone el ambiente, las dinámicas comerciales y de abasto del mercado público de Barranquilla entre 1870 y 1930. También, se propone y desarrolla el concepto socio-espacial local de Triangulación comercial, donde se busca explicar la articulación de un entorno conformado por espacios físicos diferentes y cercanos, pero que juntos conformaron una intensa dinámica comercial. Si bien, no concertó idearios íntegramente modernos, esta dinámica permitió dotar a la población de un entramado comercial sinérgico que resolvió convenientemente la comercialización y atendió la captación de impuestos. L’article expose l’environnement, la dynamique commerciale et d’approvisionnement du marché public de Barranquilla entre 1870 et 1930. En outre, le concept socio-spatial local de Triangulación comercial est proposé et développé, qui cherche à expliquer l’articulation d’un environnement composé d’espaces rapprochés et différents mais qui, une fois réunis, formaient une dynamique commerciale intense. Bien qu’elle n’ait pas conçu d’idéaux tout à fait modernes, cette dynamique a permis de doter la population d’un cadre commercial synergique permettant de résoudre de manière commode la commercialisation et d’assurer la perception des taxes. The article exposes the environment, the commercial and supply dynamics of the public market of Barranquilla between 1870 and 1930. In addition, the local socio-spatial concept of Triangulación comercial is proposed and developed, which seeks to explain the articulation of an environment made up of different physical spaces and close, but together they formed an intense commercial dynamic. Although, it did not conceive completely modern ideals, it allowed endowing this population with a synergic commercial framework that conveniently resolved commercialization and attended to the collection of taxes.

Interactions at a fruit and vegetable stall in a public market are analyzed—focusing on the moments of configurative change as one sales encounter comes to an end and another begins. Market...

This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outperform sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sellers and buyers suggest that the market is one in which relatively flexible buyers earn returns by supplying liquidity to investors wishing to exit.

This paper examines James Steuart’s explanation of the emergence of commercial nations. Unlike other Scottish thinkers of the time, Steuart argues that artifice is necessary for the rise of commercial societies. He uses the term “artificial” to refer to a devised process, one that is an alternative to the supposedly natural process arising from innate propensities. The system of trade and commerce is an “artifice” created by merchants to obtain benefits, and established by the sovereign for his ostentation and personal prestige, until it became generalized as a commercial nation. Steuart’s explanation of the emergence of commercial nations accounts for how individuals become dependent on and subordinate to the public market. This paper concludes that Steuart’s Political Œconomy promotes a science of the artificial that seeks to understand the functioning of non-natural mechanisms and to create instruments that the statesman adapts to the needs and objectives of individuals.

El tianguis es concebido como un mercado público visto como espacios de intercambio y algunos, tienen la particularidad de que la actividad económica de adquisición de bienes se realiza a través del trueque, sin intervención de la moneda como valor de cambio. Es importante describir etnográficamente las diferentes estrategias de intercambio para revelar que los hechos económicos están mediados por los rasgos socioculturales de los sujetos, cuya función es fundamentalmente económica. La investigación tuvo como objetivo, exponer y analizar las estrategias de mercadeo tradicional y moderno utilizadas por los vendedores y compradores de los frutos de Malinalco, Estado de México. De enero a diciembre de 2015, se aplicó una encuesta con preguntas de tipo cerrado a 70 recolectores/comercializadores ubicados dentro del tianguis, para la elaboración del listado de las técnicas utilizadas para poder vender cada uno de los frutos.

espanolLa mujer rural emprendedora es factor clave de la sociedad mexicana que genera recursos economicos a las familias. En Chiapas (Mexico), no se pueden excluir de la situacion especifica de las mujeres rurales, las cuales representan el 50,4% del total de las mujeres mexicanas (CEAMEG, 2014). La mayoria de este colectivo, estan en situacion de pobreza extrema. Ademas de vivir en comunidades rurales, con una inadecuada infraestructura de servicios, escasos servicios de salud o educativos, y con necesidades basicas insatisfechas en la mayoria de los hogares, viven dominadas por el sistema “machista” propia de una cultura rural, sin reconocimiento de sus derechos, ni de sus labores dentro y fuera del hogar. Por ello, se presenta este estudio que se realizo con una metodologia mixta, cualitativa y cuantitativa. La recoleccion de informacion utilizo los siguientes instrumentos metodologicos: un grupo focal y la aplicacion de una encuesta semi estructurada a los participantes del mismo grupo focal (hombres, mujeres y jovenes, todos ellos mayores de 18 anos, vendedores de pescado en la periferia del mercado publico Manuel Larrainzar). El resultado reflejo que de las 17 personas que comercializan su producto en este sitio, 15 son mujeres, y unicamente 2 hombres; de ellos, 10 son casados (as), 3 solteras, 1 que vive en union libre, 1 madre soltera, 1 divorciada y 1 viuda, como se puede observar el rol protagonico de la mujer en esta actividad comercial es predominante. EnglishRural women entrepreneurs is key factor in Mexican society that generates income to families. In Chiapas (Mexico), may not be excluded from the specific situation of rural women, which account for 50.4 per cent of the total of Mexican women (CEAMEG, 2014). The majority of this group, are in extreme poverty. In addition to live in communities that are rural, with inadequate infrastructure services, scarce health services or educational, and basic needs unmet in most households, they live dominated by the “macho” system of a rural culture, without recognition of their rights, or their work inside and outside the home. Why is this study which was carried out with a joint, qualitative and quantitative methodology. The collection of information used the following methodological instruments: implementation of a survey and a focus group semi structured to participants of the same target group (men, women and young people, all of them older than 18 years, fish sellers in the periphery of the public market Manuel Larrainzar). The result reflected that of the 17 people who market your product on this site, 15 are women, and only 2 men; of them, 10 are married (as), 3 single and 1 who lives in free union, 1 single mother, divorced 1 and 1 widow, as you can see the role of women in this commercial activity is predominant.

Understanding hunter motivations and strategies is of particular importance in regions fraught with wildlife hunting, due to the critical hunter’s role in linking wildlife supply and consumption. However, such information is extremely scarce in China despite the worrisome situation of wildlife hunting. This study documents the techniques, motivations and hunting frequencies of bird hunters who have economic interests in the city of Guiyang, Southwest China, where numerous wild birds have been observed in trade. The data were collected using semi-structured questionnaires given to 50 hunters in a public market between March and July 2015. At least 9 kinds of tools and 10 kinds of techniques have been employed in local bird hunting practices. Up to eight factors have stimulated the collection of wild birds, of which commercial benefit was undoubtedly the most important. Hunting activities were conducted throughout the year, and efficient and low-cost hunting techniques, such as hunting with nets and neck snares were the predominant hunting techniques. The use of bait birds, whistles and bird song recordings was common, with the aim of improving the harvest by finding and attracting target species, highlighting a preference for hunting certain species of birds. The various hunting motivations underscore the complexity of the current hunting issue. Conservation management was discussed by considering the hunting strategies employed and the needs of hunters, as well as the market demand, which highlights the necessity of the combined actions of law enforcement, commercial breeding, social welfare, the development of hunting grounds and environmental education.

The authors discuss how policy-makers could use new market-based solutions to dismantle NPLs. They examine viable solutions for NPLs and then study the Italian State Guarantee Scheme for NPL Securitization (GACS) to highlight how public actors could efficiently use public resources to solve the NPL problem.

As a country's attitude toward egalitarianism increases, which means a societal preference for the equal as opposed to hierarchical treatment of individuals, the ownership of the public corporations in the country becomes more concentrated. This finding is robust to a wide range of specifications and methodologies. Once egalitarianism is accounted for, there is no evidence that other cultural attitudes, including trust and religion, or legal protections for public market investors, including those laws that figure prominently in the literature, are related to ownership concentration. One explanation for the robust association between egalitarianism and ownership concentration is that large shareholders are valuable when employees have strong legal rights.

In the present study, we report on the occurrence of paramphistomes, Fischoederius cobboldi and Paramphistomum epiclitum, in Lao PDR with the basis of molecular data. Parasite materials were collected from bovines bred in Ban Lahanam area, Savannakhet Province, Lao PDR at Lahanam public market. Morphological observations indicated 2 different species of paramphistomes. The mitochondrial gene cox1 of the specimens was successfully amplified by PCR and DNA sequencing was carried out for diagnosis of 11 specimens. Pairwise alignment of cox1 sequences were performed and confirmed F. cobboldi and P. epiclitum infecting bovines in Laos. Although there were many limiting points, as the small number of worm samples, and the restricted access of the animal host materials, we confirmed for the first time that 2 species of paramphistomes, F. cobboldi and P. epiclitum, are distributed in Lao PDR. More studies are needed to confirm the paramphistome species present in Savannakhet and its hosts to clear the natural history of these parasites of ruminants in the region and measure the impact of this parasite infection in the life and health of the local people.

We use the Burgiss dataset to study private equity buyout fund performance. Our findings on performance before risk adjustments are consistent with those in the literature and indicate significant outperformance of buyout fund investments. Using a bottom-up approach, we identify the systematic risks of underlying companies in buyout funds to inform an appropriate risk-adjusted benchmark, which we determine to be a levered size- and sector-adjusted public index. After making these risk adjustments, we find no significant outperformance of buyout fund investments versus the public market equivalent on a dollar-weighted basis. We contend that even without significant risk-adjusted outperformance, buyout funds can play a valuable role in institutional investors’ portfolios.

We adapt stochastic discount factor (SDF) valuation methods for venture capital (VC) performance evaluation. Our approach generalizes the popular Public Market Equivalent (PME) method and allows statistical inference in the presence of cross-sectionally dependent, skewed VC payoffs. We relax SDF restrictions implicit in the PME so that the SDF can accurately reflect risk-free rates and returns of public equity markets during the sample period. This generalized PME yields substantially different abnormal performance estimates for VC funds and start-up investments, especially in times of strongly rising public equity markets and for investments with betas far from one.

Here, we provide a comprehensive study related to the risks of all biopharmaceutical firms going public in the USA between 1996 and 2015. We found 355 firms that met our requirements for being in the sector that focuses on creating drugs for humans. Collectively, these firms spent approximately US$86.9 billion on research and development (R&D) during this time. They also lost approximately US$69.3 billion in combined net income. We also examine the delisting of these firms from a public market, their number of collaborators at the initial public offering (IPO), and estimate the percentage ownership by other biopharmaceutical firms at the IPO.

This paper develops a novel Public Market Equivalent (PME) measure to evaluate the risk-adjusted performance of private equity investments using the standard CAPM and multi-factor extensions. Using a comprehensive sample of 7732 fully realized venture capital investments, the paper estimates PMEs using the standard CAPM, the Fama–French three-factor model, and a four-factor model that also includes the Pastor–Stambaugh traded liquidity factor. The results highlight that venture capital investments substantially outperform traded stocks and that their returns resemble those of small growth stocks. Additionally, the results show that the exposure of venture capital returns to the traded liquidity factor is negligible.

This study is to analyse the changing economic policies of the North Korean government with focus on public markets (Gongseol Sijang) and it covers 20 years from the Kim Jong-il period to the current Kim Jong-un regime. First, as of 2015, public markets in Pyongyang occupy 26 areas from farming districts to vacant lots in the city centre. Second, the North Korean government began to establish farmer’s markets (Nongmin Sijang) in the suburbs of Pyongyang in the 1960s. Songshin Market was the representative farmer’s market. The North Korean government transformed a Songshin Market into a public market in the early 1990s, as a demonstrative case of a public market programme. During the same decade, in the midst of North Korean famine, Songshin Market was expanded and applied to the central area of Pyongyang. Notably, the designs and facilities of the public markets in the central areas have been more modernized and enlarged than in suburban areas because they were built relatively later than those in...

This study surveyed the distribution, antimicrobial susceptibility profiles and serotype of Salmonella isolated from three slaughterhouses, and performed molecular typing on these isolates, to understand the relationship between strains of Salmonella obtained from the pork production chain in Yangzhou, China. Samples from slaughtered pigs and the slaughtering environment were collected from three slaughterhouses in Yangzhou, Jiangsu province, from October 2012 to July 2013. The positive identification rates of Salmonella in slaughtered pigs and the environmental samples were 46.6% and 48.8%, respectively. The prevalence of Salmonella in slaughterhouses were affected by seasonal factors and reached the peak in summer. Among the Salmonella serovars identified, S. Derby was most prevalent in slaughterhouses, but other serovars like S. Typhimurium, S. Meleagridis and S. Anatum were also widespread. Antimicrobial susceptibility testing revealed that 32 and 131 different MDR patterns were found among the strains from the environment and slaughtered pig samples, respectively. Fifty-six isolates of S. Derby and 16 strains of S. Typhimurium were characterized by the technique of pulsed-field gel electrophoresis (PFGE) using the restriction enzyme Xba I. 35 and 11 PFGE patterns were generated among the selected isolates. Four isolates of S. Derby isolates with the same pattern (PF26) were isolated from cooling water, evisceration and carcass, suggesting that cross contamination occurred between the environment and the slaughtered pigs. Six S. Typhimurium in cluster 1 with the same ST type (ST19) came from different parts of the slaughtered pig, which could have occurred because of horizontal transmissions along the slaughtering process. The same PFGE patterns of Salmonella were found in both samples from carcasses in the slaughterhouse and in the Yangzhou pork market, proving that Salmonella had spread from the slaughterhouse to the pork market. In conclusion, our study demonstrate that serious cross contamination occurred in Yangzhou slaughterhouses and can contribute Salmonella contamination in pork sold in the local public market.

The aim of this article is to provide structured information on the profile, trends, and challenges of worker cooperatives in Romania. Its main purpose is to help refine the current explanatory framework for worker cooperatives in post-communist countries in the light of empirical evidence drawn from research conducted in Romania. Building on the literature and empirical research, it identifies and highlights some of the present issues and challenges facing Romanian worker cooperatives. Our analysis has shown that many of the elements that are considered key to the successful development of worker cooperatives on the basis of international good practice are missing in Romania. While some enabling elements are impossible to replicate, there are others that might be improved and could help worker cooperatives develop further: a shift away from policies that discriminate against cooperatives in terms of access to credits and the development of governmental programs that could open the public market more to these entities; a better organization of type II cooperatives and of the services they offer to their members; better public image and communication strategies, and greater investment to enhance the advocacy skills of these organizations.

On 5 September, 2011 Rabenio Sungit, an anti-mining activist, was killed at a public market in Quezon, Palawan; one month later, on 3 October, 2011, 200 members of the New People's Army (NPA), the ...

The fundamental value underlying the design of the fragmented local governance system in the United States is consumer sovereignty. This system has been described as a market-like arrangement that provides citizen-consumers a choice of jurisdictions which offer different bundles of public goods and taxes. However, the same choice can also facilitate population sorting according to social class, creating regions where fiscally wealthy jurisdictions co-exist with impoverished ones. Supporters of fragmentation argue that the public market enhances the power of all consumers — whether poor or rich. Thus, even if the poor are highly concentrated in some jurisdictions, they can exercise their voice to ensure that their government spends more for services that they need. But does the voice of the poor matter as much as the voice of the rich in determining the level of services in the local market? Comparing the budgetary choices in poor and affluent municipalities, the empirical analysis shows that in highly fragmented metropolitan areas, some services are least provided in communities where they are most needed.