Archiv der Kategorie: Politik

Good immigrants and bad bankers: Researchpost #131

Good immigrants: 16x new research on inequality, hate, decarbonization, electric cars, carbon reporting, ESG ratings, CEOs, bankers, impact investments and venture capital by Jens Dammann, Moritz Drupp and many more (# shows SSRN downloads on June 15th, 2023)

Social and ecological research: Good immigrants

Good immigrants: Inequality and Immigration by Christian Dustmann, Yannis Kastis, and Ian Preston as of June 9^th, 2023 (#17): “… we investigate the relationship between immigration and inequality in the UK over the past forty years. Over this period, the share of foreign-born individuals in the UK rose from 5.3% in 1975 to 13.4% in 2015 … Work and family reunification have been the most common reasons behind immigration of EU nationals, while inflows of non-EU nationals have been largely driven by study purposes. We document that immigrants have been systematically better educated than natives in the UK throughout the forty years of our observation period. Nevertheless, in line with DFP (2013), we find that immigrants downgrade upon their arrival in the UK by working in jobs that are in substantially lower earnings categories than where they would be allocated based on their education alone. We provide evidence that as immigrants spend more time in the UK and acquire complementary skills or transfer their existing skill sets to the particularities of the UK, they move to jobs higher up in the earnings distribution. … wage inequality among immigrants was systematically higher than wage inequality within the group of natives throughout the period 1994-2016 … However, the overall effects of immigration on inequality in the UK were very small. Finally, we report that wage inequality in the UK significantly decreased from 2000 onwards both within the native and within the immigrant group. … immigrants are large net fiscal contributors” (p. 46-48). My comment: In some of my other blogpost I have documented more research regarding good immigration effects e.g here Positive immigration and more little known research (Researchposting 110) – Responsible Investment Research Blog (prof-soehnholz.com)

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Positive immigration and more little known research (Researchposting 110)

Positive immigration: >20x new research on climate conflicts, inequality, immigration, gas price break, carbon pricing, solar sharing, cool cities, brown banks, greenwashing, biodiversity, analysts and consultants, voting and engagement and private equity by Christina Bannier, Lucian Bebchuk, Alexander Wagner et al.

Social research: Positive immigration and more

Climate conflicts: Climate Shocks and Domestic Conflicts in Africa by Yoro Diallo and René Tapsoba as of December 29^th, 2022 (#8): “We build on a broad panel of 51 Africa countries over the 1990-2018 period. We unveil key results with far-reaching policy implications. First, we find suggestive evidence that climate shocks, as captured through weather shocks, increase the likelihood of domestic conflicts, by as high as up to 38 percent. Second, the effect holds only for intercommunal conflicts, not for government-involved conflicts. Third, the effect is magnified in countries with more unequal income distribution and a stronger share of young male demographics, while higher quality social protection and access to basic health care services, stronger tax revenue mobilization, scaled up public investment in the agricultural sector, and stepped-up anti-desertification efforts appear as relevant resilience factors to this vicious climate-conflicts nexus” (p. 26).

Wealth inequality: Who Gets the Flow? Financial Globalisation and Wealth Inequality by Simone Arrigoni as of December 13^th, 2022 (#14): “The main result points towards a significant positive link between the increase in financial globalisation (proxied with the IFI) and changes in the top 1% (the rich) and 10% (upper middle-class) wealth shares and a significant negative link with changes in the wealth share of the bottom 50% of the distribution (working class). … I find that the main driving components of this result appear to be portfolio equities and financial derivatives. … I find that the increase in inequality following the acceleration in financial globalisation is driven by the flow. The wealthy get richer due to an expansion of their portfolios rather than just a market value gain on their existing stock of wealth. … the main finding is strengthened in the event of a systemic banking crisis“ (p. 25/26).

Gender inequality gaps: Tackling Gender Inequality: Definitions, Trends, and Policy Designs by Baoping Shang as of Dec. 21^st, 2022 (#27): “… gender inequality needs to be distinguished from gender gaps. … addressing gender inequality benefits everyone, not just women. … as gender inequality becomes more subtle and implicit, targeted gender policies will likely need to play an increasing role … The paper concludes by discussing gaps in the literature and policy challenges going forward” (abstract).

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Smart women: Researchblogposting #105

Smart women: 16x new research on populism, immigration, children, progress, renewables, CCUS, purpose, fossil fuels, green bonds and loans, social premium, resilience, sustainability preferences, and crowdfunding by Holger Spamann, Dorothea Schäfer, Andreas Stephan, Zacharias Sautner et al.

Social research: Smart Women

Smarter women (1): Income Misperception and Populism by Thilo N. H. Albers, Felix Kersting, and Fabian Kosse as of November 16^th, 2022 (#13): “Based on a representative sample of German households, we find that individuals with pessimistic beliefs about their own income position have more right-wing populist attitudes. …. Men are more likely to translate dissatisfaction resulting from income misperception into populist attitudes than women. Our findings show that misperception strongly matters for populist attitudes, also in comparison to the objective income position. … policymakers … could improve citizens’ information about the households’ respective relative income position. … unintended consequences could occur. For example, the radical Norwegian approach towards transparency—one could query the income of every citizen online—decreased happiness among the poor (Perez-Truglia 2020)“ (p. 15).

Old anti-immigrants? No Country for Young People? The Rise of Anti-Immigration Politics in Ageing Societies by Valerio Dotti as of Oct. 7^th, 2022 (#3): “… population ageing and rising income inequality increase the political pressure to restrict the inflow of immigrant workers and inflate the size of government. … We show that ageing and rising inequality can help explain the success of anti-immigration politicians and parties in recent years. … the tightening of immigration policy induced by population ageing and rising inequality is generally harmful, though the harm is most severe for young people and future generations” (p. 44).

Climate demographics: Are Environmental Concerns Deterring People from Having Children? by Ben Lockwood, Nattavudh Powdthavee, and Andrew J. Oswald as of Oct. 11^th, 2022 (#13): „Our study … follows through time a random sample of thousands of initially childless men and women in the UK. Those individuals who are committed to a green lifestyle are found to be less likely to go on to have offspring. Later analysis adjusts statistically for a large set of potential confounders, including age, education, marital status, mental health, life satisfaction, optimism, and physical health. … a person entirely unconcerned about environmental behaviour is found to be approximately 60% more likely to go on to have a child when compared to a deeply committed environment” (abstract).

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Responsible investing limits (Researchblog #94)

Responsible investing limits: >10x new research on negative emissions, biodiversity offsets, inequality, social capital, green cost of equity, CSR, article 9, engagement, dividends, VCs, crypto

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Ecological and Social Research

Climate prayers? Governing-by-aspiration? Assessing the nature and implications of including negative emission technologies (NETs) in country long-term climate strategies by Heather Jacobs, Aaart Gupta and Ina Möller as of August 9^th (#3): “… countries are now submitting long-term climate strategies to the United Nations Framework Convention on Climate Change (UNFCCC) process. These strategies include within them speculative future use of ‘negative emissions technologies’ (NETs). NETs are interventions that remove carbon from the atmosphere, ranging from large-scale terrestrial carbon sequestration in forests, wetlands and soils, to use of carbon capture and storage technologies. … most estimate substantial potential for future use of NETs even in the face of acknowledged uncertainties. This, we suggest, may have the consequence of resulting in a spiral of delay characterized by the promise of future NET options juxtaposed with the simultaneous uncertainty around these future options” (abstract).

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ESG overall (Researchblog #91)

ESG overall: >15x new research on fixed income ESG, greenium, insurer ESG investing, sin stocks, ESG ratings, impact investments, real estate ESG, equity lending, ESG derivatives, virtual fashion, bio revolution, behavioral ESG investing

Advert: Check my article 9 SFDR fund FutureVest Equity Sustainable Development Goals (-2,9% YTD). With my most responsible stock selection approach I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

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ESG skeptical research (Researchblog #90)

ESG skeptical: >15x new and skeptical research on ESG and SDG investments, performance, cost of capital, reporting, ratings, impact, bonifications and artificial intelligence

Advert: Check my article 9 SFDR fund FutureVest Equity Sustainable Development Goals. With my most responsible selection approach I focus on social SDGs and midcaps and use best-in-universe as well as separate E, S and G minimum ratings.

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ESG ok, SDG gut: Performance 1. HJ 2022

ESG ok, SDG gut: Im ersten Halbjahr 2022 haben meine Trendfolgeportfolios sowie die Portfolios, die sich an den nachhaltigen Entwicklungszielen der Vereinten Nationen ausrichten (SDG), zwar auch an Wert verloren, aber dafür relativ gut gegenüber Vergleichsgruppen performt. Das gilt besonders auch für den FutureVest Equities SDG Fonds. Anders als die meist OK gelaufenen globalen haben spezialisierte ESG Portfolios der Soehnholz ESG GmbH im ersten Halbjahr schlechter als traditionelle Vergleichsportfolios abgeschnitten. Dafür war deren Performance in der Vergangenheit oft überdurchschnittlich.

Werbemitteilung: Kennen Sie meinen Artikel 9 Fonds FutureVest Equity Sustainable Development Goals: Fokus auf soziale SDGs und Midcaps, Best-in-Universe Ansatz, getrennte E, S und G Mindestratings.

Auf Seite 2 folgt die Übersicht der Halbjahresrenditen für die 15 nachhaltigen und zwei traditionellen Portfolios von Soehnholz ESG sowie für meinen Fonds.

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ESG and impact investments under fire (Researchpost #89)

Under fire includes >10x new research on ESG and factors, performance, commitment, regulation, scope 3 GHG, market potential, indices, reporting, engagement, and impact washing

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Deadline August: Müssen dann andere Fonds angeboten werden?

Deadline August: Ab August müssen AnlegerInnen aufgrund regulatorischer Vorgaben (MiFID II, IDD) nach ihren Nachhaltigkeitspräferenzen befragt werden. Auch künftig ist zunächst weiterhin die sogenannte Geeignetheit zu prüfen, speziell Renditeerwartungen, Risikokriterien, Zeithorizont und individuelle Umstände von InteressentInnen. Vereinfacht zusammengefasst muss künftig im Anschluss daran gefragt werden, inwieweit eines oder mehrere dreier Nachhaltigkeitsprodukttypen in Anlagen einbezogen werden sollen: Erstens ein Produkt mit einem ein Mindestanteil an ökologisch nachhaltigen Investitionen oder, zweitens, einem Mindestanteil an sozial nachhaltigen Investitionen oder drittens mit einer Mindest-ESG-Gesamtbeurteilung.

Werbemitteilung: Kennen Sie meinen Artikel 9 Fonds FutureVest Equity Sustainable Development Goals R – DE000A2P37T6 – A2P37T mit Fokus auf soziale SDGs und Midcaps, Best-in-Universe Ansatz, getrennte E, S und G Mindestratings?

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Benchmarking problems (Researchpost #88)

Benchmarking problems: Almost 20x new research on tax avoidance, net-zero illusions, brown and unsocial banks and mutual funds, negative ESG bonus, plastics, real estate, panic, monetary policy, missing data, wrong benchmarks, institutional herding, and fintechs

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