Fintechs & SDG

Fintechs & SDG und mehr neues Research

Umfeld

Gigantischer Nahrungsverlust: Driven to waste – The global impact of food loss and waste on farms von WWF vom Juni 2021: “1.2 BILLION TONNES OF FOOD, is wasted on farms each year – the weight of 10 million blue whales. This is significantly more than the 931 million tonnes wasted from retail, food service and households and enough to feed to the world’s 870 million undernourished four times over. … 58% OF GLOBAL HARVEST STAGE WASTE occurs in the high -and middle-income countries of Europe, North America and Industrialised Asia – despite these countries having higher on-farm mechanisation and only 37% of the global population. 2.2 GIGATONNES CO2 eq is the overall carbon footprint of farm stage food waste – approximately 4% of all anthropogenic greenhouse gas (GHG) emissions and 16% of agricultural emissions. This is equivalent to the emissions from 75% of all cars driven in the US and Europe over a year. 4.4 MILLION KM2 OF LAND is used to grow food which is lost on farms each year – larger than the Indian subcontinent” (S. 3).

Plan zur Reduktion von Antibiotika: Physician Effects in Antibiotic Prescribing: Evidence from Physician Exits von Shan Huang und Hannes Ullrich vom 26. Juli 2021 (#5): “Physicians’ practice styles determine 53% to 56% of the differences between clinics in terms of total antibiotic prescriptions, … We find a positive relation between prescribing intensity and the physicians’ age, as well as a negative relation between prescribing intensity and the availability of diagnostic microscopy and clinic size. These correlations could for example be driven by changes in medical education and awareness over time, better use of diagnostic tools, or more flexible patient-physician treatment assignments. … For the majority of conditions, we find that a reduction in antibiotic prescribing style has no effect on a patient’s hospitalization rate or even reduces it” (S. 30).

Freihandelskritik: Trade Openness and Income Inequality: New Empirical Evidence von Florian Dorn, Clemens Fuest und Niklas Potrafke vom 26. Juli 2021 (#24): “Trade openness tends to disproportionately benefit relative income shares of the very poor (not necessarily all poor) in the sample of emerging and developing economies. In advanced economies, trade openness increased income inequality, an effect that is, however, driven by outliers. … The positive effect of trade openness on income inequality in our benchmark country sample is driven by China and transition countries from Central and Eastern Europe. … In the most advanced economies, established progressive tax and transfer systems, stable political and democratic institutions, and widely accessible opportunities for education may have moderated adverse effects of trade openness on income inequality. Our descriptive statistics suggest that redistribution programs in EU15 countries reduce income inequality to a much larger extent than equivalent tax/transfer programs in many other advanced economies” (S. 16).

Viel fossile Förderung: Climate Policy Factbook – Three priority areas for climate action von BloombergNEF vom 20. Juli 2021: “The Group-of-20 countries provided $636 billion in direct support for fossil fuels in 2019 — only 10% below 2015. … Even consumer-targeted subsidies tend to benefit wealthier citizens. … Some nations have made phase-out commitments but these are often ill-defined or include significant exceptions” (S. 3).

Karbonpreisprobleme: Quasi-Experimental Evidence on Carbon Pricing von Kasper Vrolijk vom 5. März 2021 (#45): “A growing literature suggests that carbon emissions are most efficiently reduced by carbon pricing. There are, however, three challenges that limit our understanding of market-based mechanisms: studies often (a) predict, rather than evaluate effects, (b) show large difference in findings, and (c) cannot always infer causal relations. Quasi-experimental studies can address these challenges by using variation in policy over time and within a specific spatial area. … The evidence shows a causal effect between carbon pricing and carbon emission reduction, without significant effects on economic outcomes, although there are gaps and inconsistencies in evidence. Methodologically, however, it shows that these estimates are often unreliable because identifying assumptions are not properly confirmed and robustness checks not sufficiently undertaken, even when suitable approaches are available” (abstract).

Klima ändert Wirtschaft: The Effects of Climate Change on Labor and Capital Reallocation von Christoph Albert, Paula Bustos und Jacopo Ponticelli vom 12. Juli 2021 (#17): “… we find that abnormal dryness affects the structure of both the local economy and the economy of areas connected via migrant networks. Directly affected areas experience a sharp reduction in population and employment, concentrated in agriculture and services. While local manufacturing absorbs part of the displaced workers, these regions experience large out-migration. Regions receiving climate migrants expand employment in agriculture and services, but not in manufacturing. … This force generates deindustrialization and increases the weight of small firms in the firm size distribution in destination regions”.

Komplexe Co2-Einkommensrelation (1): The dependence between income inequality and carbon emissions von Franziska Dorn, Simone Maxand und Thomas Kneib vom  22. März 2021 (#26): “Unlike high-income countries, low- and middle-income countries have an increasing likelihood of being environmentally sustainable with a decreasing fossil energy share. These findings support the argument that rich elites exploit the environment, as in the short term the rich benefit from environmental degradation. In turn, more democratic societies are more environmentally-cautious, as environmentally-friendly policies may be implemented. … Reducing the share of fossil fuel energy in high-income countries leads to more income equality” (S. 30/31).

Komplexe Co2-Einkommensrelation (2): Distributional Impacts of Carbon Pricing Policies under Paris Agreement: Inter and Intra-Regional Perspectives von Maksym Chepeliev, Israel Osorio-Rodarte und Dominique van der Mensbrugghe vom 5. April 2021 (#24): “… we analyze the poverty and distributional impacts of different carbon pricing mechanisms consistent with reaching the Paris Agreement targets. … Results suggest that while there is a higher incidence of poverty in all scenarios, mainly driven by lower economic growth, Nationally Determined Contribution (NDC) policies result in progressive income distribution at the global level. Such progressivity is caused not only by lower relative prices of food versus non-food commodities, but also by a general decline in skill wage premia. … Global cooperation significantly eases the burden on poor, reducing the poverty headcount (additional number of people leaving in extreme poverty) by almost three times in the case of 2ºC-consistent target” (abstract).

Reichtum ist nicht unbedingt gut: Do you Really Want to Become a Billionaire? A Look Inside the Inner Theatre of the Super-rich von Manfred Kets de Vries vom 1. Juni 2021 (#363): “This article discusses the qualities needed to become super-rich. It highlights the explosion and concentration of wealth. Also, it points out how and where these people made their money. An in-depth look is taken at the personality of these super-rich by reviewing the scripts in their inner theatre. … Furthermore, the article looks at the shadow side of these super-rich. Reference is made to the Dark Dyad, this toxic combination of narcissism and psychopathy. Finally, this article also discusses how these people use their money. The impact of wealth on children is reviewed as well as the role of philanthropy” (abstract).

Klimarisiken auch für deutsche Finanzdienstleister: Carbon Bubble – Analysen, wirtschaftliche Risiken, Maßnahmen und Instrumente von Thomas Hähl et al. vom Juli 2021: „Die Analyse der Kohlenstoffrisiken in Deutschland und ihre Auswirkungen auf die deutsche Wirtschaft haben gezeigt, dass es von den 23 ausgewählten Sektoren fünf Sektoren gibt, die durch eine Dekarbonisierung im Einklang mit dem 2 °C Klimaszenario der IEA von 2015 bis 2030 sehr wahrscheinlich unter einem erheblichen Anpassungsdruck stehen: Kohlenbergbau; Herstellung von Zement, Kalk und gebranntem Gips; Nicht-erneuerbare Elektrizitätsversorgung; BF/BOF Erzeugung von Roheisen, Stahl und Ferrolegierungen und Tierhaltung. … Die Analysen im Rahmen dieses Projekts haben gezeigt, dass die Exposition des Finanzsektors gegenüber diesen Sektoren nach wie vor beträchtlich ist. … Das Carbon-Bubble-Projekt hat für die Akteure der Finanzwirtschaft ein Tool mit dem Namen Klimarisikoscanner entwickelt, mit dem sie einen schnellen Überblick über die Kohlenstoffrisiken in ihrem Portfolio erhalten können“ (S. 80).

Fintechs & SDG: ESG Investments

Globaler ESG-Investmentvergleich: Global Sustainable Investment Review 2020 von der Global Sustainable Investment Alliance von 2021: “Europe reported a 13% decline in the growth of sustainable investment assets in 2018 to 2020 due to a changed measurement methodology from which European data is drawn for this year’s report. This reflects a period of transition associated with revised definitions of sustainable investment that have become embedded into legislation in the European Union as part of the European Sustainable Finance Action Plan. Canada is now the market with the highest proportion of sustainable investment assets at 62%, followed by Europe (42%), Australasia (38%), the United States (33%) and Japan (24%). The United States and Europe continue to represent more than 80% of global sustainable investing assets during 2018 to 2020. The most common sustainable investment strategy is ESG integration, followed by negative screening, corporate engagement and shareholder action, norms-based screening and sustainability-themed investment” (S. 5). Mein Kommentar: Leider steht in den Studien selten, welche Ansätze gleichzeitig verfolgt werden, vgl. PRISC – Policy for Responsible Investment Scoring: Die Taxonomiealternative von der DVFA – Verantwortungsvolle (ESG) Geldanlage (prof-soehnholz.com)

ESG Überoptimierung? Boosting ESG-based optimization with asset pricing characteristics von Guillaume Coqueret, Sascha Stiernegrip, Christian Morgenstern, James Kelly, Johannes Frey-Skött und Björn Österberg vom 23. Juli 2021 (#96): “This paper provides new evidence that sustainable investing is neither necessarily very costly from a financial standpoint, nor extremely useful to generate abnormal profits. … the portfolios are able to increase their ESG score, while at the same time delivering a level of risk-adjusted performance which is similar to their benchmarks. However, portfolios driven by returns and ESG data only are not able to bridge the gap in performance … We nevertheless underline that our results are contingent on the data at our disposal” (S. 14). Mein Kommentar: Nur mit ESG-Daten von zwei anderen ESG Datenanbietern – also ohne traditionelle Finanzdaten und ohne Optimierungen – haben meine strengen ESG-Portfolios „live“ ganz überwiegend so performt wie traditionelle und von aktiven Fonds dauerhaft kaum zu schlagende Index-ETFs, vgl. ESG & SDG Q2: Einige der 15 nachhaltigen Portfolios mit besonders guter Performance – Verantwortungsvolle (ESG) Geldanlage (prof-soehnholz.com)

Neutrales ethisches Investing? Investing Ethical: Harder Than You Think von Hans-Peter Burghof und Marcel Gehrung vom 5. März (#83): „Individual ethical investments work in line with investors’ intentions if they reduce the price of capital for such investment and thus set positive incentives for an increase in the amount of ethical investments. Consequently, we scrutinize the existing literature whether ethical investments outperform similar conventional investments. The results of the numerous studies are diverse, but they mainly find no or only very modest premia. Seemingly, capital markets show a sufficient degree of perfection to prevent or limit such distortions. A direct positive effect of ethical investments can only be expected through direct investments or through the employment of specialized intermediaries” (abstract).

Evangelische Anlageempfehlungen: Auf dem Weg zu einem nachhaltigen und gerechten Finanzsystem – Eine evangelische Orientierung für Reformschritte zur sozial-ökologischen Transformation der Finanzwirtschaft von der Evangelischen Kirche in Deutschland vom Juni 2021: „Rücklagen für Versorgungszahlungen und Renten sind ethisch-nachhaltig auf den Finanzmärkten anzulegen unter Beachtung von Ausschluss- und Positivkriterien. Wertpapiere von Emittenten sind auszuschließen, wenn es mit dem kirchlichen Auftrag und dem christlichen Verständnis von Nachhaltigkeit nicht zu vereinbaren ist, dass an ihrem Gewinn in Form von Dividenden, Zinsen oder Kursgewinnen partizipiert wird. Sind Emittenten ethisch-nachhaltig besser zu bewerten als andere, sind deren Wertpapiere zu bevorzugen. Diese Kriterien sind mit Nachhaltigkeitsexpertinnen und -experten innerhalb und außerhalb der Kirchen (NGOs, Zivilgesellschaft) zu diskutieren, zu veröffentlichen und regelmäßig zu aktualisieren …“ (S. 179).

Divestments reduzieren Marktwerte: Understanding Macro and Asset Price Dynamics During the Climate Transition von Michael Donadelli, Patrick Grüning und Steffen Hitzemann vom 27. März 2021 (#61): “Empirically, we show that the market valuation of fossil fuel firms has already declined significantly as of now when compared to other firms …. Theoretically, we develop a quantitative model that makes predictions on how macroeconomic quantities and asset prices behave as the transition proceeds. … We find climate policy risk premia to be positive also for sub-optimal levels of carbon taxation already” (S. 41). Mein Kommentar: Vgl. Divestmentkritik: Populäre aber falsche Kritik an verantwortungsvollen Geldanlagen – Verantwortungsvolle (ESG) Geldanlage (prof-soehnholz.com)

Geldwerte Diversität: Board Diversity and Effectiveness in FTSE 350 Companies vom LBS Leeadership Institute, SQW und WRC vom 20. Juli 2021: “Looking across our results suggests three critical conclusions. First, that many board members have largely committed to diversity and boards have made efforts to change, with some success especially in relation to gender diversity. Second, that the effort to diversify boards does return benefits in terms of boardroom culture and performance. Third, that boards still have a very long way to go to fully access the talent and reflect the population of the UK” (S. 11).

Wenig Pensionsfondsnachhaltigkeit: Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US von Nathan Fabian, Mikael Homanen, Nikolaj Pedersen und Morgan Slebos vom 15. Juli 2021 (#11): “.. we examine the policy frameworks and important structural variables pertinent to private retirement systems in Australia, the UK, and the US.  … we identify key structural challenges within national retirement systems. These include market fragmentation, principal-agent conflicts in personal pensions, and the role of service providers (abstract). … smaller retirement plans are less likely to consider responsible investment practices, while commercial service providers lack incentives to deviate from the ‘norm.’ Policymakers should therefore consider whether service-provider incentives should be aligned with sustainability incentives. Our findings also emphasize that it remains an open question as to whether beneficiary sustainability interests are truly being met and serviced” (S. 16).

Fintechs & SDG: Impact Investments

Große Unterschiede bei Emissionsdaten: Forward-looking Climate Metrics – An introduction to the current global landscape von Rodolphe Bouquet, Anna Georgieva und Saumya Mehrotra von Qontigo vom 4. Juni 2021: “This paper: > Reviews some of the most prominent forward-looking climate metrics (FLCMs) that are currently available to investors … > Discusses the challenges that still remain with respect to the coverage, standardization, and reliability of the data underpinning FLCMs; > Demonstrates the effect of such challenges by showing the divergence in estimated performance for the same companies using different data providers; > Concludes with a look at key implications for index design and climate transition at large” (S. 3).

Klimaproduktidee: Climate Linkers: Rationale and Pricing von Pauline Chikhani und Jean-Paul Renne vom 8. Juli (#37): “We define climate linkers as long-dated financial instruments (bonds, swaps, and options) with payoffs indexed to climate-related variables, e.g., temperatures, carbon concentrations, or sea levels. … We .. argue that such instruments may contribute to the sharing of long-term climate risks. Another key benefit would be informational, as the prices of such instruments would reveal real-time market expectations regarding future climate” (S. 18).

Biodiversitätsführer: Guidance for banks – Biodiversity Target-setting von der UNEP Finance Initiative vom Juni 2021: “This guidance primer is a resource for implementation to support … in preparing to set portfolio-level biodiversity targets. … The specific novel elements are: a potential categorisation for use in a banking context, primed to align to science-based approaches; bank-specific case studies; bank-specific FAQs; sample positive Key Performance Indicators (KPIs); and potential exclusions” (S. 4).

Viele Biodiversitätsinitiativen: Finance and Biodiversity – Overview of initiatives for financial institutions von Finance for Biodiversity Pledge et al vom Juli 2021: “… an overview of the twelve initiatives that we have mapped, the topics they address and their level of collaboration for each topic. Following this overview table, you can find a concise fact sheet for each initiative.” (S. 2).

Listed Impact ist machbar: Impact investing in listed equities – Strategies for pursuing impact vom Global Impact Investing Networl GIIN vom 4. Juni 2021: “The GIIN has defined impact investing as investments made with the intention to generate a positive, measurable social and environmental impact alongside a financial return. … the GIIN undertook a review of how asset managers are currently approaching integrating impact thinking into their investment strategies. … there is no single, easily identified indicator that immediately qualifies a listed equities strategy as impact rather than as a sustainable strategy. … maximizing impact in listed equities requires a re-focusing of the entire investment process in order to arrive at a materially different portfolio than a standard ESG fund, … However, it is possible to pursue impacts in the real economy and the opportunity lies in finding new ways to structure listed equity funds that can deliver impacts in a more systematic and targeted way and at greater speed than has been possible over the last decade” (S. 2/3). Mein Kommentar: Absolute und Relative Impact Investing und Additionalität – Verantwortungsvolle (ESG) Geldanlage (prof-soehnholz.com)

Kostenlose Impacthilfe: What institutional investors really think about systems-first investing von The Shareholder Commons vom 30. Juni: “.. the investment industry must do a better job distinguishing between profits derived from the exploitation of common resources and vulnerable communities versus those profits that come from authentic value creation. Change is needed, … Please contact us if you are ready to think about adding systems -first thinking to your stewardship program. We are funded by philanthropy and do not seek fees or other revenue from the investment industry. We offer no-cost assistance to any investor seeking to shift to a universal owner model of investing, including helping to draft proxy – voting policies; preparing, filing, and defending shareholder proposals; and designing guardrails to ensure that companies eschew exploitative practices” (S. 10).

Geringere Rendite wird akzeptiert: Do Retail Investors Value Environmental Impact? A Lab-in-the-Field Experiment with Crowdfunders Christoph Siemroth, Lars Hornuf vom 26. Juli 2021 (#43): “We find that the majority of investors is willing to give up a higher return as long as the environmental or social impact is large enough. However, there is large variation among investors in just how much positive impact is needed to give up the higher return. … We further find that those with a stronger preference for environmental impact also invest a larger share of their funds in green projects” (S. 25).

Erfolgskritische Kulturdiferenzen: Corporate Social Responsibility Culture and International M&As von George Alexandridis, Andreas Hoepner, Zhenyi Huang und Ioannis Oikonomou vom 23. Juli 2021 (#355): „… CSR cultural divergence between the acquirer and target firms is inversely related with acquiring firm announcement and long-run returns as well as with the synergistic M&A gains. … It suggests that business culture misalignments can exacerbate integration complexity and the value creation potential for the combined firm. … the more pronounced cultural mismatch is associated with a higher likelihood of the deal falling through and a longer time to completion” (S. 33/34).

Traditionelle und alternative Investments

Gewinnerkauf bringt wenig: Stock Market Winners: Conditional Probabilities, Elapsed Times, and Post-Event Returns von Hendrik Bessembinder vom 30. Juni 2021 (#222): “The results reported here show that “winner” stocks, identified based on cumulative gross returns that exceed certain pre-defined multiples, are not uncommon in the U.S. markets. Nearly 13% of sample stocks generate a 25x cumulative gross return during at least one interval within the 1973 to 2020 sample period, nearly 4% generate a 125x cumulative gross return, and over 1% generate a 625x return. … However, this study reveals little or no evidence that a strategy of investing in those stocks that previously attained a given gross return multiple generates abnormal returns during subsequent months” (S. 8).

ETF-Steuervorteile: How Wall Street’s “Dirty Little Secret” Affects Investor Portfolios von Christoph Frei und Liam Welsh vom 20. Juli 2021 (#101): “By analyzing two scenarios of ETF investors, we can estimate the benefits that investors receive due to the tax loophole, and how their portfolio would change in the event this loophole is closed. The application of the approximation formula allows us to highlight how this estimation depends on the investment horizon and the expected asset returns. … we find a non-trivial amount of an investor’s capital would flow into MFs from ETFs if the loophole is closed” (S. 7).

Kunstherkunft ist sehr wichtig: In Art we trust von Yuexin Li, Marshall X. Ma und Luc Renneboog vom 25. Juni 2021 (#22): “We investigate the impact of providing detailed provenance information … along with the set of traditional art value determinants, on the sales probability, hammer prices, and returns of about two million paintings and works on paper. We find that provenance information provision increases the sales probability by 2% to 4%, leads to a price premium of 14% to 54%, and increases the annualized returns by 5 to 16 percentage points after controlling for artwork and transactions characteristics (such as topic, signature, medium, measurements), as well as artist, time, and auction house branch fixed effects” (S. 23).

Coin-Blase? Bubble Wealth von Bradford Cornell vom 8. Juli 2021 (#18): “Americans now hold over $1 trillion in cryptocurrencies. Has $1 trillion in wealth been created? From the standpoint of economic theory, the answers is no. The wealth of a society consists of its real assets that produce consumable goods and services. Unless a cryptocurrency provides some type of convenience yield how could it create wealth? On the other hand, everyone who holds the currency thinks of its as wealth because it can be sold and converted into consumption. This short note takes a step in resolving the apparent paradox by presenting a very simple numerical example of the operation of what I call Bubble Wealth“ (abstract).

Quantifizierung von Cyber-Risiken: The Anatomy of Cyber Risk von Rustam Jamilov, Hélène Rey und Ahmed Tahoun vom 20. Juli (kostenpflichtig, #4): “We document an important increase of exposure to cyber risk around the world … affecting in relative terms more and more Europe and Asia. … While still mainly hitting the IT and services sectors, our evidence suggests that cyber risk is spreading towards the financial sector, in particular insurance companies. We also find that firms that are large or are older, have a high ratio of intangible assets, and lots of liquidity are more likely to be exposed to cyber risk than the median firm. We … show that our text-based measures can predict future realized cyber attacks. Exposure to cyber risk has an economically and statistically significant negative effect on stock market performance of affected firms. Moreover, we find strong evidence of contagion effects – we trace out the impact on firms that did not discuss anything related to cyber risk but are in the same country and industry as the affected firm. … Finally we find that existing cyber ETFs reflect much more market risk and the conventional size factor than exposure to cyber risk”.  (S. 34/35).

Fintechs & SDG: Behavioral Finance und Finanzbildung

Climate Norms: Fighting Climate Change: The Role of Norms, Preferences, and Moral Values Armin Falk, Peter Andre, Teodora Boneva und Felix Chopra vom 20. Juli (#24): “we study the behavioral determinants of individual willingness to fight climate change in a large-scale, representative survey with 8,000 US adults. In a first step, we document that fundamental human traits – namely patience, altruism, positive reciprocity, and moral universalism – are strongly correlated with individual willingness to fight climate change, as measured in a donation decision. Beliefs about the climate behavior and norms of others also matter: Individuals who perceive stronger climate norms are willing to give up more money to support the climate charity. … The widely-observed underestimation of climate norms in the US can form a dangerous obstacle to climate action, whereby moving forward it will be crucial to correct these misperceptions. Our results thus suggest that social norms should play a pivotal role in the policy response to climate change. Policies that foster social norms should complement formal regulations such as carbon taxation” (S. 24).

Digitale Finanzbildung: A Multidimensional Approach to Defining and Measuring Financial Literacy in the Digital Age von Angela C. Lyons und Josephine Kass-Hanna vom 8. Juli 2021 (#24): “There are growing concerns that traditional financial literacy is insufficient to empower individuals to effectively access and use DFS (Digital financial services). Digital financial literacy (DFL) is emerging as a key enabler that involves a set of knowledge, awareness, and abilities, which includes some aspects of financial literacy (FL) and digital literacy (DL), but also specific features and risks that are particular to DFS. This chapter focuses on construction of a multidimensional framework for DFL that highlights the empirical techniques needed to test the reliability, validity, and robustness of the metrics. We also examine best practices to investigate the extent to which DFL can boost financial inclusion and improve peoples’ livelihoods, especially for those traditionally excluded from the financial marketplace” (abstract).

Ausgabe- statt Spartool? Mind the App: Information Design and Consumer Behavior von Yaron Levi vom 15. Juli 2021 (#18): “This paper documents the critical impact of information design on consumers’ spending behavior. The frame in which the information is presented and the salience of the context can have a significant impact on consumers’ spending, despite a strong behavioral inertia in spending and the temporal distance between the exposure to the treatment and the spending. Furthermore, the effects on spending behavior start immediately after the exposure to the treatment and last for several months beyond the experiment duration, … Information tools that influence spending behavior, like the one in this paper, offer several advantages over the existing tools aimed at influencing saving behavior. … the tool is easy to implement at a low cost relative to financial education, tax subsidies, and employer matching contribution. … a decrease in spending reflects an equal size increase in consumers’ savings” (S. 31).

Fintechs & SDG: Fintechs und Advisortech

Vermögensverwaltung ändert sich: World Wealth report 2021 von CapGemini Research Institute vom 29. Juni 2021: “Over the years, HNWIs have become more ivolved with their investments and now make complex demands of their wealth managers …the business model has evolved towards technology-enabled advice and hyper-personalization …tendency to self-direct investments during a bull market but return to an advice-seeking approach post-crisis … building onmi-channel capabilities across the self-service and human advisory spectrum …” (S. 5).

Trend zu Direct ESG Indexing (1): Are you reframing the future of asset management or is it reframing you? Future of Asset Management Study von Ernst & Young vom 15. Juni 2021: “Institutional investors will seek a combination of capital preservation, high yields and strong ESG performance. Retail demand for tailored solutions and ESG investing will grow too, along with advice and education. … Asset managers need to make significant changes to their strategies and business models if they’re to succeed in this increasingly fluid and challenging environment” (S. 5/6). Mein Kommentar: Direct ESG Indexing: Die beste ESG Investmentmöglichkeit auch für Privatkunden? – Verantwortungsvolle (ESG) Geldanlage (prof-soehnholz.com)

Trend zu Direct ESG Indexing (2): Schroders-Chef Peter Harrison „Fonds sind nicht mehr zeitgemäß“ in das investment vom 21. Juli 2021: Statt lediglich gut rentierende, aber einheitliche Fonds zu verkaufen, sollte es im Asset Management um ganzheitliche Investmentlösungen gehen, findet Harrison. Strategien sollten auf Kunden individuell zugeschnitten werden. Asset Manager sollten Standard-Portfolios bereithalten, die mit nur geringem Aufwand an einzelne Kunden angepasst werden könnten – in dem zum Beispiel Tabakhersteller daraus entfernt würden oder Windenergieunternehmen hinzukämen.

Pro Direct Indexing? MyPortfolio: The IKEA Effect in Financial Investment Decisions von Fabian Brunner, Fabian Gamm, und Wladislaw Mill vom 19. Juli 2021 (#18): “… we ask the following question: How do investors value and trade a self-built financial portfolio compared to one they did not self-build? … We find that self-building a portfolio significantly increases attachment towards it. However, neither valuation of the portfolio nor trading decisions are affected. Thus, our precise estimates suggest that there is no economically relevant “IKEA effect” in financial investment decisions. These results indicate that common portfolio self-building opportunities per se do not directly distort financial markets“ (abstract).

Open Data Chancen und Risiken: Financial services unchained: The ongoing rise of open financial data von Chandana Asif, Tunde Olanrewaju, Hiro Sayama und Ahalya Vijayasrinivasan von McKinsey vom 11. Juli 2021: “Market participants, and particularly incumbent banks, need to grasp the magnitude of the change that is currently underway. It will be important to develop the agility to partner with a wide set of players and build innovative offerings that can serve customer needs in the context of their everyday lives. They must be prepared for a world in which the future of banking is truly “open“” (S. 14).

Fintech SDGs Risiken (1): BigFintechs and their impacts on sustainable development von Katherine Foster, Sofie Blakstad, Martijn Bos, Sangita Gazi, Charlotte Melkun und Becky Shapiro vom 8. Juli 2021 (#25): “Based on the tabulated data from case studies, research and landscape analysis, we found impacts (intentional and unintentional and both positive and negative) across a range of environmental, social and economic SDGs for the LDCs. The greatest SDG impacts, both positive and negative, were found in relation to decent work, economic growth and SMEs (SDG 8), inequalities (SDG 10) and poverty (SDG 1), but with a strong relative showing of impacts on institutions’ peace and justice (SDG 16), climate (SDG 13), environment (SDGs 14 and 15), gender (SDG 5), responsible production (SDG 12) and clean energy (SDG 7)” (S. 2) Mein Kommentar: Es geht auch anders, siehe Conscious Fintech? 5 Jahre Diversifikator – Verantwortungsvolle (ESG) Geldanlage (prof-soehnholz.com)

Fintech SDG Risiken (2): Policymakers, BigFintechs and the United Nations Sustainable Development Goals von Artem Sergeev, Douglas Arner, Kuzi Charamba vom 2. Juli 2021 (#56): “The paper begins by highlighting the significant potential of BFTs in contributing to the SDGs through financial inclusion and provision of financial services. However, BFTs also create unique risks to the financial system as a result of platform economics and tendencies toward market concentration and dominance, misuse of data and gaps in existing regulatory standards” (S. 1).

Fintech SDG Risiken (3): BigFintechs and international governance, policymaking and the United Nations Sustainable Development Goals: the SDGs in the international governance of finance von Kuzi Charamba, Douglas Arner und Artem Sergeev vom 2. Juli 2021 (#42): this Technical Paper provides an overview of the ways in which a select set of SDGs are reflected in international governance and their potential lessons and implications for the governance of BFTs (S. 1). … This discussion … demonstrates the significant impact that BFTs have in our drive towards achieving the SDGs. However, the discussion equally highlights that much work is still required if we are to effectively manage that impact” (S. 3).

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