How to attract professional investors in developing countries? An evidence-based structure for development impact bonds

被引：3

作者：

Gallucci, Carmen ^{[1
,2
]}

Del Giudice, Alfonso ^{[3
]}

Santulli, Rosalia ^{[4
,5
]}

机构：

[1] Univ Salerno, Dept Management & Innovat Syst, Corp Finance, Via Giovanni Paolo II 132, I-84084 Fisciano, SA, Italy

[2] IPAG Business Sch, IPAG Family Business Inst IFBI, 184 Blvd St Germain, F-75006 Paris, France

[3] Catholic Univ, Fac Econ, Corp Finance, Largo A Gemelli 1, I-20123 Milan, Italy

[4] Univ Genoa, Dept Econ, Corp Finance, Via Vivaldi 5, I-16126 Genoa, Italy

[5] IPAG Business Sch, 184 Blvd St Germain, F-75006 Paris, France

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

关键词：

Development Impact Bonds; Outcome-based contracts; Foreign aid; Agency problems; Public-private partnership; Professional investors;

D O I：

10.1016/j.frl.2022.102816

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper deals with the rationale issue of financing developing countries by deepening the characteristics of Development Impact Bonds (DIBs). The World Economic Forum, in 2018, introduced them as "pioneering and promising financial instruments". However, to date, their spread is modest because of their structural, contractual and financial features, which make them unattractive to professional investors. Therefore, the paper proposes a new DIB structure, which is more appealing and easy-to-understand for practitioners and is able to mitigate potential agency problems.

引用

页数：8

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