Blended Value Investing: Innovations in Real Estate

In March 2006, The World Economic Forum published Blended Value Investing: Capital Opportunities for Social and Environmental Impact. That paper, written by Jed Emerson and Joshua Spitzer, presented and explored the notion that between market-rate financial investments and philanthropy lie investment opportunities that intentionally create both financial returns and environmental and social value. These investment instruments seek not simply to balance extra-financial value with financial value, to avoid doing harm, or to add token social responsibility to financial investing (as is true of many 'double bottom line' funds); rather they pursue a sustained blending of value creation -- in financial, environmental and other dimensions. That paper presented 12 case studies of funds and investment instruments in this blended value investing category with a focus on global economic and social value creation more than environmental value creation.In the autumn of 2006, The William and Flora Hewlett Foundation funded a new exploration of blended value, this time focused more specifically on the area of environmental and conservation finance. Many innovations are advancing the field of environmental finance, many of these strategies have been well documented in a variety of articles, books and websites. Nevertheless, for many asset owners and managers, creating blended financial and environmental returns still remains a difficult goal to attain. These actors continue to ask questions regarding the types of investment option before them, the degree (if any) to which they carry a financial penalty, and the nature of the environmental value created (among other questions). Accordingly, this paper offers a broad overview of various real estate-based investment instruments and funds that are structured to generate financial returns while simultaneously advancing environmental value. The specific audience for this paper includes foundation executives seeking to move beyond traditional grantmaking, as well as high-net-worth individuals and other asset trustees working to understand options for pursuing full, blended value investments -- namely, those that create a defined level of economic value combined with environmental impact.This inquiry introduces frameworks for approaching blended value investments, and it raises a series of questions potential investors will probably ask. While the authors believe these investments will ultimately prove viable and efficient, this inquiry stops short of comparing these blended value investments to more traditional alternatives. In the absence of further data, the authors cannot assert that these investments are superior to traditional strategies. The inquiry's conclusion suggests future studies that might bring more data to the ongoing discussion

Blended Value Investing: Integrating Environmental Risk and Opportunities into Securities Valuation

Increasingly, investors are integrating environmental risk and opportunity into their financial valuations of public and private assets. This paper offers an overview of how environmental factors might be integrated into companies' financial valuation. More speculatively, it suggests ways in which a blended value investor could potentially attain equal or better financial returns than traditional investors agnostic to the environmental implications of their investments

A Whole Greater Than the Sum of Its Parts: What Philanthropy Can Learn from Complex Systems Theory

Is philanthropy less than the sum of its parts? We know of countless examples of individual organizational excellence: nonprofits and foundations that achieve extraordinary impact on the great challenges of our time. But it is hard to avoid the haunting sense that all this good work does not add up. The efforts of individual organizations are fragmented and isolated. This fragmentation yields real challenges: inefficient fundraising, infrequent collaboration, and uneven learning. All told, it is difficult to articulate the impact of the whole of philanthropy. Over the last few decades a new science has emerged that wrestles with the questions of systems-level behavior. The philanthropic community can learn much from this work. This paper is an initial effort to connect the insights from complex systems science with nonprofits, foundations, and all those devoted to making a better world

Determinants of long-term care insurance: Are spouses substitutes?

As the U.S. population continues to age due to medical advancements and the aging of the largest generation in the history of the U.S. (baby boomers), the number of people in long-term care facilities has increased significantly; however, the percentage of people with long-term care insurance is small. Research conducted in the early 2000s focused on factors such as availability of children, risk aversion, health status, age, having Medicaid, and other variables that describe personal attributes to explain why the market is so small. This paper will use recent data from the Health and Retirement Study to determine whether or not having a living spouse is a substitute for having long-term care insurance. In particular I investigated this question for those classified as middle baby-boomers. I found that being married has a positive and statistically significant impact on the whether or not an individual has long-term care insurance

PCR-Independent Detection of Bacterial Species-Specific 16S rRNA at 10 fM by a Pore-Blockage Sensor.

A PCR-free, optics-free device is used for the detection of Escherichia coli (E. coli) 16S rRNA at 10 fM, which corresponds to ~100-1000 colony forming units/mL (CFU/mL) depending on cellular rRNA levels. The development of a rapid, sensitive, and cost-effective nucleic acid detection platform is sought for the detection of pathogenic microbes in food, water and body fluids. Since 16S rRNA sequences are species specific and are present at high copy number in viable cells, these nucleic acids offer an attractive target for microbial pathogen detection schemes. Here, target 16S rRNA of E. coli at 10 fM concentration was detected against a total RNA background using a conceptually simple approach based on electromechanical signal transduction, whereby a step change reduction in ionic current through a pore indicates blockage by an electrophoretically mobilized bead-peptide nucleic acid probe conjugate hybridized to target nucleic acid. We investigated the concentration detection limit for bacterial species-specific 16S rRNA at 1 pM to 1 fM and found a limit of detection of 10 fM for our device, which is consistent with our previous finding with single-stranded DNA of similar length. In addition, no false positive responses were obtained with control RNA and no false negatives with target 16S rRNA present down to the limit of detection (LOD) of 10 fM. Thus, this detection scheme shows promise for integration into portable, low-cost systems for rapid detection of pathogenic microbes in food, water and body fluids

Harold H. Kynett Correspondence

Entries include a typed letter on personal stationery

Harold W. Felton Correspondence

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Evaluating the Impacts of Sea Level Rise and Storm Surges on Seychelles' Critical Infrastructure: Summary for Policy Makers

The Republic of Seychelles, like other island nations, is at risk from anthropogenic climate change. Adapting to future climate change requires making difficult decisions under conditions of uncertainty. While the uncertainty cannot be fully resolved, informed adaptation decisions can be made by broadly appraising the various dimensions of risk—climate hazards, exposure, and vulnerability—posed by sea level rise and storm surge to Seychelles’ critical infrastructure. Global climate models, local climate feature projections, and local climate trends were synthesized to create five climate scenarios to guide Seychelles’ adaptation decision-making. Vulnerability maps were created by combining local climate and socioeconomic data into a Geographic Information Systems (GIS) format. This report concludes with a list of recommendations aimed at better protecting Seychelles’ critical infrastructure from sea level rise and storm surge and fostering climate-resilient development. In addition to this report, the project developed online risk maps and a Climate Scenario Planning Toolkit, all of which were designed to meet the needs of local stakeholders. This work is part of a larger effort by the United Nations Framework Convention on Climate Change (UNFCCC), known as the Lima Adaptation Knowledge Initiative (LAKI), which aims to close knowledge gaps regarding climate adaptation. In this capacity, it will serve not only to guide the Seychelles Government’s approach to climate change adaptation but may also aid other island nations facing similar climate risks.Master of ScienceSchool for Environment and SustainabilityUniversity of Michiganhttps://deepblue.lib.umich.edu/bitstream/2027.42/155352/1/Seychelles Summary for Policymakers.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/155352/3/Summary for Policymakers_368.pdfDescription of Seychelles Summary for Policymakers.pdf : Summary for Policy Maker

Way Down in Birmingham / music by Harold Dixon; words by Erwin F. and Jacob L. Kleine

Cover: drawing of a Caucasian male boarding a train, as an African American male loads his luggage; Publisher: Dixon-Lane Pub. Co. (Chicago)https://egrove.olemiss.edu/sharris_c/1164/thumbnail.jp