Social Finance and Sustainable Development Goals: A Literature Synthesis, Current Approaches and Research Agenda

The debate, especially in policy circles, around the emergence of Social and Sustainable Finance (SSF), depict as 'paradoxical' the contrast between SSF as a relatively under-developed field of knowledge and thought, and yet as an area of practice with 'vast potential' that is experiencing an 'explosion' in practitioner numbers. Such potential, in term of economic and social value that SSF can deliver, is reflected in the increasing of interest within the public policy-making arena in the achievement of Sustainable Development Goals (SDGs). More in detail, it is also underlined by the raising of public and private investment into promoting and supporting them. Within such evolving arena, the exact scale and scope of SSF's contribution to the improvement of SDGs worldwide is difficult to delineate and measure accurately, but there seems to be universal agreement that SDGs represent an ideal and widespread area where SSF can register a significant growth. However, limited research addressed the marriage of these two fields. The purpose of this research are: i) to shed light on existing academic literature embracing both Social and Sustainable Finance and SDGs issues, ii) explore emerging trends deriving from international policy-making actors, market builders, managers, senior academics and, iii) to identify the main areas for further research focusing on SSF and SDGs. In order to derive a research agenda about such emerging research topic, the study adapts a triangulated approach based on qualitative mixed methods. With such objectives in mind, the study provides an extensive literature review in order to depict a comprehensive overview of existing knowledge considering both SSF and SDGs topics. The analysis is therefore enhanced by the trends identified from literature deriving from public policy-making actors and market-builders as well as from invited commentaries on SSF from senior scholars and managers. Thus, a holistic perspective on SSF experience, useful to identify the main areas for further research on SSF in the sustainability industry, was derived. The study, therefore, aims to provide, through a triangulated analysis of the concepts, frameworks and trends, a detailed understanding of the mechanisms for managing the interplay between SSF and SDGs, by highlight future avenues of research in this field

Business Models for Sustainable Finance: The Case Study of Social Impact Bonds

Business models for sustainability (BMfS) are relevant topics on research agendas, given their orientation toward sustainability issues. However, traditional versions of these models are often ill-equipped at solving complex social problems. Cross-sector partnerships for sustainability (CSPfS) have been recognized as a new paradigm that mitigates the failure of traditional models. Impact investing, and social impact bonds (SIBs) in particular, represent an interesting field of research in innovative business models for sustainable finance, even though the literature does not consider SIBs within this broader field. We propose an exploratory study based on qualitative methods aimed at conceptualizing SIBs within the framework of BMfS and understanding how SIB collaboration varies across social sectors and geographical areas. Our study identifies three different models of SIBs characterized by the different degrees of collaboration between actors: (i) SIB as a fully collaborative partnership; (ii) SIB as a low-collaborative partnership; and (iii) SIB as a partially collaborative partnership. Our findings are useful to policy makers and practitioners involved in the SIB design, suggesting that a fully collaborative SIB model may stand a better chance of achieving the expected social impacts

MOBILIZING PRIVATE FINANCE FOR PUBLIC GOOD: CHALLENGES AND OPPORTUNITIES OF SOCIAL IMPACT BONDS

Social Impact Investing (SII), defined as investment that aims to create a positive social impact in addition to a financial return, is a promising approach to solving pressing social issues. One of the key topics in this context is a new “pay-for-performance” financing instrument for social services that has been implemented in the UK, the US and Australia to facilitate impact investments: Social Impact Bonds (SIBs). The extension of the scope of the SIB outcomes-based model to achieve improved social outcomes in developing countries implies the use of Developing Impact Bonds (DIBs). The adaption of the SIB approach for developing countries is the most recent financial innovation derived from the impact investing industry. This work using a multiple case study approach, provides an analysis of the role of typical financial instruments of SIIin welfare policies through a descriptive and explorative analysis of the contractual scheme and of the technical and economic aspects of some currently existing SIBs and DIBs and provides a comparison of SIBs and DIBs by highlighting their similarities, differences, opportunities and challenges. The results offer practical suggestions for professionals and policy makers to support suitable strategies for the evolution of these instruments in the delivery of welfare services

Focused Inversion of Gravimetric and Magnetotelluric Data for Geothermal Investigations

Focused inversion techniques may be applied to geophysical data inversion in order to image complex structures in the subsoil. These algorithms may image complex \u201cblocky\u201d structures giving useful information in geothermal exploration that may be smoothed out by standard inversion algorithms that use stabilizer that penalize sharp transitions. We have tested the modified total variation and the maximum gradient support stabilizers in the inversion of synthetic and field magnetotelluric and gravimetric data. The gravimetric data from the Luhoi geothermal prospect have been used to map the sharp density transition between the sandstone and the overlying claystone layers. The resulting horst structure imaged in 2D and 3D models by the maximum gradient support stabilizer solution allow to trace the main fault system that drives the up-flow of hydrothermal waters. The 1D magnetotelluric \u201cblocky\u201d models with lateral constrain (pseudo-3D) image the lithological contact between the claystone and sandstone far from the horst area and reveal resistivity variations in the claystone layer associated with sand lenses. In the horst area, resistivity models image hydrothermal alteration affecting the sandstone layer

Targeting Macrophages and Synoviocytes Intracellular Milieu to Augment Anti?Inflammatory Drug Potency

Using a preclinical in vivo model of arthritis and the gold standard disease-modifying anti-rheumatic drug, methotrexate, pH-responsive phosphorylcholine polymersomes, elicit both anti-inflammatory and anti-arthritic therapeutic efficacy, while drastically minimizing off-target toxicity. First, the selective accumulation of polymersomes within synovium of inflamed joints. Second, the polymersomes targeting ability toward activated macrophages and synoviocytes, via scavenger receptors, allow their uptake via endocytosis. And third, the polymersomes pH-responsiveness enables the drug escape from early endosomes and hence its intracellular milieu delivery. On-site augment of methotrexate loaded polymersomes enable the complete abrogation of synovial inflammation and prevent the disease progression and severity. Overall, in vitro and in vivo investigations reveal the potential of polymersomes as a promising nanotherapy for treating arthritic inflammation

Hepatitis B Surface Antigen Seropositive Men in Serodiscordant Couples: Effects on the Assisted Reproductive Outcomes

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Multidisciplinary Management of Spondyloarthritis-Related Immune-Mediated Inflammatory Disease

Immune-mediated inflammatory diseases (IMIDs) are chronic autoimmune conditions that share common pathophysiologic mechanisms. The optimal management of patients with IMIDs remains challenging because the coexistence of different conditions requires the intervention of several specialists. The aim of this study was to develop a series of statements defining overarching principles that guide the implementation of a multidisciplinary approach for the management of spondyloarthritis (SpA)-related IMIDs including SpA, psoriasis, psoriatic arthritis, Crohn's disease, ulcerative colitis and uveitis

Effectiveness and safety of vedolizumab in a matched cohort of elderly and nonelderly patients with inflammatory bowel disease: the IG-IBD LIVE study

Background Vedolizumab registration trials were the first to include elderly patients with moderate-to-severe ulcerative colitis (UC) or Crohn's disease (CD), but few real-life data have been reported in this population. Aims We investigated the effectiveness and safety of vedolizumab in matched cohorts of elderly and nonelderly UC and CD patients. Methods The Long-term Italian Vedolizumab Effectiveness (LIVE) study is a retrospective-prospective study including UC and CD patients who started vedolizumab from April 2016 to June 2017. Elderly patients (>= 65 years) were matched clinically 1:2 to nonelderly patients (18-64 years); the 2 groups were followed until drug discontinuation or June 2019. Results The study included 198 elderly (108 UC, 90 CD) and 396 matched nonelderly patients (205 UC, 191 CD). Nonelderly UC patients had a significantly higher persistence on vedolizumab compared to elderly patients (67.6% vs. 51.4%, p = 0.02). No significant difference in effectiveness was observed between elderly and nonelderly CD patients (59.4% vs. 52.4%, p = 0.32). Age >= 65 years was associated with lower persistence in UC; for CD, previous exposure to anti-TNF-alpha agents, Charlson comorbidity index >2 and moderate-to-severe clinical activity at baseline were associated with lower persistence. There were recorded 130 adverse events, with comparable rates between the two groups. A Charlson comorbidity index >2 was associated with an increased risk of adverse events. Conclusion Vedolizumab can be considered a safe option in elderly IBD patients. Its effectiveness in elderly UC patients may be reduced, while no age-dependent effect on effectiveness was observed in CD

Insight into the Social Impact Bond market: an analysis of investors

In the last five years, the public and private sectors have shown considerable interest in Social Impact Bonds (SIBs), a financial innovation that enables the mobilization of private financing for public sector programmes. A SIB involves a contractual agreement for the provision of public services by a private sector consortium, ‘optimal’ risk sharing between the public sector and the private sector, and innovative design and delivery of public services by the private sector. A large number of actors – such as governments, social organizations, impact investment intermediaries, and banks – have contributed to the development of the global impact bond market over the last six years. Recent research efforts have explored the topic of SIBs from different theoretical perspectives. However, empirical studies are still lacking, and their limits, potential and effectiveness need to be explored. Many attempts have been made to map the SIB market. Moving from the widely varying results in both number and execution of SIBs around the world, this work aims to provide an updated analytical map of this promising field of activity worldwide, with a focus on the investors consciously pursuing a blend of economic, social and/or environmental value. Finally, this study identifies the issues investors face and suggests areas for future research in this field. These preliminary results are encouraging and offer several starting points for future works