Pay for Success Financing

Humphries, Kevin W. “Not Your Older Brother’s Bonds: The Use and Regulation of Social-Impact Bonds in the United States.” Law and Contemporary Problems, Duke University (2014), pp. 433–452.
This report offers a detailed overview of social impact bonds and how they influence the marketplace.

Nonprofit Finance Fund: Pay for Success Learning Hub
This website, organized by the Nonprofit Finance Fund, provides extensive resources on pay for success financing.

Pauly, Mark, and Swanson, Ashley. “Social Impact Bonds in Nonprofit Health Care: New Product or New Package?” National Bureau of Economic Research Working Paper 18991, (April 2013).
This paper examines the relationship and similarities between social impact bonds and existing financing methods in the nonprofit sector.

Rinzler, Dan, Philip Tegeler, Mary Cunningham, and Craig Pollack. “Leveraging the Power of Place: Using Pay for Success to Support Housing Mobility,” Working Paper 2015-04, Federal Reserve Bank of San Francisco (July 2015).
This report explores the opportunities for and potential impact of pay for success financing for housing mobility among low-income persons.

Impact Investing

B Corporations
Benefit corporations, often called B corporations, create a material positive impact on society and the environment and are required to consider the impact of their decisions not only on shareholders but also on workers, the community, and the environment. Legislation enacted in 26 states and the District of Columbia authorizes the establishment of B corporations. B Lab, a nonprofit organization, certifies B corporations and provides a platform to measure impact.

Clark, Cathy, Jed Emerson, and Ben Thornley, et. al. Impact Investing 2.0: The Way Forward — Insight from 12 Outstanding Funds, Insight at Pacific Community Ventures, Duke University’s Center for the Advancement of Social Entrepreneurship and ImpactAssets, (November 2013).
This report provides research findings on a cross-section of high-performing impact investment funds and is designed to be a resource for those interested in impact investing.

Global Impact Investing Network (GIIN)
GIIN is a nonprofit organization that works to increase the scale and effectiveness of impact investing. Impact investors seek to generate meaningful social and environmental impact as well as a financial return. An example of a GIIN initiative is the Impact Reporting and Investment Standards (IRIS).

Miller, Clara, and Toni Johnson. “Mission-Aligned Investing: More Complex Than It Seems,” Stanford Social Innovation Review (June 2015).
This article discusses the driving forces behind seemingly misaligned investments and the difficulties associated with divesting in these companies.

Rein, Adam. “Impact Investing and a 200-Year-Old Debate,” Stanford Social Innovation Review (May 2015).
This article examines commonly used models of impact investing and their role in the current marketplace.

Saltuk, Yasemin, Ali El Idrissi, Amit Bouri, Abhilash Mudaliar, and Hannah Schiff. Eyes on the Horizon: The Impact Investor Survey, Global Impact Investing Network and J.P. Morgan (May 2015).
This report presents the findings of the fifth annual impact investor survey conducted by the Global Impact Investing Network and J.P. Morgan.

U.S. National Advisory Board on Impact Investing. Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent, (June 2014).
This report discusses strategies for how governmental agencies can partner with impact investors.

Community Development Financial Institutions (CDFIs)

Fairchild, Gregory B., and Ruo Jia. “Risk and Efficiency Among CDFIs: A Statistical Evaluation Using Multiple Methods,” Darden School of Business, University of Virginia, and Stanford Graduate School of Business, (August 2014).
This research report, prepared for the CDFI Fund, finds that CDFIs show no greater risks of institutional failure than similar mainstream peer institutions and notes CDFIs’ overall efficiency and institutional stability.

Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions, Federal Deposit Insurance Corporation, (March 2014).
This report provides guidance for community banks to help them identify and evaluate partnering opportunities with CDFIs.

Swack, Michael, Eric Hangen, and Jack Northrup. “CDFIs Stepping into the Breach: An Impact Evaluation — Summary Report,” Carsey School of Public Policy, University of New Hampshire (August 2014).
This research report, which was prepared for the CDFI Fund, discusses the state of CDFI impact measurement and analyzes CDFI lending activity.