Pension Fund Politics The Dangers of Socially Responsible Investing

by Entine, Jon

• ISBN13: 9780844742182
• ISBN10: 084474218X
• Format: Paperback
• Copyright: 2006-01-04
• Publisher: Aei Press

Summary

This book shows that pension funds and mutual funds that screen investments according to social and ethical preferences frequently harm those people and causes (for example, the poor and the environment) that they are designed to help.

Table of Contents

1. THE POLITICIZATION OF PUBLIC INVESTMENTS,
Jon Entine	1	(12)
The Problematic History of Social Investing of Public Pension Funds	3	(6)
The Essays	9	(2)
Notes	11	(2)
2. SOCIAL INVESTING: PENSION PLANS SHOULD JUST SAY "NO,"
Alicia H. Munnell and Annika Sundén	13	(43)
What Is Social Investing and How Much Is Going On?	14	(5)
Prevalence of Various Approaches to Social Investing	19	(1)
How Does Social Investing Affect Companies?	20	(8)
The Textbook Argument	21	(2)
Counterexamples	23	(2)
South African Boycott	25	(3)
How Does Social Investing Affect Shareholder Returns?	28	(6)
Theory	29	(1)
Evidence	30	(4)
Should Pension Plans Engage in Social Investing?	34	(11)
Public Pensions	35	(7)
Private Pensions	42	(3)
Conclusion	45	(3)
Notes	48	(8)
3. WHY SOCIAL INVESTING THREATENS PUBLIC PENSION FUNDS, CHARITABLE TRUSTS, AND THE SOCIAL SECURITY TRUST FUND,
Charles E. Rounds Jr.	56	(25)
Introduction	56	(5)
Trustees and Social Investment	61	(2)
State Pension Funds	63	(4)
Charitable Funds	67	(4)
Social Security	71	(5)
Conclusion	76	(1)
Notes	77	(4)
4. THE STRATEGIC USE OF SOCIALLY RESPONSIBLE INVESTING,
Jarol B. Manheim	81	(22)
Balancing the Corporate Books	82	(1)
Power Structure Analysis: A Pathology of Stakeholder Relationships	83	(3)
Anticorporate Activists and Public Pension Funds	86	(8)
Proxy Wars and "Social Netwars"	94	(3)
Conclusion	97	(2)
Notes	99	(4)
ABOUT THE AUTHORS	103	(4)
INDEX	107