对新兴市场和发展中经济体进行投资的长期回报.docxVIP

P Policy Research Working Paper 9366 Abstract ftere is growing interest in impact investing, the idea of deploying capital to obtain both financial and social or envi- ronmental returns. Examination of every equity investment made by one of the largest and longest-operating impact investors across 130 emerging market and developing econ- omies shows this portfolio has outperformed the SP 500  by 15 percent. Investments in larger economies have higher returns, and returns decline as banking systems deepen and countries relax capital controls. ftese results are consistent with imperfect integra