Pension Fund Politics The Dangers of Socially

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.

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

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Pension Fund Politics The Dangers of Socially Responsible Investing

Summary

Table of Contents

Supplemental Materials