Community Investing
Corporate Governance - Generally
Corporate Governance & Shareholder Advocacy (non-US)
Corporate Governance & Shareholder Advocacy (US)
Corporate Reporting
Corporate Social Responsibility - Generally
Fiduciary Duties
Law & Economics
Mission-Based Investing
Seminars & Symposia – Papers & Websites
Shareholder Activism
Social Investing - Generally
Social Investing - Generally (Emerging Markets)
Social Investing - Generally (Europe)
Social Investing - Generally (Japan)
Social Investing - Generally (UK)
Social Investing - Generally (US)
Social Investing -- Investment Performance Generally
Social Investing -- Investment Performance (Non-US)
Social Investing -- Investment Performance (US)
Social Investing - Pensions (UK)
Social Investing & Mutual Funds
Social Investing & Trusts – Charitable, Pension, etc.
Sustainability

Community Investing

Religious Action Center of Reform Judaism, “Socially Responsible Investment”, 2000.  Site focuses on community investment.  Brief, persuasive argument focusing in part on Chai Fund.  http://www.rac.org/issues/issuesri.html#status

Margaret B. Lehr, “Best Practices for CDFIs:  Key Principles for Performance” (Philadelphia: National Community Capital Ass’n, 1998).  Available from NCCA.

Union of American Hebrew Congregations, “Socially Responsible Investment”, resolution adopted by the General Assembly, October 29- Nov. 2, 1997.  Endorses investing 1.8 percent of endowment pool and pension funds in pooled community investment vehicles. http://rj.org/uahc/dallas/areso/social.html

“Financial Modernization and the Poor Conference: A Report and Transcript” (Philadelphia: National Community Capital Ass’n, 1997).  Available from NCCA.

Mark A. Pinsky & Valerie L. Threlfall, “The Parallel Banking System & Community Reinvestment” (Philadelphia: National Community Capital Ass’n, 1998).  Available from NCCA.

Corporate Governance - Generally

Lyman P.Q. Johnson and David Millon, “Recalling Why Corporate Officers are Fiduciaries,” 46 Wm. & Mary L. Rev. 1597 (2005).  A persuasive argument for applying traditional agency law principles to corporate relationships.  Extremely important.

Adam Winkler, “Corporate Law or the Law of Business?: Stakeholders and Corporate Governance at the End of History,” 67 Law & Contemp. Probs. 109 (2004).

Kerry Shannon Burke, “Regulating Corporate Governance Through the Market: Comparing the Approaches of the United States, Canada and the United Kingdom”, 2002 J. Corporation L. 341.  Use of stock market regulations to affect corporate governance.

Corporate Governance Symposium, 54 Bus. Lawyer 883 (1999).  Excellent set of articles, especially on Classified Boards and Improving Corporate Audit Committees.

John H. Farrar, “A Brief Thematic History of Corporate Governance” 11 Bond L.R. 259 (AU) (1999).  A too synoptic overview of corporate governance in the English-speaking world.

Stewart J. Schwab & Randall S. Thomas, “Realigning Corporate Governance:  Shareholder Activism by Labor Unions”, 96 Mich. L. Rev. 1018 (1998).

“Note:  Global Gadflies: Applications and Implications of US-Style Corporate Governance Abroad”, 17 N.Y.L. Sch. J. Int’l & Comp. L. 621 (1997).  Fine student note.  Detailed cites.

David L. Ratner, “The Government of Business Corporations: Critical Reflections on the Rule of ‘One Share, One Vote’”, 56 Cornell L. Rev. 1 (1970).  A valuable resource for the long history of controversy over corporate governance.  Exceptionally well footnoted.

E. Merrick Dodd, Jr., “For Whom are Corporate Managers Trustees?,” 45 Harv. L. Rev. 1145 (1932).  A response to Berle’s “Corporate Powers”, infra.

A.A. Berle, “For Whom Corporate Managers are Trustees: A Note,” 45 Harv. L. Rev. 1365 (1932).  The last word in Berle’s debate with Dodd over the nature of management’s relationship to the corporation; preview of The Modern Corporation and Private Property, q.v.

Corporate Governance & Shareholder Advocacy (non-US)

Vepa Kamesam, “Inaugural Address”, Programme on Governance in Banks & Financial Institutions”, Administrative Staff College of India, Hyderabad, Nov. 22, 2001.  Http://www.indiainfoline.com/nevi/cogo.html A fine summary of the issues.

Gavin Grant, et al., “Beyond the Numbers: Corporate Governance in the UK” (New York:  Deutsche Bank, February 18, 2004).  A fascinating study attempting to value corporate governance risk within the FTSE 350.  A must-read if only for the resources and conceptual framework.. 

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Corporate Governance & Shareholder Advocacy (US)

Rockefeller Philanthropy Advisors & As You Sow Foundation, “Unlocking the Power of the Proxy” (2004).  Excellent 60 page pamphlet directed toward foundations & endowments, but useful to a much broader audience.

Joe Keefe & Steven D. Lydenberg, “Corporate Governance Social Responsibility, and Obligations of Ownership: Background paper for State Treasurers and Legislators”, Domini Social Investments, LLC, September 2003.

Douglas G. Cogan “Corporate Governance & Climate Change: Making the Connection”, (Boston, MA.:  Coalition for Environmentally Responsible Economies (CERES) 2003).  Available from the publisher, +1 617-247-0700 or www.ceres.org. 

New York Society of Security Analysts (NYSSA), “Corporate Governance Handbook” (Oct. 2003) www.nyssa.com  More a pamphlet than a handbook, but a concise “pro and con” on the day’s major issues.

Warren Buffett, Letters to Berkshire Hathaway Shareholders.  Http://berkshirehathaway.com/letters/   Buffett’s 2002 letter invites readers to compare his 1993 comments on corporate governance.  Take up his invitation.

“Corporate Governance – Who Cares:  Interview with Stephen Viederman.”  International Fund Strategies, June 1997, p. 2

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Corporate Reporting

Robert Repetto & Duncan Austin, “Coming Clean: Corporate Disclosure of Financially Significant Environmental Risks” (Washington, D.C.: World Resources Institute, 2000) A pioneering study in the field and still of considerable interest.

Corporate Social Responsibility - Generally

Sir Geoffrey Chandler, “Corporate Social Responsibility: The International Aspects”, Keynote Address to Conference: Corporate Social Responsibility & the Role of the Lawyer”, Amsterdam, June 25, 2004.  Poor title for a rich, important speech meditating on globalization and CSR.  Sir Geoffrey is a former Shell Director and a founder of the Business Group at Amnesty International (UK).   http://209.238.219.111/Chandler-IBA.doc

Niall Fitzgerald, “CSR: Rebuilding Trust in Business: A Perspective on Social Responsibility in the 21st Century” (London: Unilever PLC Corporate Relations, 2003).  Available from the publisher: +44 20 7822 5944.  A thoughtful meditation by Unilever’s retiring chairman on his company and business in general.  Quotable, thought-provoking.  Highly recommended.

Rachel Cherington, “Securities Law and Corporate Social Responsibility: Toward an Expanded Use of Rule 10b-5,” 76 Tul. L. Rev. 1439 (2002).

Kellye Y. Testy, “Linking Progressive Corporate Law with Progressive Social Movements,” 76 Tul. L. Rev. 1227 (2002).

Lyman P.Q. Johnson, “The Social Responsibility of Corporate Law Professors,” 76 Tul. L. Rev. 1483 (2002).

Vincent M. Di Lorenzo, “Equal Economic Opportunity: Corporate Social Responsibility in the New Millennium,” 71 U. Col. L. Rev. 51 (2000).

Peter Dobkin Hall, “Business Giving and Social Investment in the United States, 1790-1995,” 41 N.Y. L. Sch. L. Rev. 789 (1997).

Fiduciary Duties

N.B.: See also “Articles – Social Investing & Trusts”, below.

Peter D. Kinder, “New Fiduciary Duties in a Changing Social Environment,” Journal of Investing, Fall 2005, p. 24.

Lisa M. Fairfax, “Spare the Rod, Spoil the Director? Revitalizing Directors’ Fiduciary Duty through Legal Liability,” 42 Hous. L. Rev. 393 (2005).

John H. Langbein, “Questioning the Trust Law Duty of Loyalty: Sole Interest of Best Interest,” 114 Yale L. J. 929 (2005).  Argues for substituting a cost-benefit post hoc test for the duty of loyalty; “law and economics” at its most malevolent and unworldly.

Kimberley Lynn Weiss, “Director’s Liability for Corporate Mismanagement of 401(k) Plans: Achieving the Goals of ERISA in Effectuating Retirement Security,” 38 Ind. L. J. 817 (2005).

James P. Baker, “The Good, the Bad, and the Ugly: Delegating Fiduciary Responsibility After Enron,” 30 Employee Relations L. J. 16 (2004).
                                               
Peggy Sasso, “Comment:  Searching for Trust in the Not-for-Profit Boardroom:  Looking Beyond the Duty of Obedience to Ensure Accountability”, 50 UCLA L. Rev. 1485 (2003).  This article can’t be over-praised for its mixture of authorial experience and solid legal research.  An essential article for those concerned with governance issues, as well.

Gil Yaron, “The Responsible Pension Trustee: Re-Interpreting the Principles of Prudence and Loyalty in the Context of Socially Responsible Institutional Investing” 20 Estates, Trusts & Pensions J. 305 (2001).  A survey of Canadian law.

Virginia L. Gibson, Bonnie K. Levitt and Karine H. Cargo, "Overview of Social Investments and Fiduciary Responsibility of County Employee Retirement System Board Members in California" (2000), Baker & MacKenzie, Two Embarcadero Center, Suite 2400, San Francisco, CA  94111 (415) 576-3000.  Extremely important.  The first public opinion by a major US law firm on ability of pension funds to screen.  Essentially favorable, but a rather shallow legal analysis.
 
Robert J. Aalberts & Percy S. Poon, “The New Prudent Investor Rule and the Modern Portfolio Theory:  A New Direction for Fiduciaries,” 34 Am. Bus. L. J. 39 (1996).  Excellent overview of complicated questions.

C.L. Duronio, “Fiduciary Concerns Under the Prudent Investor Standard,” Trusts & Estates, Dec. 1996, p. 33.  Very thorough appraisal of the Uniform Prudent Investor Act and implications of Prudent Investor Rule for fiduciaries of charitable entities.

Jeffrey N. Gordon, “The Puzzling Persistence of the Constrained Prudent Man Rule,” 62 N.Y.U. L. Rev. 52 (1987).

Brain J. Stanley, “A Standard for Trustees Stricter than the Prudent Man Standard: The Past and the Future,” 9 Okla. City U. L. Rev. 458 (1984)

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Law & Economics

Ron Harris, “The Uses of History in Law & Economics,” 4 Theoretical Inquiries in Law 1 (2003).

Herbert Hovenkamp, “Book Review: The Rationalization of Antitrust,” 116 Harv. L. Rev. 917 (2003).

Herbert Hovenkamp, "Knowledge About Welfare:  Legal Realism and the Separation of Law and Economics", 84 Minn. L. Rev. 805 (2000).  An invaluable sorting out of the schools of economic and political thought that shape today's law.

Herbert Hovenkamp, “Market Efficiency and the Domain of the Firm,” 18 J. Corp. L. 173 (1993).  A balanced, if ultimately negative, view of Coasian economics.

Herbert Hovenkamp, “The Marginalist Revolution in Legal Thought,” 46 Vand. L. Rev. 305 (1993).  Important study of how economic thought influenced Progressive Era legislation.

Herbert Hovenkamp, “The First Great Law & Economics Movement,” 42 Stan. L. Rev. 993 (1990).  Substantive due process.
 
Herbert Hovenkamp. “Marginal Utility and the Coase Theorem,” 75 Cornell L. Rev. 783 (1990).

Mission-Based Investing

Peter D. Kinder & Stephen D. Lydenberg, “Mission-Based Investing:  A White Paper”, (Boston: KLD Research & Analytics, 1998/2004).  Eighty-page resource guide for trustees and administrators. 

Canadian Council for International Co-operation, “Investing in Change: Mission-Based Investing” (Ottawa:  2003).  A comprehensive guide to mission-based investing prepared by Michael Jantzi, a KLD director.  This superb guide has much of use to US and UK organizations.  http://www.ccic.ca/e/002/development_mission_based_investing.shtml

Brian F. Camey, “Putting our Money Where our Mission Is”, Health Progress, Sept.-Oct. 1999 (Catholic Health Ass’n, St. Louis, Mo.).  Available at http://www.chausa.org/PUBS.  Very enlightening report on survey of Catholic Health Association’s members and their involvement in SRI.

“Mission-Based Investing Integrates Values, Financial Decision Making”, Catholic Health World, Mar. 15, 1999 (Catholic Health Ass’n, St. Louis, Mo.).  Available at http://www.chausa.org/PUBS. Good overview contained in a report on a CHA meeting.

Roger M. Williams, “Mission and Investment:  Shall the Twain Meet?,” Foundation News & Commentary, Jan./Feb. 1998, pp. 18ff.  Overview of SRI from foundation perspective.

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Seminars & Symposia – Papers & Websites
“Socially Responsible Investing & Pension Funds”, American Enterprise institute, June 7, 2004.  http://www.aei.org/events/eventID.832,filter.all/event_detail.asp  Many of the talks and papers are available online for this important conference.

Christian Science Monitor Panel on Socially Responsible Investing, Jan. 29, 2004.  With Peter D. Kinder, Jerome Dodson, Jane Seibels & Edward Easterling, Jr.  http://www.csmonitor.com/specials/sri/media/briefing_012904.html

Clive Cutbill, “Socially Responsible Investment: It may be ethical, but is it legal?”, Recent Developments in Pensions Law, (London:  Herbert Smith, 20 January 1999).  Excellent outline of UK law.

R.A. Gilbert & G.R. Randall, "Counseling Trustees on Social Investing," 18 ALI-ABA Course Materials J. 31 (1994).  Outline of course materials for lawyers working with public sector pension fund boards.  A very good treatment of  "nitty gritty" issues applicable to boards generally.

Shareholder Activism

Roberta Romano, “Less is More: Making Institutional Investor Activism a Valuable Mechanism of Corporate Governance” 18 Yale J. Reg. 174 (2001).  A very critical, unsupported-assertion riddled review of the efficiency and effects of institutional shareholder activism: the “law & economics” doyen suggests losing proxy proponent should pay costs to company.

Beth-ann Roth, “Proactive Corporate-Shareholder Relations:  Filling the Communications Void”, 48 Cath. U.L. Rev. 101 (1998).  Explores methods of institutionalising communications between corporations and shareholders.  Good overview of existing law and practise.

Elizabeth G. Geltman & Andrew E. Skroback, “Environmental Activism and the Ethical Investor”, 1997 J. Corporation Law 405.  Very thorough examination of both activism generally and environmental proxy issues specifically.

Marleen A. O’Connor, “Organized Labor as Shareholder Activist: Building Coalitions to Promote Worker Capitalism”, 31 U. Rich. L. Rev.1345 (1997).

Roberta Romano, “Public Pension Fund Activism in Corporate Governance Reconsidered,” 93 Col. L. Rev. 795 (1993).  How to “depoliticize” investment decisions and avoid political pressures on pension boards.  Noted ‘law & economics’ professor argues benefits of activism are limited and pension managers conflicted.  Untroubled by supporting data or opposing views.

Social Investing - Generally

Paul Hawken & The Natural Capital Institute, "Socially Responsible Investing", Natural Capital Institute, Oct. 2004.  http://www.naturalcapital.org/images/NCI_SRI_10-04.pdf   A well-presented critique of SRI from a generally friendly source, albeit one based on a fundamental misunderstanding of SR investors’ motivations and the impossible assumption that one can devise a generally accepted standard of “social responsibility” to be applied to corporations.

Michael S. Knoll, “Ethical Screening in Modern Financial Markets: The Conflicting Claims Underlying Socially Responsible Investment”, 57 Bus. Lawyer 681 (2002).  Many valuable insights and some exceptionally thorough research but tainted by the author’s focus on the straw man that SRI’s goal is to affect stock price.

Julie Hudson, UBS Investment Bank, "The Social Responsibility of the Investment Profession", Research Foundation of CFA Institute Monograph, (2006). Available from the publisher at http://www.cfapubs.org/doi/abs/10.2469/dig.v36.n4.4325?prevSearch=subjectcodefield%3A%28T-025%29. Examines the basic principles of socially responsible investing (SRI) in a global context. Reviews various portfolio approaches to SRI, various stakeholder responsibilities and roles, and common SRI accounting and disclosure concerns.

M.O. Hylton, "Socially Responsible Investing:  Doing Well in an Inefficient Market," 42 Amer. Univ. L. Rev. 1 (1992).

"Note:  Environmental Investing:  A Suggestion for State Action," 16 Columbia Journal of Environmental Law 349 (1991).   Also appears in The Social Investment Almanac, supra.

Social Investing - Generally (Emerging Markets)

Enterprising Solutions Global Consulting, “Towards Sustainable & Responsible Investment and Emerging Markets: A Review and Inventory of the Social Investment Industry’s Activities and Potential in Emerging Markets” (Washington, DC: International Finance Corporation, October 2003).  Available from the publisher: +1 202.473.3800 or www.ifc.org.

Social Investing - Generally (Europe)

European Sustainable & Responsible Investment Forum (Eurosif), "Socially Responsible Investment Among European Institutional Investors" (Paris: Oct. 2003). Superb survey by SRI trade organization of Europe (except Sweden) with careful attention to what makes each country's SRI marketplace unique. Indispensable. http://www.eurosif.org/pub/lib/2003/10/srirept/

Social Investing - Generally (Japan)

Association for Sustainable & Responsible Investment in Asia (ASrIA), "Foreign versus Local: The Debate About SRI Priorities in Japan" (Hong Kong: Oct. 2003). First of its kind survey in an Asian market (and very few in developed SRI markets come close to it). http://www.asria.org/publications

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Social Investing - Generally (UK)

Henderson Global Investors, SRI Annual Report (May 2003).  Available at: http://www2.henderson.com/sri/document_library/index.asp?  A very good resource, as are the other documents in Henderson’s library.

Watson Wyatt LLP, “Socially Responsible Investment for Pension Funds: Putting a Conscience in Your Portfolio”, London, Nov. 2002.  Five-page overview with focus on benchmarks and performance.  http://www.WatsonWyatt.com

Ed Mayo & Deborah Doane, “An Ethical Door Policy”, New Economics Foundation (April 2002).  A provocative look at SRI benchmarks and funds with a plan for action.  Download at:http://www.neweconomics.org/default.asp?strRequest=pubs
All-Party Parliamentary Group on Socially Responsible Investment, “Review of Activities 2000/2001" Available from:  helen.wildsmith@uksif.org   Report on government involvement in promoting SRI.

Bob Collie, et al., “Socially Responsible Investments:  Does your SRI policy pass five tests?”, Russell London Monograph No. 10 (London:  Frank Russell Co., 1999).  Good practical overview.  Available at (44) (171) 287-2858.

D. Anderson, et al. “What has ‘Ethical Investment’ to do with Ethics?”  (U.K.:  Social Affairs Unit, 1996).  Twenty-page “research report” with one citation and no supporting data.  Asserts inter alia there is no ethical basis for excluding tobacco stocks from portfolios.

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Social Investing - Generally (US)

US Social Investment Forum, “2005 Report on Socially Responsible Investing Trends in the United States (Washington, DC, 2006).  The baseline study on SRI.  Available from The Forum at (202) 872-5319.

Robert Bowers & Doug Aaron, “Socially Responsible Investing 2003", Cambridge Associates, LLC, Boston, MA, Oct. 2003.  Overview view of field for fiduciaries.

Donald H. Schepers & S. Prakash Sethi, “Do Socially Responsible Funds Actually Deliver What They Promise?”, Business & Society Review, Winter 2003, 108:1, p. 11.  As they define the “promises”, the funds couldn’t deliver even if they wanted to.  Yet another dreary article that assumes SRI is the search for ethical companies rather than the implementation of social investors’ objectives.

US Social Investment Forum, “2003 Report on Socially Responsible Investing Trends in the United States (Washington, DC: Oct. 2003).  The baseline study on SRI.  Available from the SIF at (202) 872-5319 or via its website http://www.socialinvest.org/

Special Issue: Socially Responsible Investing: Why are We Called To Do It, In All Things, Fall/Winter, 2002.  US Jesuit Conference Social & International Ministries, 1616 P Street NW, Washington, DC 20036.  Excellent, provocative take on SRI from the Jesuits’ standpoint.  A must read.  See also the Jesuits’ website’s lengthy “Invest for Change” section  http://www.jesuit.org/ 
Steven D. Lydenberg, “Envisioning Socially Responsible Investing: A Model for 2006”, 7 J.C.C., 57 (Autumn 2002)

US Social Investment Forum, “2002 Report on Socially Responsible Investing Trends in the United States (Washington, DC, 2003).  The baseline study on SRI.  Available from The Forum at (202) 872-5319.

Peter D. Kinder, “Jihad and McWorld: A Social Investor’s Reflections on the Demons of our Accusing Past”, Listening/Journal of Religion and Culture, Spring 1998, p. 133.

Peter D. Kinder & Amy L. Domini, "Social Screening:  Paradigms Old and New", The Journal of Investing, Winter 1997, p.12.

Milton Moskowitz, "Social Investing:  The Moral Foundation", The Journal of Investing, Winter 1997, p. 9.

Russell R. Reno, Jr., “Shut the Doors on Smoke-Filled Rooms,” Trusteeship (Assoc. of Governing Boards of Colleges and Universities), Sept./Oct. 1997, as reprinted in Foundation News & Commentary, Jan./Feb. 1998, p. 21.  How Haverford College divested tobacco.

Eric Laursen, “Social Investing:  It's Everywhere,” Plan Sponsor, July/Aug. 1997, p. 3.  Remarkable defense of SRI as how investing should take place in a democratic society.

Kinder, Lydenberg, Domini & Co., Inc., “Tobacco-Free Investing by Health Care Institutions:  A White Paper”, June 1996.  Available at no charge from KLD.  Largely superseded by “Mission-Based Investing:  A White Paper”, q.v.

Stephen Viederman, “From Prudent Man to Prudent Person: Sustainability and Institutional Investment for the 21st Century.”  Presentation at Harvard Seminar on Environmental Values, December 12, 1996.  (Available from the Noyes Foundation 212-684-6577).

Edward Tasch & Stephen Viederman, “New Concepts of Fiduciary Responsibility” in Fritjof Capra & Gunter Pauli, eds., Steering Business Towards Sustainability (New York:  United Nations University Press, 1995), p.125.

Stephen Viederman & Edward Tasch, “Dissonance, Responsibility and Corporate Culture” Jessie Smith Noyes Foundation 1994 Annual Report, p. 5.  (Available from the Noyes Foundation 212-684-6577).

“Social Investing at the Jessie Smith Noyes Foundation,”  Harvard Business School Case N9-295-056, December 2, 1994.

Brian F. Camey, “Socially Responsible Investing: Is it Successful?”, Health Progress, Nov. 1994  (Catholic Health Ass’n, St. Louis, Mo.).  Available at http://www.chausa.org/PUBS  Overview of existing literature.

Peter D. Kinder, "Social Investing's Strength Lies in Readiness to Deal with World's Tough Questions," Pension World, April 1993, pp. 10ff.  Screening techniques as solution for institutions that take ownership seriously.

Social Investing -- Investment Performance Generally

Peter D. Kinder, “Values and Money: A Research Practitioner’s Views on Values for Money”.  A critical look at the concept of “materiality” in the context of SRI and financial performance. http://www.kld.com/resources/papers/values_and_money.pdf

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Social Investing -- Investment Performance (Non-US)

UNEP Finance Initiative, “The Materiality of Social, Environmental and Corporate Governance Issues to Equity Pricing” (New York: UNEP Finance Initiative, 2004).  Eleven sector studies by brokerage houses that illustrate the incorporation of social criteria into research reports.  Fascinating illustrations of the state of the art.  http://www.unepfi.net/stocks/UNEP_AMWG_Report_LR_230604.pdf

“Global Energy:  Introducing the Goldman Sachs Energy Environmental and Social Index (London:  Goldman Sachs, February 24, 2004).  Better social records seem to indicate better stock performance in this sector.

Co-operative Insurance Society Ltd., “Sustainability Pays” (Manchester, UK, 2002).  A breakthrough study on the business case for SRI sponsored by the Co-operative Insurance Society.  An invaluable study and resource.  Available online at www.cis.co.uk (Click on “CIS in the Community”, then click “Social Accountability Report).

Commerzbank Securities, “Boxing Against Green Shadows: Creation of a Shadow Benchmark Makes SRI Portfolios More Efficient and Easier to Manage” (London, July 19, 2002).

ABN-Amro Asset Management Global Consulting Group, “ Do Socially Responsible Equity Portfolios Perform Differently From Conventional Portfolios?” (London, September 2001).  An extremely important monograph summarizing much of the scholarly work on SRI. 

Stephen Williams, “The Case for Establishing a Benchmark for UK Ethical Investment,” unpub. MBA dissertation, University of Edinburgh, 1998.  Available from the author at Newton Investment Management Ltd., 71 Queen Victoria Street, London EC4V 4DR.

Frank Figge, “Environmental Shareholder Value”, Centre of Economics and Business Administration, University of Basel/Bank Sarasin & Co., Basel, 1998.  Swiss investment analyst argues environmental policy has an impact on shareholder value; therefore, that value – positive or negative – should be reflected in the company’s valuation.

WM Company, “Is there a Cost to Ethical Investing?” (Edinburgh, UK: WM Company, 1996).  Their conclusion, based on the largest scale study to date:  no.

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Social Investing -- Investment Performance (US)

Robert J. Grossman, “Blind Investment: If people are a company’s biggest asset, why don’t Wall Street analysts pay more attention to them?” HR Magazine, January 2005.  An excellent article on screening on HR issues and their effect on performance.

John B. Guerard, Jr. & Bernell K. Stone, “Social Screening does not Harm Performance”, Pensions & Investments, Sept. 16, 2002.  Lengthy op-ed summarizing working paper available from Mr. Guerard, Jguer43756@aol.com

Michael S. Knowl, “Ethical Screening in Modern Financial Markets: The Conflicting Claims Underlying Socially Responsible Investment”.  57 Bus. Lawyer 681 (2002).  A “not proven” for claims of social investing’s impact on financial markets.  Both cites and data are quite dated.

The Conference Board, “The Link Between Corporate Citizenship and Financial Performance” (New York, 1999).  For copies ($145):  (212) 339-0345. “[S]olid empirical evidence has proven [Milton] Friedman wrong.  Corporate social performance can help support superior corporate financial performance....”

Curtis C. Verschoor, “A Study of the Link Between a Corporation’s Financial Performance and its Commitment to Ethics”, 17 Journal of Business Ethics 1509 (1998).  “The first study to demonstrate a link between overall financial performance and an emphasis on ethics.”

David Garza, “Results and the Double Bottom Line,” Foundation News & Commentary, Jan./Feb. 1998, pp. 22ff.  Overview of SRI performance.

John B. Guerard, Jr., "Additional Evidence on the Cost of Being Socially Responsible in Investing", The Journal of Investing, Winter 1997, p. 31.

John B. Guerard, Jr., “Is There a Cost to being Socially Responsible in Investing?  It Costs Nothing to be Good,” Journal of Forecasting, vol. 16 (1997), p. 475.  The 1997 Moskowitz Prize winner concluding, “no.”

Lloyd Kurtz, "No Effect, or No Net Effect? Studies on Socially Responsible Investing", The Journal of Investing, Winter 1997, p. 37.

Frank J. Travers, "Socially Responsible Investing on a Global Basis:  Mixing Money and Morality Outside the US", The Journal of Investing, Winter 1997, p.50.

Ronald N. Kahn, Claes Lekander & Tom Leimkuhler, "Just Say No? The Investment Implications of Tobacco Divestiture", The Journal of Investing, Winter 1997, p. 62.

Louis D'Antonio, Tommi Johnsen & R. Bruce Hutton, "Expanding Socially Screened Portfolios:  An Attribution Analysis of Bond  Performance", The Journal of Investing, Winter 1997, p. 79.

Stanley J. Feldman, Peter A. Soyka & Paul G. Ameer, "Does Improving a Firm's Environmental Management System and Environmental Performance Result in a Higher Stock Price?", The Journal of Investing, Winter 1997, p. 87.

James J. Angel & Pietra Rivoli, "Does Ethical Investing Impose a Cost on the Firm? A Theoretical Examination", The Journal of Investing, Winter 1997, p. 57.

Curtis C. Verschoor, “Principles Build Profits”, Management Accounting, Oct. 1997, p. 42.  Implementing and enforcing a code of ethics can help companies be successful.

Judith F. Posnikoff, “Disinvestment from South Africa:  They Did Well by Doing Good,” Contemporary Economic Policy, vol. xv, January 1997, p. 76.  Companies disinvesting experienced a positive effect on their stock prices on the announcement.

E.M. Weigand, et al., “Socially Principled Investing:  Caring About Ethics and Profitability,” Trusts & Estates, Aug. 1996, p. 36.  First Union National Bank’s approach to SRI.
                                                                                               
M.A. Cohen, et al., "Environmental and Financial Performance:  Are They Related?" April 1995 (Owen Graduate School of Management, Vanderbilt University, Nashville, TN 37203).  Studies of the S&P 500 (1987-89) indicate Green investors do not seem "to pay a premium for their convictions."

J. David Diltz, “Does Social Screening Affect Portfolio Performance?” Journal of Investing, Spring 1995, p. 64.  In a word, no.

M.W. Marr, Jr., et al., “Economically Targeted and Social Investments:  Investment Management and Pension Fund Performance,” monograph, Research Foundation of the Institute of Chartered Financial Analysts, Charlottesville, Va., 1995.  Filled with unsupported assertions.  Relies on studies from the 80s when little SRI performance data existed.

S. Hamilton, et al., "Doing Well While Doing Good?  The Investment Performance of Socially Responsible Mutual Funds," Financial Analysts Journal, November-December 1993, p. 62.  "[The] performance of [socially responsible] mutual funds is not statistically different from the performance of conventional mutual funds."

Kevin F. Winch & Gary W. Shorter, “‘Socially Desirable’ Investing:  Mutual Funds”, Congressional Research Service, Library of Congress, Sept. 30, 1993.  Very critical; despite title, mainly focused on ETIs in response to Clinton Administration proposals.

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Social Investing - Pensions (UK)

Just Pensions, “Will UK Pension Funds Become More Responsible?  A Survey of Trustees” (London: UK Social Investment Forum & Ashridge Centre for Business & Society, January 2004).  Available from publisher info@Justpensions.org

Social Investing & Mutual Funds

George Djurasovic, “The Regulation of Socially Responsible Mutual Funds”, 1997 J. Corp. L. 257.  Overall, a reasonable approach by someone not favorably inclined toward SRI.  Article sponsored by the conservative John M. Olin Fdn. and acknowledges Roberta Romano, q.v.

Social Investing & Trusts – Charitable, Pension, etc.

N.B.: See also “Articles – Fiduciary Responsibility”, above.
Peter D. Kinder, “Pensions & the Companies They Own”, revised version of paper presented at the American Enterprise Institute, June 7 2004.  Fiduciary duties after the SEC’s proxy voting regulations; lengthy appendix on legal authorities views on SRI.   http://www.kld.com/resources/papers/AmericanEnterpriseInstit.2.pdf

Lewis D. Solomon & Karen C. Coe, “Social Investments by Non-profit Corporations & Charitable Trusts:  A Legal and Business Primer for Foundation Managers and Other Non-profit Fiduciaries”, 66 U. Mo. Kansas City L. Rev. 213 (1997).  A very able summary of the law.

W.B. McKeown, "On Being True to Your Mission:  Social Investments for Endowments", The Journal of Investing, Winter 1997, p. 71.

Lewis D. Solomon & Karen C. Coe, "The Legal Aspects of Social Investing by Non-Profit Fiduciaries", The Journal of Investing, Winter 1997, p.112.

Angela Read, “Building Signposts for the Future: Investment Strategy, Socially Responsible Investing, and ERISA”, 23 J. Pension Planning & Compliance 39 (Fall 1997).  SRI strategies are o.k. within the strictures of current law.

E.S. Adams & K.D. Knutsen, “A Charitable Corporate Giving Justification for the Socially Responsible Investment of Pension Funds: A Populist Argument for the Public Use of Private Wealth,” 80 Iowa L. Rev. 211 (1995).  Novel but well documented and argued.

D.J. Martin, “The Public Piggy Bank Goes to Market: Public Pension Fund Investment in Common Stock and Fund Trustees’ Social Agenda,” 29 San Diego L. Rev. 39 (1992).  Article funded by Pacific Legal Foundation which advances conservative causes.

C.E. Rounds, Jr., “Social Investing, IOLTA and the Law of Trusts: The Settlor’s Case against the Political Use of Charitable and Client Funds,” 22 Loyola U. (Chicago) L. J. 163 (1990).  See Rounds. g.v., for his treatise which is equally slipshod.

R.H. Jerry II & O.M. Joy, "Social Investing and the Lessons of South Africa Divestment," 66 Ore. L. Rev. 685 (1987).

R.A. Brand, “Investment Duties of Trustees of Charitable Trusts and Directors of Nonprofit Corporations: Applying the Law to Investments that Acknowledge Social and Moral Concerns,” Ariz. St. L.J. 631 (1986).  Argues social criteria are appropriate especially where the mission of the trust or not-for-profit is affected.

J.C. Dobris, "Arguments in Favor of Fiduciary Divestment of 'South African' Securities," 65 Neb. L. Rev. 209 (1986).

John H. Langbein & Richard A. Posner, "Social Investing and the Law of Trusts," 79 Mich. L. Rev. 72 (1980).  Dated but critically important because it framed the issues negatively for the next 25 years.  Langbein was the Reporter for the Uniform Prudent Investor Act (1994), infra, whose comments rely upon and cite this article.  Contains the usual Posner dollop of "economics" without supporting data.

R.B. Ravikoff & M.P. Curzan, "Social Responsibility in Investment Policy and the Prudent Man," 68 Calif. L. Rev. 518 (1980).

Sustainability

Trucost PLC, “Emissions Trading and European Aviation: The Effects of Incorporating Aviation Into the EU Emission Trading Scheme” (London: Trucost, March 2004).  Available from the publisher: +44.20.7321.3833 or Info@Trucost.com.

Trucost PLC, “Climate Change & The S&P 500: Carbon Disclosure – Who Should Be Reporting?”  (London: Trucost, May 2004).  Available from the publisher: +44.20.7321.3833 or Info@Trucost.com.

Corporation of London, Financing the Future: The Role of UK Financial Services in Sustainable Development (The London Principles), (London: Corporation of London, 2002).  A remarkable challenge to the City on sustainability.  Available online from: http://www.cityoflondon.gov.uk/living_environment/sustainability/sustainable_development.htm

Michelle Chan-Fishel, “Second Survey of Climate Change Disclosure in SEC Filings of Automobile, Insurance, Oil & Gas, Petrochemical, and Utilities Companies” (Washington, DC: Friends of the Earth, November 2003)

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