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Social Finance

Author

Listed:
  • Karan Bhanot

    (UTSA)

Abstract

This paper characterizes the optimal contract for the financing of social programs. “Social- Finance” is unique insofar that it considers the constraints of many participating agents (government, non-profits, the implementation agency and private investors), that program outcomes are apparent only over long periods in time, and that effort and expertise of the implementing agencies is private information. We illustrate the financing of programs for the remediation juvenile crime and homelessness using publicly available data.

Suggested Citation

  • Karan Bhanot, 2016. "Social Finance," Working Papers 0160fin, College of Business, University of Texas at San Antonio.
    • Handle: RePEc:tsa:wpaper:0160fin
    as

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    File URL: http://interim.business.utsa.edu/wps/fin/0005FIN-073-2016.pdf
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    References listed on IDEAS

    as
    1. Peter M. DeMarzo & Michael J. Fishman, 2007. "Optimal Long-Term Financial Contracting," The Review of Financial Studies, Society for Financial Studies, vol. 20(6), pages 2079-2128, November.
    2. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, vol. 7(2), pages 117-161, June.
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    More about this item

    Keywords

    government; non-profits; the implementation agency and private investors;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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