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This paper posits three types of investors in today's financial markets: Universal Investors, Social Investors and Rational Investors. It argues that the Universal and Social Investor are theoretically inclined to seek returns that benefit society and the environment as a whole, while the tenets of modern portfolio theory lead the Rational Investor to seek returns based primarily on market price. Because of the dominance of modern portfolio theory, the actual practices of the Universal and Social Investor reproduce those of the Rational Investor in most regards today. However, Universal and Social Investors are now pioneering at least three investment practices that promote returns to the economy and society. These are engagement with corporate management, investments that benefit underserved communities, and the setting of social and environmental standards in selecting investments. These practices differ from those of the mainstream in that they deliberately take into account more than market price in seeking returns on investments.This paper argues that measuring the value of corporations to society solely on their stock price and their ability to raise that price is not only a narrow expression of the value of corporations to society, but a potentially dangerous one. It views Universal and Social Investors as having the potential to build on and improve upon the practices of Rational Investors by developing an expanded and more complete conception of investment returns and of corporations' role in providing those returns.This paper hypothesises that universal investors and socially responsible investors – two classes of investors whose investment practices are increasingly gaining recognition around the world – share a basic affinity for the promotion of a just and sustainable society. Although the two currently differ in certain regards, together they constitute a theoretically coherent model of investment that builds and improves upon the dominant investment theory and practice of rational investors, which focus primarily on market‐based returns.Part One of this paper explores the theoretical affinities between universal and socially responsible investors and highlights their points of departure from certain aspects of modern portfolio theory. Part Two examines the emerging investment practices that characterise these investors and that distinguish them from their mainstream colleagues.

What is the current state of development of institutional investors in Latin America? What are the requirements of the financial infrastructure and the regulatory framework to encourage the growth of the institutional sector in Latin America? What policy expertise can Latin America and OECD countries share to benefit from each other's experience in broadening the role of institutional investors? These questions were addressed during the Santiago workshop on "Institutional Investors in Latin America", organised in September 1999 by the OECD through its Centre for Co-operation with Non-Members and the Commission of the European Union in co-operation with the Chilean Government.

"We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-chasing behavior in their technology stock investments. As a result, young managers increase their technology holdings during the run-up, and decrease them during the downturn. Both results are in line with the behavior of inexperienced investors in experimental asset markets. The economic significance of young managers' actions is amplified by large inflows into their funds prior to the peak in technology stock prices"--National Bureau of Economic Research web site

Abstract
This study adopts a consumer perspective and explores investors' noneconomic goals. This approach shifts the focus from the investment vehicle and its performance to the investor and her/his investing goals. We explore the influence of religiosity, environmental attitude, materialism, collectivism, risk tolerance, and social investing efficacy on investors' noneconomic goals. We find that social investing efficacy mediates the relationships between the aforementioned variables and noneconomic goals. Implications for managerial practice are discussed.
Copyright © 2009 John Wiley & Sons, Ltd.

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