Impact Investing in Disadvantaged Urban Areas

We are grateful to Bruno Cassiman, Alfonso Gambardella, Anthony Gibbs, Aleksandra Kacperczyk, Nalin Kulatilaka, Siobhan O’Mahony, Nina Mazar, Carey Morewedge, Michelle Rogan, Yuan Shi, Stephan Siegel, Giovanni Valentini, Eric Zhao (discussant), Rosemarie Ziedonis, as well as seminar participants at Bocconi University, Boston University, Central European University, Columbia University, Cornell University, École Polytechnique, Emlyon Business School, Imperial College, Purdue University, Universidad de Montevideo, Universidad EAFIT, University of Birmingham, University of Colorado Boulder, University of Massachusetts Lowell, University of Miami, University of Pittsburgh, University of Washington, as well as the Academy of Management, the Bocconi Assembly for Innovation and Cooperation (BAIC), the Global Research Alliance for Sustainable Finance (GRASFI) Conference, the Social Entrepreneurship Conference, and the Strategic Management Society Annual Conference for helpful comments and suggestions. We thank the Society and Organizations Institute at HEC Paris for their help in accessing the data of Public Bank. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.