Abstract
The demand for investments that combine financial return with desired social or environmental impact is growing. Thus far, impact investing has been the domain of high-net-worth individuals, family offices, and foundations, while non-accredited investors have been generally unable to participate in this expanding market. The creation of regulated funding platforms known as social stock or impact exchanges (SSEs) has been proposed as a necessary step towards democratizing and popularizing impact investing. Although early attempts at launching SSEs have been largely unsuccessful, several initiatives are currently under development in various parts of the world. In light of these efforts, this paper offers a brief history of and a literature review on SSEs, identifies the key conditions and success criteria, as well as threats and challenges, for their continued development, and suggests some potential SSE-related research themes.
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