Mainstreaming social impact bonds: A critical analysis

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Thomas Walker, Sherif Goubran, Moein Karami, Adele Dumont-Bergeron, Tyler Schwartz, Kalima Vico

Document Type

Research Article

Publication Title

Finance Research Letters

Publication Date

Fall 11-1-2022




Social impact bonds (SIBs) are new financial contracts that offer private investors and service providers to fund social services. To date, there is relatively little empirical and theoretical evidence on the performance, advantages, and disadvantages of SIBs. In addition, data pertaining to completed and ongoing SIBs is comparatively sparse, the available literature is mostly thematically-driven, and public disclosure requirements are limited. Through a comprehensive and up-to-date analytical review of the extant literature in the field, we aim to reveal some of these shortcomings and discuss issues that need to be addressed if SIBs are to become a mainstream financing tool.

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