INTRODUCTION The United Kitchen Apprentices Program, run by Brigade, is a social enterprise aimed at reducing homelessness, unemployment, and providing valuable skills to vulnerable individuals. This report outlines the theory of change underpinning the program's activities and demonstrates how these ef-forts contribute to broader societal impact. The Social Impact Bond (SIB) is designed to finance the expansion of this program, with the UK government as the potential commissioner. I. THEORY OF CHANGE The United Kitchen Apprentices Program's theory of change is based on the belief that providing a comprehensive support system, including training, employment, and personal development, will help reduce homelessness and unemployment while enhancing …show more content…
This could be especially relevant for a socially-oriented bond, as it may encourage investors who share similar values and objectives; Customization: Face-to-face trading allows for negotiation and customization of terms, which may be advantageous for an innova-tive instrument like our SIB (Stoll, 2006). Cons: Limited market reach: Face-to-face trading might restrict the pool of potential investors, limiting the overall impact of the SIB; Inefficiency: Face-to-face trading may be slower and less efficient than au-tomated trading due to manual processes and negotiations (Madhavan, 2000). Automated Trading Pros: Wider audience: Automated trading platforms offer access to a broader range of investors, increas-ing the potential impact of the SIB (Hendershott et al., 2011); Transparency and efficiency: Automat-ed trading can provide real-time data, enhancing transparency and efficiency in the market (Chordia et al., 2011). …show more content…
SIBs attract socially responsible inves-tors, while equities attract investors seeking capital appreciation and potential dividends. c) Derivatives: Both SIBs and derivatives are financial instruments designed to address specific market needs; SIBs are debt instruments with social objectives, while derivatives are contracts based on the value of underlying assets; SIBs have risks related to social outcomes, while derivatives have risks tied to the underlying asset's price movements and counterparty risk; SIBs attract socially responsible investors, while derivatives attract investors seeking to hedge or speculate on asset prices. II. Recommendations to Attract Securities Analysts - Education: Organize workshops and seminars to educate analysts about SIBs, their social objec-tives, and their investment