Public Finance Professor Publishes Article on Social Impact Bonds

Professor Bakhti Mirchandani

Professor Bhakti Mirchandani, who teaches public budgeting and finance in the MPA Program, published an article in the journal Nonprofit Quarterly about the successes and failures of pay-for-success bonds.

To improve the effectiveness of these performance-based public contracts, Mirchandani recommends aligning returns with market rates, expanding the pool of eligible investors, standardizing the structure of pay-for-success financial instruments, sharpening program evaluation tools, and offering larger-scale contracts.

Read the article

Professor Mirchandani is a microfinance specialist and social finance consultant as well as a global financial analyst. She earned both MBA and MPA degrees at Harvard, where she received the Dean's Award for her work promoting microfinance.

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