Скачать или смотреть Insights for Action - Valuing The Future: Re-evaluating Investment Risk and Return

The Insights for Action seminar series explores how researchers and practitioners within and beyond Oxford are using research insights to drive social change.

In this month’s seminar, we will launch the forthcoming impact finance report, Re-evaluating Investment Risk and Return: An Outcome-Based Approach to Net Present Value Models and Discount Rates (November 2025).

The discussion will introduce a new framework, the Outcomes-Based Net Present Value (ONPV) model, which rethinks how investments are valued over time. Conventional models often undervalue long-term risks, externalities, and social and environmental benefits. The ONPV model addresses these limitations by integrating adaptive and pluralistic discounting methods that better reflect uncertainty, evolving preferences, and the diverse forms of capital that generate value.

By reframing discount rates and valuation methodologies, this approach aims to align investment decision-making with long-term sustainability, economic resilience, and intergenerational equity. Join us to explore how the ONPV framework can support more inclusive, forward-looking capital allocation and help address systemic challenges such as climate change, inequality, and sustainable development financing.

Speakers:
Alex Nicholls is the first tenured professor in social entrepreneurship appointed at the University of Oxford. He is also a Tutorial Fellow and Member of the Governing Body at Harris Manchester College. In 2004, he was the co-founder of the Skoll Centre for Social Entrepreneurship - for which he helped raise the core funding - as well as the co-founder of the Skoll World Forum on Social Entrepreneurship. He is the Editor in Chief of the Journal of Social Entrepreneurship, which he founded in 2010.

Michele Giddens is the co-founder of Bridges Fund Management. Bridges is a specialist private markets investor, investing in solutions that support the transition to a more inclusive and sustainable economy. Bridges focuses on four specific goals to source compelling investment opportunities: Healthier Lives, Future Skills, Sustainable Planet and Stronger Communities. Michele has played a key role in the growth of the sustainable and impact investing movement in the UK.

Danyal Sattar is a social investor with over 30 years of industry experience who has dedicated his career to supporting social enterprises and charities to find solutions to poverty and inequality in the UK. Until earlier this year, Danyal was the Chief Executive Officer of The Big Issue Invest, prior to which he served as Head of Social Investment with the Joseph Rowntree Foundation, where he was responsible for managing the foundation’s social investment fund with a focus on achieving solutions to poverty and inequality in the UK. Previous roles were at Big Society Capital and Esmee Fairbairn Foundation.

Anna Woźniak is the founder of Dyme Consulting Group, helping multi-generational asset managers build resilient, long-term value. Anna has 14 years of experience raising and deploying millions of pounds of impact capital into emerging markets and post-conflict economies. Originally from post-Soviet Poland, Anna believes in the power of anthropology to enable social innovation and effective fund management in "the riskiest" places on Earth.

Christian Juel is a Managing Director in the investment team, a member of the Investment Committee and the Head of Sustainability and Impact Strategy at Aptimus Capital Partners. His 18 years of financial market experience include 10 years within the private credit middle market and further experience across public markets, listed instruments, structured products, and debt capital markets.

Professor Marya Besharov is Professor of Organisations and Impact and Academic Director of the Skoll Centre for Social Entrepreneurship. Her research and teaching focus on leadership, social impact, and hybrid organisations. She engages with leaders and organisations worldwide to help them manage competing demands of social impact and financial performance. Marya received a BA in Social Studies, an MA in Sociology, and a PhD in Organisational Behaviour from Harvard University. She also holds an MBA from Stanford University.