ERPN: Institutions/Organizations (Sub-Topic)最新文献

{"title":"Revisiting Quality Investing","authors":"Frédéric Lepetit, Amina Cherief, Yannick Ly, Takaya Sekine","doi":"10.2139/ssrn.3877161","DOIUrl":"https://doi.org/10.2139/ssrn.3877161","url":null,"abstract":"In the field of factor investing, quality is undoubtedly the equity factor with the weakest consensus. This research investigates the best way to define it. In order to capture the multi-faceted reality of the factor depicted in academia, we address the quality factor through a multidimensional process by defining four self-reliant pillars: profitability, earnings quality, safety and investment. To better fit institutional investor's' needs, we analyze the resulting factor by focusing on the last eighteen years and on a global developed markets universe of liquid stocks (large- and mid-caps).<br><br>In a long-short framework, our quality factor delivers a statistically significant alpha that cannot be explained by loadings on conventional equity factors (market, value, size and momentum). Most regions and dimensions display positive contribution to this alpha, with the noticeable exceptions of the Eurozone region and the safety dimension. In a long-only framework, our quality factor outperforms its benchmark by 2.8% per annum over the entire analysis period, with an information ratio of 0.81. Furthermore, the outperformance has been very consistent since the 2008 Global Financial Crisis (GFC). The four dimensions are weakly correlated with each other and are therefore complementary. We show that safety is of particular importance during periods of market turmoil (GFC, Covid-19 pandemic) and that the dimension is therefore part of the quality factor in its own right. On the Eurozone side, a sector-neutral portfolio construction seems to be more suited.<br><br>We also introduce a new portfolio construction methodology by implementing a clustering approach based on the K-means algorithm to group together companies based on features that are related to both fundamentals and market characteristics. This approach allows to capture dynamic variations between fundamentals and other stock features. This fully implementable process results in better quality factor performance without impacting the associated risk measures or the portfolio’s quality exposure, as measured on the unconstrained quality factor.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132725110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Bank Regulation, Investment, and Capital Requirements Under Adverse Selection","authors":"Thomas J. Rivera","doi":"10.2139/ssrn.3424387","DOIUrl":"https://doi.org/10.2139/ssrn.3424387","url":null,"abstract":"This paper studies the optimal design of bank capital regulations when capital markets are subject to adverse selection. In this setting, the regulator faces a trade-off between enhancing financial stability and inducing investment in socially valuable projects. We show how the implementation of capital requirements can eliminate the information frictions that make raising capital costly by inducing banks to reveal their private information to the market. Importantly, under this approach the regulator faces an entirely different objective and trade-off when compared to setting capital requirements that do not reveal bank information. We solve for the optimal regulations which induce information revelation via recapitalization programs when the banking sector is weak and pool the banks' private information via uniform capital requirements otherwise. Optimal capital requirements are linked to the securities issued to meet them, demonstrating potential welfare gains from allowing less informationally sensitive securities (e.g. contingent convertible bonds) to qualify as bank capital. (JEL D82, G21, G28)","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121850097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Entrepreneurial Success for Women through Microfinance and Effect of Education: Evidence from Sri Lankan","authors":"D. Bernard","doi":"10.31014/AIOR.1992.03.03.274","DOIUrl":"https://doi.org/10.31014/AIOR.1992.03.03.274","url":null,"abstract":"Microfinance is considered a poverty alleviation strategy in most countries especially in Asia and Sri Lanka is no exception. Sri Lanka is providing microfinance services through microfinance institutions (MFIs) to poor women for setting-up and developing micro-enterprises. It has been revealed through research that there are five components of microfinance services offered in Sri Lanka namely; Micro-credit, Micro-savings, Micro-insurance, Business-support, and Skills -development. The past researchers have focused on the socio-economic, environmental, and individual factors that have an impact on the entrepreneurial success of women obtaining microfinance services, however, the impact of each of these service components and their specific constituents and indicators for measuring these are not agreed upon. It is important to know the individual impact of usage of these service components on the entrepreneurial success of the users and the influence of their level of education, for the industry and policymakers. Hence the main aim of this study was to determine the relationships (magnitude and direction) of usage of these service components to entrepreneurial success and the moderating effect of level of education on microfinance service users and their entrepreneurial success. The results of the study confirmed that out of the five microfinance services (components), usage of Micro-credit, Micro-savings and Skills-development had a positive relationship to entrepreneurial success and the other two services, Micro-insurance and Business-support did not have such relationship. Further, it was revealed that the level of education had moderated only the relationship between the usage of micro-savings and entrepreneurial success. Further, the study confirmed that the usage of micro-credit component was the most vital service component impacting the entrepreneurial success of women. Further, specific constituents and indicators for measuring these microfinance service components have been developed.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129710918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Microfinance Impact on Rural Household in India","authors":"Gunjan Malhotra","doi":"10.2139/ssrn.3342689","DOIUrl":"https://doi.org/10.2139/ssrn.3342689","url":null,"abstract":"The paper aims to search the major shares of microfinance in the poor and ultra poor’s sustenance and concomitantly the sense of ownership developed in the assets created in the process, both tangible and intangible. The case study approach has been used in the states of Tamil Nadu, Andhra Pradesh, Madhya Pradesh and Maharashtra of India. The study finds that microfinance can play a huge role in helping a poor community find ways through the market to get new opportunities, to earn new income, to start saving, making investments and start the process of climbing the ladder of economic development in children, in business or farm and continuing up the process of improving skills, specialization, new business ventures and so on. The paper emphasize on the actual village scenarios and how the life of the people have changed with the opening up of SHGs in India. <br>","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123951471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Microfinance Institutions (MFI) on Small and Medium Enterprises (SME) in Kosovo","authors":"Njomza Tasha, Dr.Sc. Luan Vardari, Dena Arapi","doi":"10.2139/ssrn.3357863","DOIUrl":"https://doi.org/10.2139/ssrn.3357863","url":null,"abstract":"Small and medium enterprises are the key factors in the economy of a country. Their good development means that there are bigger chances of employment and economic development of a country. In the other side microfinance institutions offer services like loan and lecture programs to the individuals and businesses with lower incomes and for those rural. Small and medium enterprises are interconnected with microfinance institutions since the latest provide a great financial help to these businesses, the opportunity to meet their debts and other obligations. We have to consider that the main goal of microfinance institutions is to help small and medium businesses. Then, we have to emphasize that the main goal of this work is: · The review and presentation of the importance of small and medium enterprises; · The impact of microfinance institutions on SME’s; · Reasons and purposes of microfinance institutions help. Our survey is based on the literature, publications and articles. Also, we are going to do questionnaires for small and medium businesses. In this survey, we are going to use analytical and descriptive methods. As a conclusion, we can conclude that the microfinance institutions have a great impact on small and medium enterprises.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133584399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Microfinance Performance in the OIC Member States – Does Regulation Status Matter?","authors":"I. Ahmed, Yusnidah Ibrahim, A. Bhuiyan","doi":"10.2139/ssrn.3278426","DOIUrl":"https://doi.org/10.2139/ssrn.3278426","url":null,"abstract":"Despite the emerging concern of mission drift, microfinance institutions (MFIs) in various developing nations have been commercializing and transforming into regulated financial intermediaries. However, a hidden dread is still alive until it is disclosed that the regulated MFIs are actually performing better in both of their financial and social obligations. Hence, this study aims to investigate the effect of regulatory status on the performance of MFIs, using a panel dataset from the OIC member states containing 285 observation years for the period of 2011-2015. A robust estimation of OLS techniques to the general form of cross-sectional and temporal dependency were applied. The findings do not show any significant evidence that the regulatory status affects the profitability of MFIs. However, the result indicates that the regulated MFIs decrease their outreach to female clientele. The study additionally reveals that the interest rates accelerate the profitability, but it does not necessarily harm the outreach. Nevertheless, the study believes that ethical practices and fair pricing in MFIs must be contained so that the poor will not be exploited and MFIs can avoid mission drift.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132502875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Indebtedness – From the Perspective of Commercial Microfinance in India","authors":"Debidutta Pattnaik","doi":"10.2139/ssrn.3010244","DOIUrl":"https://doi.org/10.2139/ssrn.3010244","url":null,"abstract":"Debt may be good but not the state of indebtedness! It has both qualitative and quantitative implications. Propensity to debt, especially “indebtedness” is a matter of concern. Impact of indebtedness varies both in degrees and dimensions. The state of being in debt (indebtedness) covers both personal and behavioural finance and is blended with positive and negative outcomes. On the positive side, people with easy access to debt have higher chances for financial wellness, provided the money is used for productive gain. The negative outcomes are desertion, distress and depression of the indebted consumers. Many a times, such incidence results in forced migration as observed in the cases of absconding. The extreme end of indebtedness leads to suicidal tendencies often culminating at self-killing! Such unpleasant incident potentially affect the present as well the future of a person. Sometimes the shock of indebtedness cascade down to a couple of generations. Recent agitations of the Tamil farmers, protesting for the announcement of a drought relief package and loan waiver, are evidences to what debt-distress is and what it can do!","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123747423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of Loan Repayment Performance Among Borrowers of Microfinance Institutions: Evidence from India","authors":"Seyedmehrdad Mirpourian, Andrea Caragliu, Giorgio Di Maio, P. Landoni, E. Rusinà","doi":"10.2139/ssrn.2593158","DOIUrl":"https://doi.org/10.2139/ssrn.2593158","url":null,"abstract":"A better understanding of loan repayment behavior of borrowers can contribute to the development of microfinance. This paper investigates the repayment performance of borrowers of a nonprofit Indian microfinance institution, the Indian Institute for Mother and Child – IIMC, using a novel data set. We collected raw data on more than 1600 borrowers, covering a period of more than three years. The data collection focused on the installments of those borrowers who at first received a loan lower than the loan limit, but then reached the loan limit within the time span considered. The final sample for the empirical analyses is homogeneous in terms of borrowers’ characteristics and includes the installments of 373 loans. We focus on a relatively neglected issue in the microcredit literature, viz. the motivation of the borrower for receiving future loans. In addition to borrowers’ characteristics, we analyze the motivational issues that may influence the probability that the loan is fully or partially repaid, and the time horizon over which it is repaid. Empirical results show that the repayment rate improves as borrowers get closer to the loan limit, which is the maximum available loan. In other words, motivation for reaching the maximum loan level is positively associated to the repayment performance.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125233177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Explaining Failures of Microfinance Institutions","authors":"G. Dorfleitner, Michaela Leidl, Christopher Priberny","doi":"10.2139/ssrn.2316680","DOIUrl":"https://doi.org/10.2139/ssrn.2316680","url":null,"abstract":"We empirically study the determinants of failures of microfinance institutions based on the CAMELS rating components and microfinance-specific measures by applying probit regression techniques. Our findings confirm the capital adequacy (C), the asset quality (A), the management capability (M), the earnings (E), and the sensitivity to market risk (S) as explaining factors of failures of microfinance institutions.Regarding microfinance-specific effects, there is a positive influence of the percentage of female borrowers on the likelihood of failure. Moreover, we find evidence that regulation, the presence of donations, and the rapid growth of an MFI affect the probability of failure.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124604354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Antecedents of Social Entrepreneurship: Between Public Service Motivation and the Need for Achievement","authors":"O. Lehner, Andrew J. Germak","doi":"10.1504/IJSEI.2014.067120","DOIUrl":"https://doi.org/10.1504/IJSEI.2014.067120","url":null,"abstract":"A survey designed by the authors was administered to social impact hub members worldwide in an effort to better understand the motivational bases of social entrepreneurs. A specific focus in this study was the relationship between entrepreneurial traits, social entrepreneurial identity, and the actual success of a social venture. The assumptions from field observations that the construct of social entrepreneurial identification (SEII) and the successful start of a social venture (SUCC) are related were confirmed when controlling for gender, family, and cultural influences. Public service motivation (PSM), paired with a strong locus of control (LoC), innovativeness (INN) and tenacity (TE) were found to be the suggested qualities of social entrepreneurs. However, managerial experience and a pro-entrepreneurial background culture were much more predictive than was SEII. This study provides an empirical foundation for future research in the area of social entrepreneurship motivation, as well as practical implications for fostering social ventures.","PeriodicalId":193949,"journal":{"name":"ERPN: Institutions/Organizations (Sub-Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122457505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}