Late Gothic German Vault Design Methods and Its Relationship with Spanish Ribbed Vaults

The arrival of European master masons to Burgos and Toledo during the mid-fifteenth century was essential for the promotion of the late Gothic ribbed vault design techniques in Spain. The Antigua Chapel in Seville Cathedral, designed by the Spanish master mason Simón de Colonia on 1497, provides an outstanding case study on this subject. This vault is characterized by the interlacing of the ribs near the springing, reflecting the influence of German ribbed vault designs. This paper analyses the relationship between German ribbed vaults and their design methods with those of Spanish ribbed vaults; with particular attention to the presence of ribs that cut through one another above the springing, materialized in the work of Simón de Colonia. This characteristic is reflected in some manuscripts in the German area, like the Wiener Sammlungen (15th-16th centuries) and the Codex Miniatus 3 (ca. 1560-1570), but no Spanish documents of the same period make reference to it.

International For-Profit Investments in Microfinance Institutions Equity

Purpose: The purpose of this document is to review the funding options for Microfinance Institutions (MFIs), define the size of the holdings of international investors in MFI equity and in particular the MFIs listed in stock exchanges, analyze the characteristics of these subset of the financial world and study the stock exchange evolution of some listed MFIs amid the financial crisis. Design/methodology/approach: Since academic literature on listed MFI equity is virtually inexistent, most of the information has been obtained from the World Bank, annual accounts of the listed MFIs, stock exchanges and from equity research documents. Findings and Originality/value: Microfinance Institutions share several common characteristics that make them a resilient business and the few MFIs that are listed in stock exchanges seem to have performed better in the financial crisis. Microfinance can be considered as one of the new frontiers of the expansion of the global banking industry. Practical implications: Presently, international for-profit investors have very few ways of investing in microfinance equity. Most of the equity of the MFI equity is funded locally or thanks to the local public sector. The stock exchange listing of the MFIs should drive MFIs towards a more professional management, more transparency and better governance. Social implications: Microfinance Institutions provide credit to microenterprises in poor countries that have no other alternative sources of external capital to expand its activity. If global investors could easily invest in the listed equity of the MFIs these institutions would expand its lending books and would improve its governance, part of the population living in poor areas or with lower income could ameliorate its standard of living. Originality/value: The number of Microfinance Institutions that are professionally run like commercial banks is still scarce and even more scarce are the MFI listed in public stock exchanges. Therefore the published literature on the characteristics and performance of the listed equity of the Microfinance Institutions is extremely reduced. But microfinance assets are rapidly growing and MFIs will need to list their equity in stock exchanges to sustain this expansion.