A study of four listed micro finance institutions

Compared to the size of the microfinance market, the number of Microfinance Institutions that are professionally ran like commercial banks is still scarce, and even more scarce are the MFI listed in public stock exchanges. This document focuses on four listed MFIs and reviews its business model and funding sources. The document also analyses the market price evolution of the listed shares and investigates whether investors are assigning a premium to the MFIs compared with its respective market indices. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange.

International for-profit investiments in microfinance institutions equity

In recent years international investors are increasing the focus on the social consequences of their investments along with its financial returns. The microfinance sector, considered as an asset class is a relatively young concept but the microfinance industry is experiencing a tremendous growth and has a high potential for the future. Today most social responsible investments in microfinance are performed through loans or fixed income structured finance vehicles. The possibilities to invest in the equity tranche of the industry are still scarce since the number of listed microfinance institutions is reduced and the private equity investments are limited and difficult to reach for the majority of investors. In this document we present a study on the characteristics of the MFIs and we try to shed some light on this subsector of the equity assets universe that may become important in the coming future. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange

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.

Environmental impact indicators estimation in European rural devlopment programs. Limitations of evaluators and financial institutions? Expectatios

The European Commission established Mid-term evaluation for the period 2007-2013 on Rural Development Programs as part of a continuous evaluation system. Mid-term evaluations are important for the Commission because they help measuring the success of a program, as well as giving advice and pointing out good practices for the current and consecutive programming periods. One of the main elements used to achieve these objectives is the impact indicators estimation of the program. This paper will focus on how impact indicators estimation is done for just the environmental indicators. To do this the 88 Mid-term evaluations of Rural Development Programs for 2007-2013 period, were analyzed. This study shows how far the actual methodologies to obtain impact indicators? values are from what the European Commission expects when demanding this task to be done.

The impact on general practitioners of the changing balance of care for elderly people living in institutions

Objectives: To describe utilisation of general practitioners by elderly people resident in communal establishments; to examine variations in general practitioner utilisation and estimate the likely impact of the “downsizing” of long stay provision in NHS hospitals.

From The Holding Cell to the Holding Environment: Applying an Intersubjective Approach into Trauma Treatment with Women in the Correctional Setting

Abstract This paper investigates themes and parallels related to the traumatic experiences women face within the correctional setting and how these experiences influence women's behavior choices that increase their risk of recidivism. Intersubjective Systems Theory is used to conceptualize the distinct dynamics and impact of trauma with this particular population. Intersubjectivity also informs the changes needed to create an environment that would help women in correctional settings to heal, avoid recidivism, and foster successful community reintegration. Principles from Intersubjective Systems Theory are reviewed in this paper to demonstrate: (a) how developmental trauma impacts the lives of incarcerated women, (b) how these women's attempts at self-healing are often maladaptive and lead to arrests, (c) how the current climate in corrections leads to retraumatization and promotes later recidivism, and (d) what changes in the corrections system would promote optimal healing and better outcomes for incarcerated women. Improved outcomes are defined as healthy boundaries, empowerment in choice of relationships, improvement of social support and occupational skills, and reduction of relapse and recidivism.

Psychological Perspectives on the Civil Liberties of Transgendered Inmates in a Prison Setting

As society becomes increasingly less binary, and moves towards a more spectrum based approach to mental illness, medical illness, and personality, it becomes necessary to address this shift within formerly rigid institutions. This paper explores this shift as it is occurring within correctional settings around the United States concerning the medical care, housing, and safety of transgendered inmates. As there is no legal standard for the housing or access to gender-affirming medical care (i.e., hormone therapy, sexual reassignment surgery), these issues are addressed on an institutional level, with very little consistency throughout the country. Currently, most institutions follow a genitalia-based system of classification. Within the system, core beliefs are held, some adaptive and some no longer adaptive, that drive the system's behavior and outcomes. With regard to transgendered inmates, several underlying beliefs within the system serve to maintain the status quo; however, the most basic underpinning is the system's reliance on a binary gender system. As views of humane treatment of the incarcerated expand and modernize, the role of mental health within corrections has also expanded. Psychologists, social workers, counselors, and psychiatrists are found in almost all correctional facilities, and have become a voice of advocacy for an often underserved population.

Ethnic Violence on Kenya's Periphery: Informal Institutions and Local Resilience in Conflict-Affected Communities

Deadly, inter-ethnic group conflict remains a threat to international security in a world where the majority of armed violence occurs not only within states but in the most ungoverned areas within states. Conflicts that occur between groups living in largely ungoverned areas often become deeply protracted and are difficult to resolve when the state is weak and harsh environmental conditions place human security increasingly under threat. However, even under these conditions, why do some local conflicts between ethnic groups escalate, whereas others do not? To analyze this puzzle, the dissertation employs comparative methods to investigate the conditions under which violence erupts or stops and armed actors choose to preserve peace. The project draws upon qualitative data derived from semi-structured interviews, focus group dialogues, and participant observation of local peace processes during field research conducted in six conflict-affected counties in Northern Kenya. Comparative analysis of fifteen conflict episodes with variable outcomes reveals the conditions under which coalitions of civic associations, including local peace committees, faith-based organizations, and councils of elders, inter alia, enhance informal institutional arrangements that contain escalation. Violence is less likely to escalate in communities where cohesive coalitions provide platforms for threat-monitoring, informal pact making, and enforcement of traditional codes of restitution. However, key scope conditions affect whether or not informal organizational structures are capable of containing escalation. In particular, symbolic acts of violence and the use of indiscriminant force by police and military actors commonly undermine local efforts to contain conflict. The dissertation contributes to the literatures on civil society and peacebuilding, demonstrating the importance of comparing processes of escalation and non-escalation and accounting for interactive effects between modes of state and non-state response to local, inter-ethnic group conflict.

Influence of Religious Institutions in the Creation and Implementation of Public Policy: The Case of Roman Catholic Argentina and Secular Uruguay

The strong presence of religious institutions in Latin America, especially the Roman Catholic Church, and their participation in the creation and implementation of public policy within a sovereign state can be counter-productive for the social development and progress of that specific country. Argentina and Uruguay and the social controversy of social issues of abortion and same-sex marriage are used as examples to establish the accuracy of the above statement. Historical, statistical, and legislative information about both topics in both countries show that the political power that the Roman Catholic Church has in the region is more an outdated influence than a reality, and the principle of secularization appears to be the most stabilizing philosophy for modern nations.