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.

Preschool, San Sebastián de los Reyes, Madrid (1984)

Parvulario en San Sebastián de los Reyes, Madrid

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.

Do currículo organizado ao currículo integrado: um potencial de aprendizagem vindo das dinâmicas transversais “Como desenvolver um processo de ensino e aprendizagem assente em dinâmicas transversais?”

Relatório de estágio para a obtenção do grau de mestre em Educação Pré-escolar e em Ensino do 1ciclo do Ensino Básico

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.

Mitigating Risk For Anxiety Among Preschool-Age Children Living In Poverty: Evaluating The Impact Of Adult-Provided Social Support On Autonomic Stress Reactivity

Poverty increases children's exposure to stress, elevating their risk for developing patterns of heightened sympathetic and parasympathetic stress reactivity. Repeated patterns of high sympathetic activation and parasympathetic withdrawal place children at risk for anxiety disorders. This study evaluated whether providing social support to preschool-age children during mildly stressful situations helps reduce reactivity, and whether this effect partly depends on children's previously assessed baseline reactivity patterns. The Biological Sensitivity to Context (BSC) theory proposes that highly reactive children may be more sensitive than less reactive children to all environmental influences, including social support. In contrast, conventional physiological reactivity (CPR) theory contends that highly reactive children are more vulnerable to the impact of stress but are less receptive to the potential benefits present within their social environments. In this study, baseline autonomic reactivity patterns were measured. Children were then randomly assigned to a high-support or neutral control condition, and the effect of social support on autonomic response patterns was assessed. Results revealed an interaction between baseline reactivity profiles and experimental condition. Children with patterns of high-reactivity reaped more benefits from the social support in the experimental condition than did their less reactive peers. Highly reactive children experienced relatively less reactivity reduction in the neutral condition while experiencing relatively greater reactivity reduction in the support condition. Despite their demonstrated stability over time, reactivity patterns are also quite susceptible to change at this age; therefore understanding how social support ameliorates reactivity will further efforts to avert stable patterns of high-reactivity among children with high levels of stress, ultimately reducing risk for anxiety disorders.

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.

Reducing visual deficits caused by refractive errors in school and preschool children: results of a pilot school program in the Andean region of Apurimac, Peru

Background: Refractive error is defined as the inability of the eye to bring parallel rays of light into focus on the retina, resulting in nearsightedness (myopia), farsightedness (Hyperopia) or astigmatism. Uncorrected refractive error in children is associated with increased morbidity and reduced educational opportunities. Vision screening (VS) is a method for identifying children with visual impairment or eye conditions likely to lead to visual impairment. Objective: To analyze the utility of vision screening conducted by teachers and to contribute to a better estimation of the prevalence of childhood refractive errors in Apurimac, Peru. Design: A pilot vision screening program in preschool (Group I) and elementary school children (Group II) was conducted with the participation of 26 trained teachers. Children whose visual acuity was<6/9 [20/30] (Group I) and≤6/9 (Group II) in one or both eyes, measured with the Snellen Tumbling E chart at 6 m, were referred for a comprehensive eye exam. Specificity and positive predictive value to detect refractive error were calculated against clinical examination. Program assessment with participants was conducted to evaluate outcomes and procedures. Results: A total sample of 364 children aged 3–11 were screened; 45 children were examined at Centro Oftalmológico Monseñor Enrique Pelach (COMEP) Eye Hospital. Prevalence of refractive error was 6.2% (Group I) and 6.9% (Group II); specificity of teacher vision screening was 95.8% and 93.0%, while positive predictive value was 59.1% and 47.8% for each group, respectively. Aspects highlighted to improve the program included extending training, increasing parental involvement, and helping referred children to attend the hospital. Conclusion: Prevalence of refractive error in children is significant in the region. Vision screening performed by trained teachers is a valid intervention for early detection of refractive error, including screening of preschool children. Program sustainability and improvements in education and quality of life resulting from childhood vision screening require further research.

Evaluation of the Implementation of CLIL (Content and Language Integrated Learning) Methodology in the Didactics of the English Language in Preschool Education Course Taught in the Preschool Education Teacher Undergraduate Program at the University of Alicante

Although it is known that the Spanish current Educative System promotes using the Communicate Approach to teach foreign languages in schools, other recently designed approaches are also used to help students improve their skills when communicating in a foreign language. One of these approaches is Content and Language Integrated Learning, also known as CLIL, which is used to teach content courses using the English language as the language of instruction. This approach improves the students’ skills in English as the same time as they learn content from other areas. The goal of this thesis is to present a research project carried out at the University of Alicante during the academic year 2011-2012. With this research we obtained results that provide quantitative and qualitative data which explains how the use of the CLIL methodology affects the English level of students in the “Didactics of the English Language in Preschool Education” course in Preschool Education Teacher Undergraduate Program as students acquire the contents of the course.