A number of studies have provided evidence of increased correlation in global financial market returns during bear … implied correlation based on portfolio downside risk measures that does not suffer from this bias. These unbiased quantile … correlation estimates are directly applicable to portfolio optimization and to risk management techniques in general. This simple …

Testing the hypothesis that international equity market correlation increases in volatile times is a difficult exercise … and misleading results have often been reported in the past because of a spurious relationship between correlation and … volatility. This paper focuses on extreme correlation, that is to say the correlation between returns in either the negative or …

derive empirical predictions for the direction of correlation and for whether governance is stronger or weaker with multiple …

Policymakers often prescribe that microfinance institutions increase interest rates to eliminate reliance on subsidies … trials conducted by a consumer lender in South Africa. The demand curves are downward-sloping, and steep for price increases …

Expanding credit access is a key ingredient of development strategies worldwide. Microfinance practitioners … expansion. There is less consensus on the role of consumer credit in expansion initiatives. Some microfinance institutions are …

Motivated by recent controversies surrounding the role of commercial lenders in microfinance, we analyze borrower …