Different empirical studies suggest that the structure of employment in the U.S. and Great Britain tends to polarise into "good" and "bad" jobs. We provide updated evidence that polarisation also occurred in Germany since the mid-1980s until 2008. Using representative panel data, we show that...

Bitcoin is a major virtual currency. Using weekly data over the 2010-2013 period, we analyze a Bitcoin investment from the standpoint of a U.S. investor with a diversified portfolio including both traditional assets (worldwide stocks, bonds, hard currencies) and alternative investments...

This paper estimates the impact of loan officers' subjectivity on microcredit granting by exploiting an exceptionally detailed database from a Brazilian microfinance institution. Loan officers collect field data, meet with applicants, and make recommendations to the credit committee that in turn...

One of the most salient ethical debates concerning microcredit pertains to the unexpectedly high rates of interest charged on microloans. Microcredit is supposed to be to the advantage of borrowers in some of the poorest regions of the world, but at the same time commercial institutions need to...

Using data from 319 microfinance institutions (MFIs) in 68 developing countries, we study the degree to which international debt investments are related to the financial and social performances of MFIs. We find that commercial investments are mainly related to financial performance and level of...

We use an innovative methodology to analyze social responsibility in double bottom line institutions such as microfinance institutions. We provide empirical evidence on the distribution of the generated surplus between the key stakeholders of one of the most famous MFIs worldwide: Banco...

This paper draws a global picture of worldwide microfinance equity. Taking full advantage of daily quoted prices of microfinance stocks from their issuance, we construct microfinance country equity indices and an international global microfinance index. We analyze changes in these indices,...

In the past, the microfinance industry focused mainly on growth and outreach. Addressing financial exclusion implied a huge supply gap. Recent over-indebtedness crises in several countries have shown that this gap can turn into over-supply. The industry urgently requires research to understand...

Microfinance institutions serve a majority of female borrowers. But do men and women benefit from same credit conditions? This paper investigates this issue by presenting an original model and testing its predictions on an exceptional database including 34,000 loan applications from a Brazilian...

What are the drivers of productivity surplus distribution to microfinance stakeholders? This paper shows that the size of the institution is the main indicator that can explain the gain in productivity surplus but also the surplus given to clients (decrease of interest rates) and staff....