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...

This paper addresses the fairness of prices, with a focus on fair interest rates as they apply to microlending transactions for the poor. Under different assumptions on fairness in interest rate policies and the principles of justice as described in A Theory of Justice (Rawsl, 1976), the paper...

Fair prices have been recently addressed through debates on fair trade or fair wage. This paper addresses the fairness of credits to the poor. It first analyzes a few definitions of fair interest rates. It then determines the extent of the ‘just’ range of a price, its major constraints and...

This paper uses a unique database from a leading microfinance rating agency to assess the impact of management on the functioning of microfinance institutions (MFIs). It focuses on MFIs’ financial performance, and on the level of subsidies received. The results show that the management skills...

In recent years, large numbers of developing and transitional countries have ex¬peri¬enced situations of crisis, following political, economic or natural disasters, or total crisis, triggered by war or totalitarian oppression. The goal of this article is to study the role of member-owned...

Parmi les facteurs contingents du taux de remboursement des microcrédits, la responsabilité solidaire des emprunteurs est peu analysée dans les études empiriques. Grâce à la constitution d’une base de données originale, cet article s’attache à estimer l’impact des facteurs...

This paper focuses on the use of donor funds to finance MFIs. The role of donors in microfinance is rapidly evolving, particularly since the emergence of socially responsible and commercial investors. We argue that public policy should be designed to facilitate the entry of new private actors...

Conformément à la quatrième Directive et à sa transposition en droit interne belge, l’objectif principal de la comptabilité est d’établir des comptes annuels qui reflètent une image fidèle de la situation financière et patrimoniale d’une entreprise. Cette contribution poursuit un...

Cross-ownership breaks the traditional rule of one-sided corporate control. Using a novel approach based on stochastic voting processes, this paper proposes a general method to determine control stakes in the presence of cross-ownership. It offers a generalization of the Banzhaf index, which...

In this global world many firms present a complex shareholding structure with indirect participation, such that it may become difficult to assess a firm’s controllers. Furthermore, if there are numerous dominant shareholders, the control can be shared between them. Determining who has the most...