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Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market
Szafarz, Ariane; Briere, Marie - Centre Emile Bernheim, Solvay Brussels School of … - 2014
This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily quoted prices. We revisit previous findings showing that investors should consider microfinance as a self-standing sector. Our results are threefold. First, microfinance has become...
Persistent link: https://www.econbiz.de/10010944626
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Women’s Access to Credit in France: How Microfinance Institutions Import Disparate Treatment from Banks
Szafarz, Ariane; Cozarenco, Anastasia - Centre Emile Bernheim, Solvay Brussels School of … - 2013
This paper compares the loans granted to male and female entrepreneurs by a French microfinance institution (MFI). The sample period is split in two: before and after the MFI implemented France's regulatory EUR 10,000 loan ceiling. In the first period, the MFI does not co-finance projects with...
Persistent link: https://www.econbiz.de/10010736404
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Gender Biases in Bank Lending: Lessons from Microcredit in France
Szafarz, Ariane; Cozarenco, Anastasia - Centre Emile Bernheim, Solvay Brussels School of … - 2015
the ceiling is associated both with bank-MFI co-financing and with harsher treatment of female borrowers. To investigate …
Persistent link: https://www.econbiz.de/10011185443
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Corporate Control with Cross-Ownership
Szafarz, Ariane; Levy, Marc - Centre Emile Bernheim, Solvay Brussels School of … - 2011
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...
Persistent link: https://www.econbiz.de/10009366398
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Ownership, board compensation and company performance in sub-Saharan African countries
Munisi, Gibson Hosea; Mersland, Roy - Centre Emile Bernheim, Solvay Brussels School of … - 2013
In countries with weak institutions board governance becomes more important. This study uses a unique dataset from listed Sub-Saharan African companies to examine the relationship between ownership composition and board compensation. It further analyses the association between board compensation...
Persistent link: https://www.econbiz.de/10010711787
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Women Leaders and Social Performance: Evidence from Financial Cooperatives in Senegal
Szafarz, Ariane; Périlleux, Anaïs - Centre Emile Bernheim, Solvay Brussels School of … - 2014
How do women leaders such as board members and top managers influence the social performance of organizations? This … top managers are not necessarily more socially oriented than their male colleagues. Instead, they tend to align their loan … managers to cooperatives with female-dominated boards, probably to curb the social orientation of these boards. Overall, gender …
Persistent link: https://www.econbiz.de/10010968979
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Mergers and Acquisitions in Vietnam’s Emerging Market Economy, 1990-2009
Vuong, Quan Hoang; Tri Dung, Tran; Chau Ha NguyenN, Thi - Centre Emile Bernheim, Solvay Brussels School of … - 2009
industries of securities, banking, non-bank financials, portfolio investments and real estates. The impacts of M&A on Vietnam …
Persistent link: https://www.econbiz.de/10008544621
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Is there tunneling in Small Business Groups? Evidence from French SMEs.
Hamelin, Anaïs - Centre Emile Bernheim, Solvay Brussels School of … - 2010
This paper investigates the influence of firm control structure on firm individual economic performance using a unique firm level data set of ownership and balance sheet information. This study fills a gap in the empirical governance literature by investigating whether or not there is...
Persistent link: https://www.econbiz.de/10008544625
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Where do Creditor Rights Matter? Creditor Rights, Political Constraints, and Cross-Border M&A Activity.
Méon, Pierre-Guillaume; Gassebner, Martin - Centre Emile Bernheim, Solvay Brussels School of … - 2010
In this paper, we evaluate the impact of creditor rights and political risk on both the number and the value of cross-border M&A flows in a gravity model using a negative binomial model and Heckman’s two-stage selection model, respectively. Our results confirm that creditor-friendly rules and...
Persistent link: https://www.econbiz.de/10008468448
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Separation between ownership and control: where do we stand?
Chapelle, Ariane - Centre Emile Bernheim, Solvay Brussels School of … - 2004
Complex structure of ownership like cross-ownership, rings, and pyramids are common in Continental Europe, Eastern Europe, and in Asia. This paper aims at dissecting these complex features by a proper measurement of direct and indirect holdings. Building on Brioschi et al. (1989), we use the...
Persistent link: https://www.econbiz.de/10005558841