merchants can invest in fraud detection technologies. We show that liability rules bias the structure of the prices charged by … incentives. Under the zero liability rule for consumers, the profit-maximizing allocation of fraud losses maximizes social …

This paper takes full advantage of daily quoted prices of microfinance stocks from their issuance, and draws a global … picture of worldwide microfinance equity from the viewpoint of a profit-oriented investor. We construct microfinance country … equity indices and an international global microfinance index. We analyse the changes in these indices, which we assess in …

This article highlights the main findings of an evaluation report on the impact of a microfinance program based in … Antananarivo. It first provides background information on microfinance programs in Madagascar and on the market-demand for micro …-loans. It then describes the main characteristics of the participants to the microfinance program under concern. It finally …

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 less risky and more closely correlated with the financial sector …