This paper looks at ‘the other side’ of the much-celebrated microfinance revolution, namely its potential impact on the conditions of access to credit for nonmembers (the residual market). It uses a standard adverse selection framework to show the advantage of group lending as a single...

We examine the effects of bank deregulation on the spatial dynamics of retail-bank branching, exploiting, much like a quasi-natural experiment, the context of intense liberalization reforms in Belgium in the late nineties. Using .ne-grained data on branch network dynamics within the metropolitan...

This paper studies the effect of institutional reform on the decision to hold risky assets at the example of the natural experiment of German Division and Reunification. We present empirical evidence indicating that even 16 years after German Reunification risky portfolio choice and composition...

This paper studies the effect of institutional reform on the decision to hold risky assets at the example of the natural experiment of German Division and Reunification. We present empirical evidence indicating that even 16 years after German Reunification risky portfolio choice and composition...

This paper examines the relationship between competition and the performance of microfinance institutions (MFIs). We measure competition by constructing a Lerner index. Next, we assess the association between increased competition among MFIs on the one hand and outreach and loan repayment...

Using firm-level data we investigate the relationship between trade credit and suppliers’ market structure and find an inverted U-shaped relationship between competition and trade credit, with a discontinuous increase in credit provision between monopoly and duopoly. This “big jump” arises...

Firm level data from financial statements for nearly 8,000 listed companies in 22 emerging and 22 developed countries over the period 1994-00 are examined. Capital structure, asset structure, rates of return and financing patterns are compared across countries and over time. Generally, there are...

FinTech (financial technology) is asserted as a disruptive paradigm with digital technologies driving authentic innovation within the financial services industry. Much attention and hyperbole has been attributed to startup FinTech developers and the potential of applications for consumers of...

What is the value of political capital for individuals? Towards the end of the Pinochet dictatorship in Chile, military and civilian collaborators entered the business elite, controlling the largest and most important firms in the country. Using a novel panel dataset of board members in these...

Most countries compete for investments from abroad, whether the investment is made directly in the form of new ventures or indirectly through the shares of existing firms that are publicly traded. Both higher returns and lower volatility can attract a higher market share of global stock...