Currency and interest rate swaps are subject to a complex, two-sided default risk. Several theoretical papers have addressed the problem of pricing swap credit risk. I propose a complete implementation procedure of the structural line of research in theoretical credit risk analysis in order to...

Standard sector classification frameworks present drawbacks that might hinder portfolio manager. This paper introduces a new non-parametric approach to equity classification. Returns are decomposed into their fundamental drivers through Independent Component Analysis (ICA). Stocks are then...

There is a growing interest in combined micro-finance schemes delivering both micro-insurance and micro-credit products to provide a more comprehensive response to existing market failures often leading to a lack of access to financial services for excluded populations. Despite its increasingly...

Avec plus de 59 millions de membres et encore en pleine croissance, les coopératives d’épargne et de crédit (coopec) dans les pays du Sud font pourtant l’objet de relativement peu d’attention au sein du secteur de la microfinance. Les principales critiques adressées à ces...

Putting agricultural systems on a more sustainable path is a crucial policy issue. Within that context, the objective of this paper is to show how the unsustainable character of current agricultural systems is strongly related to the prevailing rationale of mainstream economics and the...

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...

This paper is an opinion on the public consultation on possible changes to the Capital Requirements Directive1 and more particularly on the Annex IX Part 2 (item 10 on the Technical Amendments to Directive 2006/48/Ec), related to the significance of the risk transfer in the context of...

Managers analyze their environment in order to diagnose strategic issues, events which may have an important impact on the organizational performance. But to date little has been said about the role of emotion in the process of strategic issue diagnosis (SID). Our paper focuses on how emotions...