SMEs are key to development, as they provide livelihoods and jobs for the majority of people in LMICs. Yet, their development is often hampered by constrained access to finance. SMEs mostly depend on bank loans for external finance. However, these have been insufficient to overcome SMEs'...

We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 countries. We elicit subjective probability distributions for future own-firm sales and measure firm-level uncertainty with their mean absolute deviations. Analogously, we...

Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's seventy-five fastest-growing economies and 19 percent of the world's GDP. Yet many investors ignore...