The green bond market is attracting new issuers and a more diversified base of investors. However, the size of the green bond market remains small compared to the challenges it is meant to address and to the overall traditional bond market. This paper is based on a unique methodology combining...

Objective: Analyze the reactions of the stock market to M&A announcements, i.e. find out if there was value creation and consequently maximization of shareholder wealth or whether there was value destruction and consequently a decrease in the wealth of the shareholders of the acquiring companies...

Financial inclusion is a public policy objective that fosters development through access to financial services for all. Financial inclusion can be defined as access, usage and quality of financial services. Inclusion of individuals and small enterprises has made considerable progress but it has...

Impact investing has gained momentum in recent years, as increasing numbers of investors look to align their money with their values. Though the industry has blossomed in Latin America, there are still a number of challenges to its growth. An important one is the lack of quality data about the...

The triple bottom line is an accounting framework with social, environmental and financial factors. This Handbook examines the nexus between these areas by scrutinising aspects of socially responsible investment, finance and sustainable development, corporate socially responsible banking firms,...

This report provides insights into the financial structuring of Social Impact Bonds (SIBs) and the role banks can play in this segment – a theme that is often overlooked. Moreover, the report proposes some key considerations to structure the first SIB in Brazil, considering the specificities...

This report is the result of a partnership between CGAP (Consultative Group to Assist the Poor) and J.P. Morgan with the support of the Council of Microfinance Equity Funds (CMEF). It combines CGAP and CMEF knowledge of microfinance with J.P. Morgan's equity research skills in emerging markets....

The past year held many challenges for microfinance: not since the Asian crisis of the late 1990s has the sector faced a more difficult economic environment. Yet despite these conditions, most microfinance institutions (MFIs) proved to be up to the challenge. This report is the result of a...

Toward the end of 2010, the asset quality of many microfinance institutions (MFIs) began to recover from a crisis of client over-indebtedness and unsustainable growth, particularly in India, Bosnia, and Nicaragua. During 2011 and into 2012, this recovery continued to bring higher microfinance...

This report provides benchmarks for valuation of microfinance equity, both private and publicly listed. We use a unique sample of 144 private equity transactions and 10 publicly listed microfinance institutions. MFIs will certainly be affected by the financial crisis ricocheting across the...