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The following will be discussed in this chapter: The microagent model: barefoot agents, models of financing inclusive finance, supply and demand, insurance companies face the channels challenge, direct sales, the partner-agent model.
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Lecture 23 - Partners at the last mile: retailers, banking agents, and insurance companies. The following will be discussed in this chapter: The microagent model: Barefoot agents; insurance companies face the channels challenge; direct sales; the partner-agent model.
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In this case, the financial institution typically occupies a small area inside the retail store, equipped with a communications device to link to the mother bank and staffed by a bank employee. There is little relationship between the bank and the retailer, as each party carries out business as usual.
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Lecture 21 - Partners at the last mile: retailers, banking agents, and insurance companies. The following will be discussed in this chapter: The last mile, banking correspondents, models of bank-retailer relationships.
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The following will be discussed in this chapter: Incredulity, Ignorance, and Indifference; microlending needs its own room; models of downscaling; service company models; financial subsidiaries; lessons from downscaling.
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Lecture 19 - Commercial banks as microlenders. The following will be discussed in this chapter: Incredulity, ignorance, and indifference; microlending needs its own room; models of downscaling.
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As can be seen, the advantages commercial banks can capitalize on arise from their market position, while most of the obstacles involve the need to change internal ways of thinking and operating. Successful strategies provide a structure that uses the positional advantages of banks while preventing the attitudes and processes of traditional banking from hobbling microfinance.
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The financing of microfinance is especially appealing for international and investment banks, because they can use their status and deal-structuring creativity to bring microfinance institutions to new kinds of investors. The following will be discussed in this chapter: Service delivery vs. financing, in-house vs. partnerships, social responsibility positioning.
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Lecture 16 - Models and corporate choices. The following will be discussed in this chapter: New technology, corporate choices, champions of inclusive finance, strategic questions, financiers.
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The following will be discussed in this chapter: CEMEX Patrimonio hoy (equity today) program, ARGOZ’s lease-option contracts, alternative vs. bank financing, remittances, new entries,...
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Lecture 14 - Three products: insurance, housing finance, and remittances (cont). The following will be discussed in this chapter: Health insurance, Zurich FSG and BancoSol, housing finance, some creative approaches, mibanco housing finance loans.
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Lecture 13 - Three products: insurance, housing finance, and remittances. In this lecture we take a close look at three products: insurance, housing finance, and remittance transfers. We selected these products because they have strong growth potential and are well enough developed that best practices are emerging and growth is under way.
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Lecture 12 - Products for the bop market (con't). The following will be discussed in this chapter: Products for the bop market; three products: insurance, housing; finance, and remittances; managing informality risk; building the industry.
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Lecture 11 - products for the bop market. Low-income people need a full range of financial services—often the same services most readers of this book take for granted. What’s more, these services make an important impact on the quality of their lives.
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Lecture 10 - Challenge 4: Building the industry. A flourishing inclusive finance sector requires supporting conditions and cooperation among players. Direct providers-banks, finance companies, insurance companies-prefer to enter markets that have a certain amount of industry “infrastructure.”
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Lecture 9 - Four critical challenges in the bop market. The following will be discussed in this chapter: Challenge 2 - Reducing the cost of small, dispersed transactions, challenge 3 - Managing informality risk.
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Lecture 8 - Four critical challenges in the bop market. After reading this chapter, you should be able to answer the following questions: How can poor people save money if they can barely put food on the table? How can they afford to pay high—or any—interest rates? Aren’t informal entrepreneurs risky customers? Won’t they default and disappear into the slums? Can an illiterate woman learn to use an ATM machine?
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Consumer lenders come to BOP finance from a very different angle than most microfinance institutions. While microfinance began with credit for the owners of tiny informal businesses, consumer lenders began by helping salaried workers buy things. Today, especially in Latin America, the two approaches are starting to meet and compete.
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In this lecture we look at the supply side of the BOP market for financial services, developing a view of who serves the market and how, as well as a better understanding of the gaps. But first let’s look at two very different kinds of players who are already in those markets, doing business with BOP clients.
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Lecture 5 - The bop market up close (and personal). In this chapter, students will be able to understand: Understanding clients, the market, and the opportunities; the market; the average consumer in the market; tapping the opportunities.
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In this chapter, students will be able to understand: Understanding clients, the market, and the opportunities; size of the microfinance industry; why is microfinance growing? what are the risks of microfinance?
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In this chapter, the following content will be discussed: Size of the microfinance industry, why is microfinance growing? what are the risks of microfinance? The benefits of private-sector engagement in inclusive finance, benefits from the private sector, the road to inclusive finance.
8/28/2020 7:10:06 PM +00:00
This lecture argues that through inclusive finance, companies can make money and help solve the global problem of poverty. By inclusive finance we mean opening access to high-quality financial services to everyone who needs them, especially low-income and previously excluded people. We also discuss how microfinance—until recently a small, close-knit community of institutions offering microloans—is evolving into an essential part of global financial systems and engaging with new private-sector players.
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Microfinance has evolved as an economic development approach intended to benefit low-income women and men. The term refers to the provision of financial services to low-income clients, including the self-employed. This course provides a road map for business executives and investors thinking about greater involvement in inclusive finance. The map looks something like this.
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Traditional econometric modelling typically follows the idea that market returns follow a normal distribution. However, the concept of tail risk indicates that the distribution of returns is not normal, but skewed and has heavy tails. Thus, a heavy-tailed distribution, which accurately estimates the tail risk, would significantly improve quantitative risk management practice. In this paper, we compare four widely used heavy-tailed distributions using the S&P 500 daily returns. Our results indicate that the Skewed t distribution in Hansen (1994) has the superior empirical performance compared with the Student’s t distribution, the normal reciprocal inverse Gaussian distribution and the generalized hyperbolic distribution. We further showed the Skewed t distribution could generate the VaR estimates closest to the nonparametric historical VaR estimates compared with other heavy-tailed distributions.
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This paper investigated the impact of fiscal incentives on firm performance in the Dominican Republic. Although the literature on tax incentives is large, the impact of tax incentives on companies has been less studied and is the subject of intense debate. The analysis, carried out on the period from 2006 to 2015, uses panel data models with fixed and random effects to evaluate the relationship between corporate tax incentives and firm-level performance indicators opportunely selected. The empirical finding highlights that corporate income tax exemptions positively impact the performance of individual firms in the Dominican Republic, nonetheless uneven tax treatment across firms affects competition in the industrial sector, with negative impact on overall economic productivity.
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Corporate failure may be defined as the situation where a business unit becomes insolvent and progressively moves towards bankruptcy or into liquidation. The recent financial crisis has deteriorated dramatically the financial conditions in which the business units operate and has a significant impact on the companies that experience corporate failure. The going concern assumption constitutes a fundamental accounting principle for the preparation of financial statements and is even more important in times when global economy is facing such a financial crisis. The independent auditor’s report attribute credibility to the financial statements prepared by management. The purpose of this paper is to develop a reliable model that classifies the risk of corporate failure on six levels using financial analysis ratios. The model is developed based on financial data of Athens Stock Exchange (ASE) listed firms for the year 2011.
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This paper investigates the determinants of UK corporate cash holdings during the period 1980-2012. The global and long term phenomenon of corporate cash pilling has drawn significant attention from researchers. Similarly, this study aims at shedding light on the empirical relationship between cash holding and specific firm characteristics. The empirical findings suggest that cash holdings are positively related to investment opportunity, as R&D and market to book ratio. Cash ratio is also positively related to industry cash flow volatility and negatively affected by cash flow, net working capital, capital expenditures, leverage, tax expenses, age and size. Regarding the development of the determinants of cash holdings, the study indicates that three major variables influenced cash holdings over the years of analysis. In particular, leverage, tax regime and capital expenditures significantly affect the corporate liquidity in UK market. Furthermore, the results suggest that cash holdings are mostly defined by trade off theory. Indeed, our findings offer stimulating insights on the factors that determine the firms’ cash holdings during the past three decades.
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The purpose of this study is to analyze the effect of debt equity ratio (DER), gross profit margin (GPM), net profit margin (NPM), Time Interest Earned (TIE) and current ratio (CR) to probability bankruptcy in Indonesia’s coal mining company for period 2016 to 2018. This research use model panel data to estimate coefficient model. The results obtained that gross profit margin, EBIT / Interest and Current Ratio have significantly affecting probability bankruptcy. While the debt equity ratio and net profit margin did not have significant to affect the probability of bankruptcy in Indonesia’s coal mining company that listed on the Indonesia Stock Exchange.
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The particular study is the first academic attempt to review a new financial instrument, the covered warrants, which were listed for trading in the Athens Exchange within the framework of the recapitalization of the three systematic Greek banks (Alpha Bank, National Bank of Greece and Piraeus Bank) in the summer of 2013. In particular, we discuss the basic characteristics of these instruments and we examine their pricing efficiency during the fifteen months of their listing. The empirical results suggest that the Greek warrants market is inefficient as the three listed contracts are systematically underpriced compared to their theoretical value based on the historic realized volatility of the underlying shares. Furthermore, a dynamic delta-hedged warrant portfolio yields significant cumulated gains that exceed the risk-free rate.
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