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Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market

Abstract : This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily quoted prices. We revisit previous findings showing that investors should consider microfinance as a self-standing sector. Our results are threefold. First, microfinance has become less risky and more closely correlated with the financial sector. This convergence is associated with a decline in the proportion of women borrowers. Second, microfinance and finance shares have equivalent currency exposure. Last, introducing a self-standing microfinance sector presents few diversification benefits. This paper confirms that microfinance has changed dramatically during the last decade.
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https://hal.archives-ouvertes.fr/hal-01491987
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Submitted on : Friday, March 17, 2017 - 5:04:16 PM
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Marie Brière, Ariane Szafarz. Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market. World Development, Elsevier, 2015, 67, ⟨10.1016/j.worlddev.2014.10.007⟩. ⟨hal-01491987⟩

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