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Three essays on finance for the poor.

Hartarska Valentina, Miltcheva.

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Three essays on finance for the poor.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Three essays on finance for the poor./
作者:	Hartarska Valentina, Miltcheva.
面頁冊數:	167 p.
附註:	Adviser: Claudio Gonzalez-Vega.
Contained By:	Dissertation Abstracts International63-07A.
標題:	Business Administration, Banking. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3059258
ISBN:	0493747915

Three essays on finance for the poor.
Hartarska Valentina, Miltcheva.

Three essays on finance for the poor. - 167 p.

Adviser: Claudio Gonzalez-Vega.

Thesis (Ph.D.)--The Ohio State University, 2002.

The dissertation contains three essays on unexplored dimensions of finance for the poor: microfinance governance, the efficacy of counseling for low-income mortgage borrowers, and the limitations of traditional banking in lending to young small firms in transition economies.

ISBN: 0493747915Subjects--Topical Terms:

1018458
Business Administration, Banking.

Three essays on finance for the poor.
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520 $a The dissertation contains three essays on unexplored dimensions of finance for the poor: microfinance governance, the efficacy of counseling for low-income mortgage borrowers, and the limitations of traditional banking in lending to young small firms in transition economies.
520 $a The first essay develops a model of information flows between managers and boards of microfinance organizations, with emphasis on the dual objectives of outreach and sustainability. It explores the board's optimal composition, appropriate for given economic environments, so managers are induced to reveal information about the microfinance technology and board decisions are efficient. Unlike models with single objectives, the duality of objectives makes managers reveal uniformly good sustainability and outreach signals but not reveal uniformly bad signals.
520 $a In slow growth environments, smarter boards induce less revelation. The duality of objectives improves the chances of revelation, even with smart boards. In uniformly fast growth environments, smart boards are optimal. For slow finance, fast outreach environments, dumb, business-dominated boards are preferable; for slow-outreach, fast finance environments, dumb, altruist-oriented boards are preferable.
520 $a The second essay evaluates the efficacy of cash flow-based credit counseling, by using competing risks (option-based) and choice theoretic approaches to modeling mortgage termination. Results suggest that low-income households exercise both put and call options. Both approaches produce mixed results about the influence of counseling on default, but show that counseling influences prepayment. Counseling lowers default hazards and helps borrowers prepay more often.
520 $a The third essay adapts the financing constraints approach to the circumstances of small firms in Russia and studies how investment in firms of different age is affected by the availability of internal funds and security of property rights. The empirical analysis shows that young firms face higher financing constraints, as a result of higher information costs.
520 $a Overall, formal financial intermediaries do not fund small firms, but banks grant loans to firms with transparent transactions. The security of property rights influences investment only in mature firms. Extralegal relationships in older firms, secured through extralegal payments, increase investment. Potential entrepreneurs are discouraged by high entry costs and only the most profitable firms, whose investment is unaffected by extralegal payments, enter the market.
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