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Analysis of publicly listed microfinance equity diversification potential and possible mission drift
Název práce v češtině: Analýza cenných papírů mikrofinančních institucí a vlivu jejich veřejného obchodovaní na fungování těchto institucí
Název v anglickém jazyce: Analysis of publicly listed microfinance equity diversification potential and possible mission drift
Klíčová slova: mikrofinance
Klíčová slova anglicky: microfinance
Akademický rok vypsání: 2016/2017
Typ práce: diplomová práce
Jazyk práce: angličtina
Ústav: Institut ekonomických studií (23-IES)
Vedoucí / školitel: prof. Ing. Karel Janda, Dr., Ph.D., M.A.
Řešitel: skrytý - zadáno vedoucím/školitelem
Datum přihlášení: 09.11.2016
Datum zadání: 09.11.2016
Datum a čas obhajoby: 08.02.2017 08:30
Místo konání obhajoby: Opletalova - Opletalova 26, O105, Opletalova - místn. č. 105
Datum odevzdání elektronické podoby:05.01.2017
Datum proběhlé obhajoby: 08.02.2017
Oponenti: PhDr. František Čech, Ph.D.
 
 
 
Kontrola URKUND:
Seznam odborné literatury
• Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market (Briere, Szafarz, 2014)
• Investment in Microfinance Equity: Risk, Return, and Diversification Benefits (Briere, Szafarz, 2011)
• A study of Four Listed Micro Finance Institutions (Monroy, Huerga 2012)
• SUITABILITY OF MICROFINANCE AS AN INVESTMENT OPTION (Karel Janda, Barbora Svárovská 2012)
• New Partnerships for Innovation in Microfinance (Ingird Matthaus-Maier, J.D. von Pischke, 2008)
• Microfinannce Institutions – Financial and Scoila Performance (Roy Mersland, R. Oystein Strom, 2014)
Předběžná náplň práce v anglickém jazyce
The idea of lending small loans to poor people, which consecutively led to the emergence of Microfinance sector, was invented by Mr. Muhammad Yunus in 70’s. The fundamental goal was to offer a capital to disadvantaged people, who couldn’t be served by regular banks due to their lack of collateral. Since then the number of Microfinance Institutions (MFIs) grew rapidly. This progress was associated with increasing variety of services delivered to borrowers, from specific-purpose loans to insurance.

During this enormous growth several issues have surfaced and became a subjects of large number of studies. One of the main concerns is the ongoing process of changes among Microfinance Institutions (MFIs) towards more professional and for-profit managed businesses, such as MFI’s which publicly offered their stocks.

Example of the challenges in this area is Andhar Pradesh crisis in 2011, which led to suicide wave caused by insolvency of SKS Microfinance bank’s borrowers, one of the largest MF banks. According to Washington Street Journal and other literature there are clues that the root-cause of this situation was SKS’s hugely successful IPO and investors driven hyper-growth period.

These issues indicate that some of the listed MFI’s can get under investors pressure to increase profitability leading to “mission drift” and the business long term sustainability risk. There are however very successful MFI’s IPO examples as well (e.g. Compartamos Banco IPO in 2007).

Motivation of my Master thesis is to get better understanding of listed MFIs around the world and attempt to answer the question whether MFIs equity is safe and convenient opportunity for investor’s portfolio diversification.
 
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