Newsletter

Nr. 2 May 2009 Newsletter
Centre for European Research in Microfinance
CERMi (Centre for European Research in Microfinance) was created in October 2007 at the initiative of the Centre Emile Bernheim (Solvay Brussels School of Economics and Management – ULB) and the Centre de Recherche Warocqué (Faculté Warocqué – UMH) in order to federate research projects in microfinance. It is based in Belgium (in Mons & Brussels) and has the objective to become a meeting point for all European researchers in microfinance. A complete description of CERMi (including an updated list of its members – permanent and associated) is available at www.cermi.eu. The present newsletter aims at informing the microfinance community of the activities led by CERMi’s members. Coming events at CERMi CERMi has organised the FIRST EUROPEAN RESEARCH CONFERENCE ON
MICROFINANCE in partnership with the European Microfinance Platform (e-MFP)
The conference took place in Brussels, June 2- 4, 2009, at Université Libre de Bruxelles
(ULB).
The First European Research Conference on Microfinance provided researchers with an
opportunity to present their work, discuss it with senior researchers and exchange ideas with
international colleagues. A Call for Papers has been launched to this extent, with the purpose of
presenting the best papers during the workshops. More than 200 papers have been received, and
70 have been presented during the thematic workshops of the conference.
We would like to warmly thank all the participants!
For further information: www.microfinconf.eu
Recent activities at CERMi •
08/12/2008 – CERMi Research Day
Chairperson: I. Guérin (CERMi, Institut Français de Pondichery, Institut de Recherche pour
le Développement)
10 :15 am: “La microfinance, un phénomène a-spatial ? Analyse économétrique
de la distribution du Self-Help Group Bank Linkage Programme dans
le Tamil Nadu”
Speaker : C. Fouillet (CERMi, Institut Français de Pondicherry)
1 11 :15 am: “La repartition du surplus dans les institutions de
microfinance”
Speaker : M. Hudon (CERMi, ULB), A. Périlleux (CERMi, UMH)
1:50 pm Welcome address: M. Hudon (CERMi, ULB)
Chairperson: B. Venet (CERMi, Université Paris Dauphine)
2:00 pm: “Financial constraints and microfinance in ECA region”
Speaker: V. Hartarska (CERMi, Auburn University)
2:40 pm: “The relationship between economic development and microfinance”
Speakers: B. D’Espallier (LESSIUS Hogeschool), A. Vanroose (CERMi, VUB)
Chairperson: M. Labie (CERMi, UMH)
3:40 pm: “Microfinance and informal finance: substitution or leverage effect? A case
study from South India”
Speaker: I. Guérin (CERMi, Institut Français de Pondichery, Institut de
Recherche pour le Développement)
4:20 pm: “The price of outreach in microfinance portfolio investments"
Speaker: R. Galema (University of Groningen)
•
08/12/2008 – Conference
“The microfinance promise: Banking the next billion”, by Jonathan Morduch (NYU).
Professor J. Morduch was awarded the ULB Honoris Causa Doctorate on December 9th,
2008.
•
11/12/2008 - RSAEM (Research Seminar in Applied Economics and Management),
CEB and DULBEA, SBS-EM, ULB “Microfinance lending methodologies: A global analysis”, by R. Mersland (CERMi member,
University of Adger, Norway). •
02/03/2009 – CERMi Seminar
"Comment comprendre la crise alimentaire?", by R. Ridolfi (European Commissar) and A.
Waigalo (Fédération des Centres Faranfaso So, Mali)
•
05/03/2009 – EMP Seminar
"Babyloan - micro credits, great stories", by A. Poissonnier (founder of Babyloan)
•
17/03/2009 – CERMi Seminar
"Is there space for rural development in the microfinance industry? The case of the Fondo
de Desarollo Local in Nicaragua", by J. Bastiaensen (University of Antwerp)
•
20/03/2009 – CERMi Seminar
"La microfinance entre utilité sociale et performances financières", by F. Bedecarrats
(GRET/ CERISE - Université I)
•
31/03/2009 – CERMi Seminar
2 "Microfinance and intra-household management : Lessons from rural SouthIndia", by I. Guérin (Institut Français de Développement and Institut Français
de Pondichéry)
•
21-22/04/2009 – CERMi Doctoral Course by Professor Valentina Hartarska
(Auburn University).
April 21st morning: “Efficiency in MFIs: estimating scale and scope economies”
April 21st afternoon: “Internal Governance and MFIs”
April 22nd morning: “External governance”
Demands and information from our members • 2-4 June 2009, Brussels: First European Research Conference on Microfinance. For more
information, see: www.cermi.eu.
• Marc Labie is coordinating a forthcoming special issue of Reflets et Perspectives de la Vie
Economique on Microfinance.
• Arvind Ashta is Editor of the book Advanced Technologies for Microfinance: Solutions and
Challenges, forthcoming in 2010. The Editorial Advisory Board includes Trond Randoy,
Robert Lensink, Barbara Johnson, Christopher Woodruff, etc.
• Beatriz Armendariz and Marc Labie are coordinating the forthcoming Handbook of
Microfinance.
• Roy Mersland will present its PhD thesis on May 20, 2009.
Recent publications CERMi membership is indicated by an asterisk. ►
Published Armendariz* B., L. Urgeghe*, (2009) “La microfinance hors d’atteinte de la crise ?"
In Asset Magazine, Bank Degroof, 18-19.
Ashta* A., (2009), “Corporate Social Responsibility in the Dynamic Information Age of InterSystems Connectivity”, Journal of Electronic Commerce in Organizations, 7, 1, 18-34.
Attuel-Mendes L, A. Ashta*, (2008) “French Usury Legislation And The Development Of Credit
Availability For Microenterprise”, Global Journal of Business Research, 2,2, 123-138.
Breman J., Guérin∗ I., A. Prakash (ed.), (2009) India's unfree workorce. Old and new practices of labour
bondage, New-Delhi, Oxford University Press.
Brière, M., A. Szafarz* (2008), “Crisis-Robust Bond Portfolios”, Journal of Fixed Income, Fall, 57-70
3 Fouillet* C., (2009) “Book Review: “Banking on Small Business: Microfinance in
Contemporary Russia”, by G. Buyske”, Journal of Economic Issues, 43, 2, 533-534.
Fouillet* C., (2009) “Microfinance, agriculture et analyse spatiale : le cas de l’Inde”, Exclusion et liens
financiers, Paris, Economica, 11-132.
Fouillet* C., (2009) “Microinsurance and Management of Climatic Risks”, Journal of Insurance and
Risks Management, 4, 1, 91-99.
Fouillet* C., I. Guérin*, (2008) “Pluralité microfinancière et économie solidaire en Inde”, in J.
Duchatel and F. Rochat (ed.), Produire de la richesse autrement, Centre Europe-Tiers Monde, 51-56.
Fouillet* C., I. Guérin*, S. Morvant-Roux, (2008) “Compte rendu du Boulder-Bergamo forum sur
l’accès aux services financiers en milieu rural”, Espace Finance, Gret-Cirad, October.
Guérin∗ I., J. Palier, B. Prevost, (2009) Femmes et microfinance. Espoirs et désillusions de l’expérience
indienne, Paris, AUF Editions.
Guérin∗ I., (2009) “Corridors of Migration and Chains of Dependence: Brick Kiln Moulders in
Tamil Nadu”, in J. Breman, I. Guérin and A. Prakash (ed.), India's unfree workorce. Old and new
practices of labour bondage, New-Delhi, Oxford University Press, 170-197.
Guérin∗ I., A. Bhukhut, K. Marius-Gnanou, Venkatasubramanian. (2009) “Neobondage, easonal
Migration and Job Brokers: Cane Cutters in Tamil Nadu”,in J. Breman, I. Guérin and A. Prakash
(ed.), India's unfree workorce. Old and new practices of labour bondage, New-Delhi, Oxford University
Press, 233-258.
Guérin∗ I., C. Lapenu, F. Doligez (eds), (2009) “La microfinance est-elle socialement
responsable ?”, Revue Tiers Monde, Special Issue, 197.
Guérin∗ I., M. Roesch, J.-M. Servet. (2009) “Microfinance, financial inclusion and social
responsibility”, in H.-C. de Bettignies and F. Lépineux (ed.), Finance for a better world. The shift toward
sustainability, Macmillan, Palgrave Macmillan, 7-29.
Guérin∗ I., M. Roesch, Venkatasubramanian, O. Héliès, (2009) “Microfinance, endettement et
surendettement”, Revue Tiers Monde, 197, 131-146.
Gutiérrez Nieto* B., C. Serrano Cinca and C. Mar Molinero, (2009) “Social efficiency in
Microfinance Institutions”, Journal of the Operational Research Society, 60, 1, 104-119.
Gutiérrez Nieto* B., Y. Fuertes Callén, C. Serrano Cinca, (2008) “Internet reporting in
Microfinance Institutions”, Online Information Review, 32, 3, 415-436.
Hermes* N., R. Lensink*, (2008) “Does Financial Liberalization Influence Saving, Investment and
Economic Growth? Evidence From 25 Emerging Market Economies, 1973-96”, in Knasnobis and
Mavratos (eds), Financial Development, Institutions, Growth and Poverty Reduction, Palgrave Macmillan,
164-190.
Hermes* N., R. Lensink*, (2008) “De Effecten van Financiële Liberalisatie op de Economische
Groei, Investeringen en Besparingen”, in W. Boonstra and S. Eijffinger (ed.), Een klassiek econoom met
een brede blik: Opstellen aangeboden aan Hans Visser, Den Haag: SDU Uitgevers, 159-175.
4 Hermes* N., T. Postma, (2008) “Het Activisme van Hedgefondsen en Private
Equity Fondsen: Sprinkhanen of Bedrijvendokters? (Hedgefunds and Private Equity
Funds: Curse or Blessing?)” Goed Bestuur, 44-52.
Hudon* M., M. Labie*, A. Périlleux*, (2009), “Introduction Partie 1 : Microfinance pour
l’agriculture des pays du Sud : Etats des lieux et tendances actuelles”, Rapport Exclusion et liens
financiers, 25-33.
Hudon, M. (2009), “Should Access to Credit be a Right?”, Journal of Business Ethics, 84, 17-28.
Lensink* R., H.S. Toxopeus, (2008) “Remittances and Financial Inclusion in Development”, in
Addison and Mavratos (eds), Development Finance in the Global Economy, Palgrave Macmillan, 236263.
Lensink* R., I., (2008) “Household Borrowing in Vietnam: A Comparative Study of Default Risks
in Formal, Informal and Semi-Formal Credit”, Journal of Emerging Market Finance, 7, 3, 237-263.
Lensink* R., I., I. Naaborg (2008) “Does Foreign Ownership Foster Bank Performance”, Applied
Financial Economics, 15, 432-426.
Lensink* R., T.T.T. Pham, (2008) “The Determinants of Loan Contracts to Business Frims:
Empirical Evidence from a Private Bank in Vietnam”, in Mavratos (ed.), Domestic Resource
Mobilzation and Financial Development, Palgrave Macmillan, 229-265.
Medema L., R. Koning, R. Lensink*, (2009), “A practical approach to validating a PD model”,
Journal of Banking and Finance, 33, 4, 701-708.
Mersland* R., R. Øystein Strøm, (2008) “Performance and trade-offs in Microfinance
Organisations-does ownership matter?”, Journal of International Development, 20, 5, 598-612
Naaborg I., R. Lensink*, (2008) “Banking in transition economies: does foreign ownership enhance
profitability? ”, European Journal of Finance, 14, 7, 545-562
Roesch M. Venkatasubramanian, I. Guérin∗.(2009) “Bonded Labour in the Rice Mills: Fate or
Opportunity? ”, in J. Breman, I. Guérin and A. Prakash (ed.), India's unfree workorce. Old and new
practices of labour bondage, New-Delhi, Oxford University Press, 284-311.
Vanroose* A. (2008), “De microfinancieringsevolutie: Overzicht van de totstandkoming, groei en
ontwikkeling”, Accountancy en Bedrijfskunde, 5, 9-19.
Vanroose* A., (2008), “Which macro factors make microfinance institutions reach out?”, Savings
and Development, 32, 3, 153-174.
►
Forthcoming Ashta* A., “Micro-credit Capital Flows and Interest Rates: An Alternative Explanation”, Journal of
Economic Issues.
Ashta* A., A. Zeyl, “The use of Alert Signals: What does the Pharmaceutical Sales Force
information noise on the internet signal ?”, Gitam Journal of Management.
5 Augsburg, B., C. Fouillet* “Profit Empowerment: The Microfinance Institution’s
Mission Drift”, Persepectives on Global Development and Technology.
De Scheemaekere X., A. Szafarz*, “The Special Status of Mathematical Probability: A Historical
Sketch”, Epistemologia.
Gutiérrez Nieto B., C. Serrano Cinca, “Factors influencing funder loyalty to microfinance
institutions”, Nonprofit & Voluntary Sector Quarterly.
Hermes* N., R. Lensink*, A. Meesters “Outreach and Efficiency of Microfinance Institutions”,
World Development.
Lensink* R., T.D. Loc, G.J. Lanjouw, “Stock Market Efficiency in Thin Trading Markets: The
Case of the Vietnamese Stock Market”, Applied Economics.
Lensink* R., Yu Huanjun, H van Ees, “Does Group Affiliation Improve Firm Performance? The
Case of Chinese State-owned Firms”, Journal of Development Studies.
Serrano Cinca, C., B. Gutiérrez Nieto* and C. Mar Molinero, “Social and financial efficiency in
Microfinance Institutions”, The Handbook of Microfinance.
Vanroose* A., De Essentie: Microfinanciering, Luster, Antwerpen.
►
Working Papers Armendariz* B. and A. Szafarz*, (2009) “Microfinance Mission Drift?,” WP-CEB 09-015, ULB.
Armendariz* B. and Vanroose* A., (2009) “Uncovering microfinance myths: Does country-wide
age matter?”, CERMi
Ashta* A. (2009), “How Can Beta be Saved in the Face of Loss Aversion ?”, Cahier du CEREN,
25.
Ashta* A., Hudon* M. (2009), “To whom should we be fair? Ethical issues in Balancing Stakeholder
Interests from Banco Compartamos Case Study”, CERMi
Ashta* A., J. Ernult (2009), “Comment mesurer la performance sociétale et environnementale ?
Une étude de la crédibilité de la notation de la Caisse d'Épargne par Vigeo”, Cahier du CEREN,
25.
Barbe O., L. Didelot, A. Ashta* (2009), “Is There Need for Totally Disconnected Tax and
Financial System? A Post IFRS Evaluation of Evolution of French Tax and Financial Reporting
Relationship.”, Cahier du CEREN, 25.
Brière M., A. Chapelle and A. Szafarz* (2008), “No contagion, only globalization and flight to
quality” WP-CEB 08-018, ULB.
D'Espallier B., I. Guérin∗, R. Mersland*, (2009) “Women and repayment in microfinance”,
Working Paper RUME, 2009-2.
6 Ditter J-G, L. Attuel-Mendes, A. Arvind* (2009), “La réforme de la législation
française en matière d’usure facilite-t-elle l'accès au crédit des micro-entreprises ?”,
Cahier du CEREN, 25.
Guérin∗ I., (2008) “Poor women and their women: between Daily Survival, Private Life, Family
Obligations and Social Norms”, Working Paper RUME, 2008-3.
Guérin∗ I., (2008) “The social life of microfinance projects: brokerage and resistance. A case study
from south-India,”, Working Paper RUME 2008-2.
Hartarska* V., Nadolnyak D., (2007) “An Impact Analysis of Microfinance in Bosnia and
erzegovina”, William Davidson Institute Working Papers 915.
Hermes* N., A. Meesters, C. Tanveer Shehzad, (2009), “Financial Reform and Bank Efficiency: A
Multi-country Analysis Evidence”, WPS 1344624, SSRN.
Hermes* N., A. Schulenburg, (2008) “Executive Compensation and Anglo-American Influence:
European Evidence”.
Hermes* N., R. Lensink*, (2009) “Microfinance: Its Impact, Outreach and Sustainability”
Hermes* N., R. Lensink*, A. Meesters, (2009), “Financial Development and the Efficiency of
Microfinance Institutions”, WPS 1396202, SSRN.
Labie* M., P-G Méon P.G., A. Szafarz* (2009) “Discrimination in Microfinance : The Role of Credit
Officers”, WP-CEB 09-017, ULB.
Méon P-G, A. Szafarz* (2009) “Labour market discrimination as an agency cost, ” WP-CEB 08-019,
ULB.
Sekkat K., A. Szafarz* (2009) “Valuing Homeownership, ” WP-CEB 09-006 ULB.
Vanroose* A. and D’Espallier, B., (2009) “The relationship between the microfinance sector and
formal financial sector development”.
Recent or forthcoming contributions to conferences and seminars Allaire, V., A. Ashta*, L. Attuel-Mendez, K. Krishnaswamy, “The Success of Moroccan
Microfinance Institutions: More than just culture ?”, 5th International Finance Conference,
Hammamet (Tunisia), March 2009.
Ashta* A., “A Discontinuous Marginal Revenue curve and U-shaped supply curve explanation to
microcredit capital flows and relative interest rate determination”, Asian-Pacific Conference on
International Accounting Issues, Paris, November 2008.
Ashta* A., “How can Beta be saved in the face of Loss Aversion ?”, Asian-Pacific Conference on
International Accounting Issues, Paris, November 2008.
Ashta* A., L. Attuel-Mendes, J-G. Ditter, “Another "FRENCH PARADOX": Explaining why
interest rates to microenterprises did not increase with the change in French usury legislation”,
European Microfinance Week, Luxembourg, November 2008.
7 Assadi, D., A. Ashta*, “How do People Trust on Peer-to-Peer Lending Websites?
Analysis of the Impacts of the Web 2.0 Technologies and Intermediation Roles'”,
2nd International Conference on Technology and Innovation in Marketing, Ghaziabad (India),
February 2009.
Attuel-Mendes, L, A. Ashta*, “The truth, but not always the Whole Truth in Lending Laws”, 5th
International Finance Conference, Hammamet (Tunisia), March 2009.
Barbe-Dandon, O., L. Didelot, A. Ashta*, “Is there need for totally disconnected tax and financial
systems? A post-IFRS evaluation of evolution of French Tax and Financial Reporting
relationships”, Asian-Pacific Conference on International Accounting Issues, Paris, November
2008.
Bernal, O., K. Oosterlinck and A. Szafarz*, “Observing bailout expectations during a total eclipse
of the sun”, Annual International Conference on Macroeconomic Analysis and International
finance, University of Crete, Greece, May 2009.
Brière M., A. Chapelle and A. Szafarz*, 2008. “No contagion, only globalisation and flight to
quality”, Meeting of the Midwest Finance Association, Chicago (Il), USA, March 2009.
Chasles V., C. Fouillet*, “Le microcrédit et le genre dans les campagnes indiennes”, Le monde
rural dans les pays émergents: développement territorial et mobilités individuelles (Brésil, Chine,
Inde), Lyon 3, October 2008.
Fouillet* C., “La microfinance, un phénomène a-spatial ?”, Journée des Chercheurs, CERMi,
Université libre de Bruxelles, Décembre 2008.
Fouillet* C., Th. Pairault, “Microfinance : une “discipline” diversement accueillie en Chine et en
Inde”, Les mots du développement : genèse, usages et trajectoires, Université Paris IX-Dauphine,
Paris, November 2008
Guérin∗ I., “Microfinance and intra-household management, Lessons from rural South-India”,
CERMi conference, CERMi, Université libre de Bruxelles, March 2009.
Guérin∗ I., “ONG, microcrédit et appui aux femmes micro-entrepreneurs: qui donne du pouvoir à
qui? L'exemple de l'Inde du Sud”, Contribution au séminaire du LISE (Laboratoire
Interdisciplinaire de Sociologie Economique), CNAM, Paris, February 2009.
Hermes* N., A. Schulenburg, “Executive Compensation and Anglo-American Influence: European
Evidence”, Accepted for presentation at the 9th European Academy of Management (EURAM)
Annual conference, Liverpool, May 2009.
Hermes* N., R. Lensink*, A. Meesters, “Financial Development and the Efficiency of Microfinance
Institutions”, Accepted for presentation at the First European Research Conference on
Microfinance, Brussels, June 2009.
Hudon* M., A. Périlleux*, “Répartition de la valeur créée au sein des IMF : Le statut un élément
central ?, ” Journée des Chercheurs, CERMi, Université libre de Bruxelles, December 2008.
Labie* M., A. Périlleux*, “Le statut, un outil de screening adéquat pour les acteurs de financement
en microfinance ?, ” 11ème journées scientifiques du Réseau Entrepreneuriat, Trois Rivières,
Canada, May 2009.
8 Lensink* R., “Commercialization of microfinance: in whose interest?”, HRC
Microfinance Research Network at the University Birmingham, May 2009:
Lensink* R., “The impact of microfinance on self-employment profits in Vietnam”, Tor Vergatta
Conference: Rome, December 2008.
Lensink* R., “Indiginous slavery in Africa's History”, Oxford, CSAE conference, March 2009.
Lensink* R., “Microfinance and poverty reduction in Vietnam”, Pegnet conference, Accra, Ghana,
September 2008.
Urgeghe* L., R. Mersland*, “What do international microfinance investors care about?”, Accepted
for presentation at the First European Research Conference on Microfinance, Brussels , June 2009.
Urgeghe* L., R. Mersland*, “What do international microfinance investors care about?”, Accepted
for presentation at Microfinance Management and Governance Conference, Kristiansand
(Norway), August-September 2009.
Vanroose* A. and D’Espallier B., “The relationship between the microfinance sector and formal
financial sector development”, Accepted for presentation at the First European Reasearch
Conference on Microfinance, Brussels, June 2009.
Communications from members Communication from Arvind Ashta :
The Burgundy School of Business (Groupe ESC Dijon-Bourgogne) has recently awarded me a Chair in
Microfinance. We hope to establish close ties with CERMi members who wish to collaborate with
this Chair in Microfinance. We are in the process of establishing close links with notable French
Microfinance Actors such as ADIE and PlaNet Finance as well as with new players like
Babyloan.org. A group of our students is leaving for Togo to work in Microfinance at the grass
root levels this summer. These partnerships aim at developing policy-oriented research. Besides, I
invite any interested CERMI member to participate in reviewing chapters of Advanced Technologies
for Microfinance: Solutions and Challenges, to be published in 2010.
9 CERMi ‐ Administrative Coordination Ms. Petra Solli Université Libre de Bruxelles SBS‐EM Av. F.D. Roosevelt 50, CP 145/01 B 1050 Brussels, Belgium Tel : +32 (0)2 650 66 01 Fax : +32 (0)2 650 60 20 [email protected] CERMi ‐ Newsletter Coordination Ms. Anaïs Périlleux Université de Mons Faculté Warocqué d’Economie et de Gestion Place Warocqué, 17 7000 Mons, Belgium Tel. : +32(0)65 37 32 77 Fax : +32 (0)65 37 30 54 [email protected] 10