Investing into Microfinance Investment Funds
AbstractThis paper investigates investment performance of microfinance investment funds. The examined funds have recorded lower total risk than global stocks and bonds (measured by four benchmark indices) with moderate but stable returns. The analysis revealed that investment in microfinance investment funds that focus especially on debt instruments represents an attractive opportunity for the portfolio diversification as this asset class does not show any positive correlation with global or emerging capital markets. At the same time, it provides adequate risk-adjusted returns and may be therefore attractive not only for investors with a particular interest in the socially responsible aspect of investment into microfinance.
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Bibliographic InfoPaper provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its series Working Papers IES with number 2009/32.
Length: 30 pages
Date of creation: Dec 2009
Date of revision: Dec 2009
Microfinance; Investment; Funds;
Find related papers by JEL classification:
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-16 (All new papers)
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- Karel Janda & Barbora Svarovska, 2012. "Suitability of Microfinance as an Investment Option," CERGE-EI Working Papers wp470, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
- Ladislav Krištoufek, 2010. "Long-Term Memory and Its Evolution in Returns of Stock Index PX Between 1997 and 2009," Politická ekonomie, University of Economics, Prague, vol. 2010(4), pages 471-487.
- Janda, Karel & Zetek, Pavel, 2013. "Opportunities in microfinance risk management," MPRA Paper 43960, University Library of Munich, Germany.
- Janda, Karel & Svárovská, Barbora, 2009. "The Problems of Correlation in the Financial Risk Management – the Contribution of Microfinance," MPRA Paper 19486, University Library of Munich, Germany.
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