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Investing into Microfinance Investment Funds

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Abstract

This 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.

Suggested Citation

  • Karel Janda & Barbora Svárovská, 2009. "Investing into Microfinance Investment Funds," Working Papers IES 2009/32, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2009.
  • Handle: RePEc:fau:wpaper:wp2009_32
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    File URL: http://ies.fsv.cuni.cz/default/file/download/id/12502
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    Cited by:

    1. Ladislav Krištoufek, 2010. "Dlouhá paměť a její vývoj ve výnosech burzovního indexu PX v letech 1997-2009
      [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.
    2. 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.
    3. Janda, Karel & Zetek, Pavel, 2013. "Opportunities in microfinance risk management," MPRA Paper 43960, University Library of Munich, Germany.
    4. 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 - Economics Institute, Prague.

    More about this item

    Keywords

    Microfinance; Investment; Funds;

    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

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