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The Problems of Correlation in the Financial Risk Management – the Contribution of Microfinance

Author

Listed:
  • Janda, Karel
  • Svárovská, Barbora

Abstract

In this paper we first introduce microfinance institutions as an alternative investment instrument. We argue that beside socially responsible features of microfinance, there exists also significant portfolio enhancement opportunity in microfinance investments. Then we provide an overview of possible ways how to evaluate the correlation between microfinance related financial instruments and conventional financial market measures of risk and return.

Suggested Citation

  • 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.
  • Handle: RePEc:pra:mprapa:19486
    as

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    File URL: https://mpra.ub.uni-muenchen.de/19486/1/MPRA_paper_19486.pdf
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    References listed on IDEAS

    as
    1. Lenka DOKULILOVÁ & Karel Janda & Pavel ZETEK, 2009. "Sustainability of Microfinance Institutions in Financial Crisis," European Financial and Accounting Journal, University of Economics, Prague, vol. 2009(2), pages 7-33.
    2. William F. Sharpe, 1965. "Mutual Fund Performance," The Journal of Business, University of Chicago Press, vol. 39, pages 119-119.
    3. Michal Bauer & Julie Chytilova & Jonathan Morduch, 2012. "Behavioral Foundations of Microcredit: Experimental and Survey Evidence from Rural India," American Economic Review, American Economic Association, vol. 102(2), pages 1118-1139, April.
    4. 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.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. 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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