Investing into Microfinance Investment Funds

Karel Janda and Barbora Svárovská ()
Additional contact information
Barbora Svárovská: Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic, http://ies.fsv.cuni.cz/

No 2009/32, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

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.

Keywords: Microfinance; Investment; Funds (search for similar items in EconPapers)
JEL-codes: G11 G21 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2009-12, Revised 2009-12
References: Add references at CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://ies.fsv.cuni.cz/default/file/download/id/12502 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://ies.fsv.cuni.cz/default/file/download/id/12502 [301 Moved Permanently]--> https://ies.fsv.cuni.cz/default/file/download/id/12502)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fau:wpaper:wp2009_32

Access Statistics for this paper

More papers in Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies Contact information at EDIRC.
Bibliographic data for series maintained by Natalie Svarcova ().