Returns To Capital In Microenterprises Evidence From A Field Experiment
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| Author | : Christopher Woodruff, David McKenzie, Suresh de Mel |
| Publisher | : World Bank Publications |
| Total Pages | : 37 |
| Release | : 2007 |
| Genre | : |
| ISBN | : |
Abstract: Small and informal firms account for a large share of employment in developing countries. The rapid expansion of microfinance services is based on the belief that these firms have productive investment opportunities and can enjoy high returns to capital if given the opportunity. However, measuring the return to capital is complicated by unobserved factors such as entrepreneurial ability and demand shocks, which are likely to be correlated with capital stock. The authors use a randomized experiment to overcome this problem and to measure the return to capital for the average microenterprise in their sample, regardless of whether they apply for credit. They accomplish this by providing cash and equipment grants to small firms in Sri Lanka, and measuring the increase in profits arising from this exogenous (positive) shock to capital stock. After controlling for possible spillover effects, the authors find the average real return to capital to be 5.7 percent a month, substantially higher than the market interest rate. They then examine the heterogeneity of treatment effects to explore whether missing credit markets or missing insurance markets are the most likely cause of the high returns. Returns are found to vary with entrepreneurial ability and with measures of other sources of cash within the household, but not to vary with risk aversion or uncertainty.
| Author | : Josh Lerner |
| Publisher | : University of Chicago Press |
| Total Pages | : 366 |
| Release | : 2010-06-15 |
| Genre | : Business & Economics |
| ISBN | : 0226473104 |
Often considered one of the major forces behind economic growth and development, the entrepreneurial firm can accelerate the speed of innovation and dissemination of new technologies, thus increasing a country's competitive edge in the global market. As a result, cultivating a strong culture of entrepreneurial thinking has become a primary goal throughout the world. Surprisingly, there has been little systematic research or comparative analysis to show how the growth of entrepreneurship differs among countries in various stages of development. International Differences in Entrepreneurship fills this void by explaining how a country's institutional differences, cultural considerations, and personal characteristics can affect the role that entrepreneurs play in its economy. Developing an understanding of the origins of entrepreneurs as well as the choices they make and the complexity of their activities across countries and industries are of central importance to this volume. In addition, contributors consider how environmental factors of individual economies, such as market regulation, government subsidies for banks, and support for entrepreneurial culture affect the industry and the impact that entrepreneurs have on growth in developing nations.
| Author | : Douglas Cumming |
| Publisher | : OUP USA |
| Total Pages | : 937 |
| Release | : 2012-03-22 |
| Genre | : Business & Economics |
| ISBN | : 0195391241 |
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
| Author | : Timothy N. Ogden |
| Publisher | : MIT Press |
| Total Pages | : 397 |
| Release | : 2024-03-19 |
| Genre | : Business & Economics |
| ISBN | : 0262551543 |
Discussions of the use and limits of randomized control trials, considering the power of theory, external validity, gaps in knowledge, and what issues matter. The practice of development economics has undergone something of a revolution as many economists have adopted new methods to answer perennial questions about the effectiveness of anti-poverty programs. In this book, prominent development economists discuss the use and impact of one of the most significant of these new methods, randomized control trials (RCTs) and field experiments. In extended interviews conducted over a period of several years, they explain their work and their thinking and consider the broader issues of how we learn about the world and how we can change it for the better. These conversations offer specialists and nonspecialists alike a unique opportunity to hear economists speak in their own words, free of the confines of a particular study or econometric esoterica. The economists describe how they apply research findings in the way they think about the world, revealing their ideas about the power of theory, external validity, gaps in knowledge, and what issues matter. Also included are interviews with RCT observers, critics, sponsors, consumers, and others. Each interview provides a brief biography of the interviewee. Thorough annotations offer background and explanations for key ideas and studies referred to in the conversations. Contributors Abhijit Banerjee, Nancy Birdsall, Chris Blattman, Alex Counts, Tyler Cowen, Angus Deaton, Frank DeGiovanni, Esther Duflo, Pascaline Dupas, Xavi Gine, Rachel Glennerster, Judy Gueron, Elie Hassenfeld, Dean Karlan, Michael Kremer, David McKenzie, Jonathan Morduch, Lant Pritchett, Jonathan Robinson, Antoinette Schoar, Dean Yang
| Author | : Sara Johansson de Silva |
| Publisher | : World Bank Publications |
| Total Pages | : 83 |
| Release | : 2014-01-13 |
| Genre | : Business & Economics |
| ISBN | : 1464800707 |
The Results-Based Initiatives were a pioneering attempt to provide comprehensive, coherent, and rigorous evidence on effective interventions to foster the economic empowerment of women, via five small pilots. This study highlights lessons coming from the impact of the interventions and dos and don ts in the design and implementation of pilots.
| Author | : Hollinger, F. |
| Publisher | : Food & Agriculture Org. [Author] [Author] |
| Total Pages | : 64 |
| Release | : 2024-07-12 |
| Genre | : Technology & Engineering |
| ISBN | : 9251388938 |
Interest rates have been a contentious issue in microfinance for many years. While higher interest rates for microloans are often justified by the underlying costs of making small loans in rural areas, this is not always the case. Furthemore, this issue is especially relevant to the impact investors such as impact investment funds and development finance institutions that fund microfinance institutions (MFI) to expand lending to smallholder farmers and other micro-borrowers in the agrifood system. Questions about the adequacy of interest rates charged by MFIs targeting farmers often arise during the due diligence (DD) process and can provoke animated discussions during investment committee meetings. The frequency and intensity of these debates at multiple investment committee meetings of impact investment funds co-financed by the European Commission actually prompted the idea to produce this technical guide. This toolkit provides guidance on how to analyse interest rates of MFIs from a responsible lending perspective and how to strengthen responsible lending practices more broadly. It is mainly targeted at impact investors and other financiers with a double-bottom line investing in MFIs as part of their broader development and impact mandates. It may also be useful for a broader audience concerned with micro- and agricultural finance and rural development, including international financing institutions (IFIs) and other development practitioners. This publication is part of the Investment Toolkits series under the FAO Investment Centre's Knowledge for Investment (K4I) series.
| Author | : Dani Rodrick |
| Publisher | : Elsevier |
| Total Pages | : 1066 |
| Release | : 2009-11-09 |
| Genre | : Business & Economics |
| ISBN | : 0080931723 |
What guidance does academic research really provide to economic policy development? The critical and analytical surveys in this volume investigate links between policies and outcomes by surveying work from broad macroeconomic policies to interventions in microfinance. Asserting that there are no universal correspondences between policies and outcomes, contributors demonstrate instead that only an intense familiarity with the development context and the universe of applicable economic models can generate successful policies. Getting cause-and-effect right is essential for policy design and implementation. With the goal of drawing researchers and policy makers closer, this volume highlights our increasing understanding of ways to combine economic theorizing with careful, thoughtful empirical work. - Presents an accurate, self-contained survey of the current state of the field - Summarizes the most recent discussions, and elucidates new developments - Although original material is also included, the main aim is the provision of comprehensive and accessible surveys
| Author | : George M. Constantinides |
| Publisher | : Newnes |
| Total Pages | : 859 |
| Release | : 2013-02-08 |
| Genre | : Business & Economics |
| ISBN | : 0444535950 |
In the 11 articles in this first of two parts, top scholars summarize and analyze recent scholarship in corporate finance. Covering subjects from corporate taxes to behavioral corporate finance and econometric issues, their articles reveal how specializations resonate with each other and indicate likely directions for future research. By including both established and emerging topics, Volume 2 will have the same long shelf life and high citations that characterize Volume 1 (2003). - Presents coherent summaries of major finance fields, marking important advances and revisions - Describes the best corporate finance research created about the 2008 financial crises - Exposes readers to a wide range of subjects described and analyzed by the best scholars
| Author | : Keijiro Otsuka |
| Publisher | : Routledge |
| Total Pages | : 281 |
| Release | : 2014-02-03 |
| Genre | : Business & Economics |
| ISBN | : 1317909437 |
Why does a huge income gap still exist between developed and developing countries? Plausible causes on the surface may be the difference in technology, the quality of human resources, and economic institutions, but on the deeper level the gap reflects the success and failure of state building which is vital for economic development. This book provides cutting-edge knowledge on state building, economic development, and democratization based on case studies of Japan, ASEAN, South Asia, and selected countries in sub-Saharan Africa. The book examines the interaction between land policies and the state building in sub-Saharan Africa. It also pays special attention to corruption, which affects the relationship between the state and the development, and decentralization, which exerts influences on the contentious politics. Finally, the book also sheds new light on the failure and success of industrial policies based on a literature review and a case study of the rapidly growing pharmaceutical industry in Bangladesh. This book is one of the few studies which squarely addresses state building and economic development, and will be of use to those interested in this subject, development practitioners, and policymakers in developing countries.
| Author | : Suresh J. De Mel |
| Publisher | : World Bank Publications |
| Total Pages | : 29 |
| Release | : 2007 |
| Genre | : Bank Policy |
| ISBN | : |
A large share of the world's poor is self-employed. Accurate measurement of profits from microenterprises is therefore critical for studying poverty and inequality, measuring the returns to education, and evaluating the success of microfinance programs. But a myriad of problems plague the measurement of profits. The authors report on a variety of different experiments conducted to better understand the importance of some of these problems and to draw recommendations for collecting profit data. In particular, they (1) examine how far we can reconcile self-reported profits and reports of revenue minus expenses through more detailed questions; (2) examine recall errors in sales and report on the results of experiments which randomly allocated account books to firms; and (3) ask firms how much firms like theirs underreport sales in surveys like this, and have research assistants observe the firms at random times 15-16 times during a month to provide measures for comparison. The authors conclude that firms underreport revenues by about 30 percent, that account diaries have significant effects on both revenues and expenses but not on profits, and that simply asking profits provides a more accurate measure of firm profits than detailed questions on revenues and expenses.
