This paper presents an empirical analysis of the significance of operational efficiency on MFIs operating costs using both a cross-section and a balanced panel data approach. Using a sample of 750 microfinance institutions operating in Asia, Latin America and Sub-Saharan Africa, the analysis...

The empirical literature over the past decade has often addressed the issue of operational efficiency within microfinance institutions. This paper extends Arnone, Bellavite Pellegrini and Messa (2010), which recognized the importance of strictly financial aspects of MFIs, nearing them to the...

Systemic risk has been one of the most interesting issues in banking and financial literature during the last years, particularly in evaluating its effects on the stability of the whole financial system during crises. Differently from other studies which analyze systemic risk focusing on...

The 2003 Italian Corporate Reform Law, establishing one-tier vs two-tier board for listed and unlisted joint stock companies, introduced an alternative corporate governance system. We compare 548 unlisted firms: corporations with best performance in sales and capital structure, as well as those...

In the past 10 years a growing number of countries have established or began establishing a primary dealer system. This paper discusses the role of primary dealers, as well as theoretical, operational, and technical issues related to the establishment of a primary dealer system, in the overall...