Microfinance institutions are important, particularly in developing countries, because they expand the frontier of financial intermediation by providing loans to those traditionally excluded from formal financial markets. This paper presents the first systematic statistical examination of the...

In an important paper, Dempster, Laird and Rubin (1977) showed how the expectation maximization (EM) algorithm could be used to obtain maximum likelihood estimates of parameters in a multinomial probability model with missing information. This article extends Dempster, Laird and Rubin's work on...