The purpose of this paper is to analyse and describe whether or not microfinance investment managers add value for their clients and investors, and how, which is important to enhance the understanding of the microfinance investment market. This is achieved by analysing whether microfinance investment managers deliver on their promise of a double bottom line with social and financial performance. This analysis is based on a database of a pioneering microfinance investment manager, including data on 1,465 loans to microfinance institutions (MFI) from 2003 to 2014. The results are based on descriptive analyses and a logistic regression analysis. The results of this paper’s analysis provide the following indications: First, microfinance investment managers add value by acting as stewards for socially responsible investors. Second, microfinance investment managers as intermediaries have provided a predictable and stable source of funding to MFIs as regards interest rate costs and loan duration to maturity over the past 10 years, despite the financial crisis in 2008. Third, the microfinance market is associated with high credit risk and microfinance investment managers provide risk management and diversification.

Archer, K.J. and Lemeshow, S. (2006) ‘Goodness-of-fit test for a logistic regression model fitted using survey sample data’, The Stata Journal 6(1): 97–105.

Backhaus, K., Erichson, B., Plinke, W. and Weiber, R. (2006) Multivariate Analysemethoden – eine anwendungsorientierte Einführung, 11th edn, Berlin Heidelberg: Springer.

Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know?’ Annual Review of Economics 5: 487–519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220>.

Bédécarrats, F., Baur, S. and Lapenu, C. (2011) ‘Combining social and financial performance: A paradox?’ Commissioned Workshop Paper at Global Microcredit Summit, Valladolid, Spain, 14–17 November 2011, pp. 1–27.

Bugg-Levine, A., Kogut, B. and Kulatilaka, N. (2012) ‘A new approach to funding social enterprises’, Harvard Business Review 90(1–2): 118–23.

Bühl, A. (2006) Scientific Tools – SPSS 14 – Einführung in die moderne Datenanalyse, 10th edn (extended version), Munich, Germany: Pearson Studium.

Burgess, R. and Pande, R. (2005) ‘Do rural banks matter? Evidence from the Indian social banking experiment’, American Economic Review 95: 780–95.

Calderón, G., Cunha, J.M. and Giorgi, G.D. (2013) ‘Business literacy and development: evidence from a randomized controlled trial in rural Mexico’, Barcelona GSE Working Paper No. 742, Barcelona: GSE.

Callear, M. (2013) ‘Achieving portfolio diversification and double bottom line through investing in underserved markets’, in World Economic Forum Investor Industries (ed.), Practical Solutions and Actionable Insights in How to Do Impact Investing, pp. 36–9, Geneva: World Economic Forum.

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Consultative Group to Assist the Poor Focus Note No. 61, Washington, DC: CGAP.

Coleman, A.D.F., Esho, N. and Sharpe, I.G. (2002) Do Bank Characteristics Influence Loan Contract Terms, Australian Prudential Regulation Authority Working Paper, February 2002, Sydney: APRA.

Colombo, M.G., Franzoni, C. and Rossi-Lamastra, C. (2014) ‘Internal social capital and the attraction of early contributions in crowdfunding’, Entrepreneurship Theory and Practice – Special Issue: Seeding Entrepreneurship with Microfinance 39(1): 75–100 <http://dx.doi.org/10.1111/etap.12118>.

Crabb, P.R. (2004) ‘Foreign exchange risk management practices of microfinance institutions’, Journal of Microfinance 6(2): 51–64.

Cramer, J.S. (2003) Logit Models from Economics and Other Fields, 1st edn, Cambridge: Cambridge University Press.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2014) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, J-PAL Working Paper, May 2014, Cambridge, MA: MIT.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009a) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? World Bank Policy Research Working Paper No. 4748, Washington, DC: World Bank.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009b) ‘Microfinance meets the market’, Journal of Economic Perspectives 32(1): 167–92.

De Mel, S., McKenzie, D. and Woodruff, C. (2009) ‘Are women more credit constrained? Experimental evidence on gender and microenterprise returns’, American Economic Journal: Applied Economics 1(3): 1–32.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <http://dx.doi.org/10.1257/app.6.2.1>.

Ehrbeck, T., Leijon, M. and Gaul, S. (2011) Myths and Reality: The Cost and Profitability of Microfinance, MicroBanking Bulletin of the Microfinance Information Exchange, March 2011, Washington, DC: MIX Microfinance Information Exchange, pp. 1–2.

Eichengreen, B. and Hausmann, R. (1999) Exchange Rates and Financial Fragility, National Bureau of Economic Research NBER Working Paper Series, No. 7418, Cambridge, MA: NBER.

Featherston, S., Littlefield, E. and Mwangi, P. (2006) Foreign Exchange Rate Risk in Microfinance: What Is It and How Can It Be Managed? Consultative Group to Assist the Poor Focus Note No. 31, Washington, DC: CGAP.

Field, E., Pande, R., Papp, J. and Park, Y.J. (2012) ‘Repayment flexibility can reduce financial stress: a randomized control trial with microfinance clients in India’, PLoS ONE 7(9): 1–7 <http://dx.doi.org/10.1371/journal.pone.0045679>.

Field, E., Holland, A. and Pande R. (2014) Microfinance: Points of Promise, Center for International Development (CID) at Harvard University – Working Paper No. 288, Cambridge, MA: Harvard University.

Fisac-Garcia, R., Acevedo-Ruiz, M., Moreno-Romero, A. and Kreiner, T. (2013) ‘The role of ICT in scaling up the impact of social enterprises’, Journal of Management for Global Sustainability 1(2): 83–105.

Flaming, M. (2007) Guaranteed Loans to Microfinance Institutions: How Do They Add Value? Consultative Group to Assist the Poor Focus Note No. 40, Washington, DC: CGAP.

Goldberg, J. (2014) ‘Products and policies to promote saving in developing countries: combine behavioral insights with good products to increase formal savings in developing countries’, IZA World of Labor 74: 1–10 <http://dx.doi.org/10.15185/izawol.74>.

Goldberg, M. and Palladini, E. (2010) Managing Risk and Creating Value with Microfinance, Washington, DC: World Bank, The International Bank for Reconstruction and Development.

Gottesmann, A.A. and Roberts, G.S. (2004) ‘Maturity and corporate loan pricing’, The Financial Review 39(1): 55–77.

Hamilton, L. (2009) Statistics with STATA, 10th edn, Belmont, CA: Brooks/Cole Cengage Learning.

Harvard Kennedy School Case Study (2004) BlueOrchard Finance: Connecting Microfinance to Capital Markets, Cambridge, MA: John F. Kennedy School of Government Harvard University.

Helwege, J. and Turner, C.M. (1999) ‘The slope of the credit yield curve for speculative-grade issuers’, Journal of Finance 54(5): 1869–84.

Holden, P. and Holden, S. (2004) Foreign Exchange Risk and Microfinance Institutions, Washington, DC: The Enterprise Research Institute.

Hosmer, D.W. and Lemeshow, S. (1980) ‘Goodness of fit tests for the multiple logistic regression model’, Communications in Statistics: Theory and Methods 9(10): 1043–69.

Karlan, D., Knight, R. and Udry, C. (2012) Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development, Economic Growth Center Discussion Paper No. 1014, New Haven, CT: Economic Growth Center.

Karlan, D., Osei, R.D., Osei-Akoto, I. and Udry, C. (2014a) ‘Agricultural decisions after relaxing credit and risk constraints’, The Quarterly Journal of Economics 129(2): 597–652.

Karlan, D., Ratan, A.L. and Zinman, J. (2014b) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <http://dx.doi.org/10.1111/roiw.12101>.

Lehner, O.M. (2013) ‘Crowdfunding social ventures: a model and research agenda’, Venture Capital 15(4): 289–311.

Lehner, O.M. and Nicholls, A. (2014) ‘Social finance and crowdfunding for social enterprises: a public – private case study providing legitimacy and leverage’, Venture Capital 16(3): 271–86 <http://dx.doi.org/10.1080/13691066.2014.925305>.

Louis, P. and Baesens, B. (2013) ‘Do for-profit microfinance institutions achieve better financial efficiency and social impact? A generalized estimating equations panel data approach’, Journal of Development Effectiveness 5(3): 359–80.

Maes, J.P. and Reed, L.R. (2012) State of the Microcredit Summit Campaign Report 2012, Washington, DC: Microcredit Summit Campaign (MCS).

MicroCapital (2015) CelsiusPro Partners with BlueOrchard to Manage KfW’s Climate Insurance Fund (CIF), World Bank Group to Improve Agricultural Insurance in Ukraine [online], <www.microcapital.org/microcapital-brief-celsiuspro-partners-with-blueorchard-to-manage-kfws-climate-insurance-fund-cif-world-bank-group-to-improve-agricultural-insurance-in-ukraine/> [accessed 12 September 2016].

MicroRate (2011) The State of Microfinance Investment 2011: Annual Survey and Analysis of Microfinance Investment Vehicles, 6th edn, Arlington, VA: MicroRate Incorporated.

MicroRate (2013) The State of Microfinance Investment 2013: Survey and Analysis of Microfinance Investment Vehicles, 8th edn, Arlington, VA: MicroRate Incorporated.

Morduch, J.J. (2013) How Microfinance Really Works, Milken Institute Review Second Quarter, pp. 51–9, Santa Monica, CA: Milken Institute.

Pomeranz, D. (2014) The Promise of Microfinance and Women’s Empowerment: What Does the Evidence Say? Netherlands: Ernst & Young Study.

Ruttmann, R. (2012) ‘New ways to invest for social and environmental impact’, in R. Ruttmann, P. Elmer, G. Fleming and L. Hemrika (eds), Investing for Impact, pp. 4–9, Zurich: Credit Suisse Research Institute.

Scheurle, P., Fanconi, P. and Staudacher, A. (2014) ‘Lending methodologies and socio-economic factors in microfinance’, in P. Gantenbein, S. Westerfeld and B. Wullschleger (eds), Proceedings of the Second International Conference on Credit Analysis and Risk Management, pp. 141–51, Newcastle upon Tyne: Cambridge Scholars Publishing.

Tantia, P. and Wilson, K. (2008) The Future of Risk Management in Microfinance, Medford, MA: Center for Emerging Market Enterprises of the Fletcher School.

Tischhauser, K. (2012) ‘Financial inclusion: investors are part of economic development’, in A. Bordoloi, R. Brechbühl, D. Enskog, F. Kelly, N. Mohler, and M. Razavi (eds), 10 Years of Impact Investing: Microfinance at Credit Suisse, pp. 14–15, Zurich: Credit Suisse AG.

Urban, D. and Mayerl, J. (2008) Regressionsanalyse: Theorie, Technik und Anwendung, 3rd edn, Wiesbaden: VS Verlag für Sozialwissenschaften, GWV Fachverlage GmbH.

Urban, D. and Mayerl, J. (2011) Regressionsanalyse: Theorie, Technik und Anwendung, 4th edn, Wiesbaden: VS Verlag für Sozialwissenschaften, GWV Fachverlage GmbH.

Von Ritter, K. and Black-Layne, D. (2013) Crowdfunding for Climate Change: A New Source of Finance for Climate Action at the Local Level? European Capacity Building Initiative Working Paper, Oxford: ecbi.

Wooldridge, J.M. (2009) Introductory Econometrics: A Modern Approach, 4th edn, Mason, OH: South-Western Cengage Learning.

Archer, K.J. and Lemeshow, S. (2006) ‘Goodness-of-fit test for a logistic regression model fitted using survey sample data’, The Stata Journal 6(1): 97–105.

Backhaus, K., Erichson, B., Plinke, W. and Weiber, R. (2006) Multivariate Analysemethoden – eine anwendungsorientierte Einführung, 11th edn, Berlin Heidelberg: Springer.

Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know?’ Annual Review of Economics 5: 487–519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220>.

Bédécarrats, F., Baur, S. and Lapenu, C. (2011) ‘Combining social and financial performance: A paradox?’ Commissioned Workshop Paper at Global Microcredit Summit, Valladolid, Spain, 14–17 November 2011, pp. 1–27.

Bugg-Levine, A., Kogut, B. and Kulatilaka, N. (2012) ‘A new approach to funding social enterprises’, Harvard Business Review 90(1–2): 118–23.

Bühl, A. (2006) Scientific Tools – SPSS 14 – Einführung in die moderne Datenanalyse, 10th edn (extended version), Munich, Germany: Pearson Studium.

Burgess, R. and Pande, R. (2005) ‘Do rural banks matter? Evidence from the Indian social banking experiment’, American Economic Review 95: 780–95.

Calderón, G., Cunha, J.M. and Giorgi, G.D. (2013) ‘Business literacy and development: evidence from a randomized controlled trial in rural Mexico’, Barcelona GSE Working Paper No. 742, Barcelona: GSE.

Callear, M. (2013) ‘Achieving portfolio diversification and double bottom line through investing in underserved markets’, in World Economic Forum Investor Industries (ed.), Practical Solutions and Actionable Insights in How to Do Impact Investing, pp. 36–9, Geneva: World Economic Forum.

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Consultative Group to Assist the Poor Focus Note No. 61, Washington, DC: CGAP.

Coleman, A.D.F., Esho, N. and Sharpe, I.G. (2002) Do Bank Characteristics Influence Loan Contract Terms, Australian Prudential Regulation Authority Working Paper, February 2002, Sydney: APRA.

Colombo, M.G., Franzoni, C. and Rossi-Lamastra, C. (2014) ‘Internal social capital and the attraction of early contributions in crowdfunding’, Entrepreneurship Theory and Practice – Special Issue: Seeding Entrepreneurship with Microfinance 39(1): 75–100 <http://dx.doi.org/10.1111/etap.12118>.

Crabb, P.R. (2004) ‘Foreign exchange risk management practices of microfinance institutions’, Journal of Microfinance 6(2): 51–64.

Cramer, J.S. (2003) Logit Models from Economics and Other Fields, 1st edn, Cambridge: Cambridge University Press.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2014) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, J-PAL Working Paper, May 2014, Cambridge, MA: MIT.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009a) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? World Bank Policy Research Working Paper No. 4748, Washington, DC: World Bank.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009b) ‘Microfinance meets the market’, Journal of Economic Perspectives 32(1): 167–92.

De Mel, S., McKenzie, D. and Woodruff, C. (2009) ‘Are women more credit constrained? Experimental evidence on gender and microenterprise returns’, American Economic Journal: Applied Economics 1(3): 1–32.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <http://dx.doi.org/10.1257/app.6.2.1>.

Ehrbeck, T., Leijon, M. and Gaul, S. (2011) Myths and Reality: The Cost and Profitability of Microfinance, MicroBanking Bulletin of the Microfinance Information Exchange, March 2011, Washington, DC: MIX Microfinance Information Exchange, pp. 1–2.

Eichengreen, B. and Hausmann, R. (1999) Exchange Rates and Financial Fragility, National Bureau of Economic Research NBER Working Paper Series, No. 7418, Cambridge, MA: NBER.

Featherston, S., Littlefield, E. and Mwangi, P. (2006) Foreign Exchange Rate Risk in Microfinance: What Is It and How Can It Be Managed? Consultative Group to Assist the Poor Focus Note No. 31, Washington, DC: CGAP.

Field, E., Pande, R., Papp, J. and Park, Y.J. (2012) ‘Repayment flexibility can reduce financial stress: a randomized control trial with microfinance clients in India’, PLoS ONE 7(9): 1–7 <http://dx.doi.org/10.1371/journal.pone.0045679>.

Field, E., Holland, A. and Pande R. (2014) Microfinance: Points of Promise, Center for International Development (CID) at Harvard University – Working Paper No. 288, Cambridge, MA: Harvard University.

Fisac-Garcia, R., Acevedo-Ruiz, M., Moreno-Romero, A. and Kreiner, T. (2013) ‘The role of ICT in scaling up the impact of social enterprises’, Journal of Management for Global Sustainability 1(2): 83–105.

Flaming, M. (2007) Guaranteed Loans to Microfinance Institutions: How Do They Add Value? Consultative Group to Assist the Poor Focus Note No. 40, Washington, DC: CGAP.

Goldberg, J. (2014) ‘Products and policies to promote saving in developing countries: combine behavioral insights with good products to increase formal savings in developing countries’, IZA World of Labor 74: 1–10 <http://dx.doi.org/10.15185/izawol.74>.

Goldberg, M. and Palladini, E. (2010) Managing Risk and Creating Value with Microfinance, Washington, DC: World Bank, The International Bank for Reconstruction and Development.

Gottesmann, A.A. and Roberts, G.S. (2004) ‘Maturity and corporate loan pricing’, The Financial Review 39(1): 55–77.

Hamilton, L. (2009) Statistics with STATA, 10th edn, Belmont, CA: Brooks/Cole Cengage Learning.

Harvard Kennedy School Case Study (2004) BlueOrchard Finance: Connecting Microfinance to Capital Markets, Cambridge, MA: John F. Kennedy School of Government Harvard University.

Helwege, J. and Turner, C.M. (1999) ‘The slope of the credit yield curve for speculative-grade issuers’, Journal of Finance 54(5): 1869–84.

Holden, P. and Holden, S. (2004) Foreign Exchange Risk and Microfinance Institutions, Washington, DC: The Enterprise Research Institute.

Hosmer, D.W. and Lemeshow, S. (1980) ‘Goodness of fit tests for the multiple logistic regression model’, Communications in Statistics: Theory and Methods 9(10): 1043–69.

Karlan, D., Knight, R. and Udry, C. (2012) Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development, Economic Growth Center Discussion Paper No. 1014, New Haven, CT: Economic Growth Center.

Karlan, D., Osei, R.D., Osei-Akoto, I. and Udry, C. (2014a) ‘Agricultural decisions after relaxing credit and risk constraints’, The Quarterly Journal of Economics 129(2): 597–652.

Karlan, D., Ratan, A.L. and Zinman, J. (2014b) ‘Savings by and for the poor: a research review and agenda’, Review of Income and Wealth 60(1): 36–78 <http://dx.doi.org/10.1111/roiw.12101>.

Lehner, O.M. (2013) ‘Crowdfunding social ventures: a model and research agenda’, Venture Capital 15(4): 289–311.

Lehner, O.M. and Nicholls, A. (2014) ‘Social finance and crowdfunding for social enterprises: a public – private case study providing legitimacy and leverage’, Venture Capital 16(3): 271–86 <http://dx.doi.org/10.1080/13691066.2014.925305>.

Louis, P. and Baesens, B. (2013) ‘Do for-profit microfinance institutions achieve better financial efficiency and social impact? A generalized estimating equations panel data approach’, Journal of Development Effectiveness 5(3): 359–80.

Maes, J.P. and Reed, L.R. (2012) State of the Microcredit Summit Campaign Report 2012, Washington, DC: Microcredit Summit Campaign (MCS).

MicroCapital (2015) CelsiusPro Partners with BlueOrchard to Manage KfW’s Climate Insurance Fund (CIF), World Bank Group to Improve Agricultural Insurance in Ukraine [online], <www.microcapital.org/microcapital-brief-celsiuspro-partners-with-blueorchard-to-manage-kfws-climate-insurance-fund-cif-world-bank-group-to-improve-agricultural-insurance-in-ukraine/> [accessed 12 September 2016].

MicroRate (2011) The State of Microfinance Investment 2011: Annual Survey and Analysis of Microfinance Investment Vehicles, 6th edn, Arlington, VA: MicroRate Incorporated.

MicroRate (2013) The State of Microfinance Investment 2013: Survey and Analysis of Microfinance Investment Vehicles, 8th edn, Arlington, VA: MicroRate Incorporated.

Morduch, J.J. (2013) How Microfinance Really Works, Milken Institute Review Second Quarter, pp. 51–9, Santa Monica, CA: Milken Institute.

Pomeranz, D. (2014) The Promise of Microfinance and Women’s Empowerment: What Does the Evidence Say? Netherlands: Ernst & Young Study.

Ruttmann, R. (2012) ‘New ways to invest for social and environmental impact’, in R. Ruttmann, P. Elmer, G. Fleming and L. Hemrika (eds), Investing for Impact, pp. 4–9, Zurich: Credit Suisse Research Institute.

Scheurle, P., Fanconi, P. and Staudacher, A. (2014) ‘Lending methodologies and socio-economic factors in microfinance’, in P. Gantenbein, S. Westerfeld and B. Wullschleger (eds), Proceedings of the Second International Conference on Credit Analysis and Risk Management, pp. 141–51, Newcastle upon Tyne: Cambridge Scholars Publishing.

Tantia, P. and Wilson, K. (2008) The Future of Risk Management in Microfinance, Medford, MA: Center for Emerging Market Enterprises of the Fletcher School.

Tischhauser, K. (2012) ‘Financial inclusion: investors are part of economic development’, in A. Bordoloi, R. Brechbühl, D. Enskog, F. Kelly, N. Mohler, and M. Razavi (eds), 10 Years of Impact Investing: Microfinance at Credit Suisse, pp. 14–15, Zurich: Credit Suisse AG.

Urban, D. and Mayerl, J. (2008) Regressionsanalyse: Theorie, Technik und Anwendung, 3rd edn, Wiesbaden: VS Verlag für Sozialwissenschaften, GWV Fachverlage GmbH.

Urban, D. and Mayerl, J. (2011) Regressionsanalyse: Theorie, Technik und Anwendung, 4th edn, Wiesbaden: VS Verlag für Sozialwissenschaften, GWV Fachverlage GmbH.

Von Ritter, K. and Black-Layne, D. (2013) Crowdfunding for Climate Change: A New Source of Finance for Climate Action at the Local Level? European Capacity Building Initiative Working Paper, Oxford: ecbi.

Wooldridge, J.M. (2009) Introductory Econometrics: A Modern Approach, 4th edn, Mason, OH: South-Western Cengage Learning.

Archer, K.J. and Lemeshow, S. (2006) ‘Goodness-of-fit test for a logistic regression model fitted using survey sample data’, The Stata Journal 6(1): 97–105.

Backhaus, K., Erichson, B., Plinke, W. and Weiber, R. (2006) Multivariate Analysemethoden – eine anwendungsorientierte Einführung, 11th edn, Berlin Heidelberg: Springer.

Banerjee, A. (2013) ‘Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know?’ Annual Review of Economics 5: 487–519 <http://dx.doi.org/10.1146/annurev-economics-082912-110220>.

Bédécarrats, F., Baur, S. and Lapenu, C. (2011) ‘Combining social and financial performance: A paradox?’ Commissioned Workshop Paper at Global Microcredit Summit, Valladolid, Spain, 14–17 November 2011, pp. 1–27.

Bugg-Levine, A., Kogut, B. and Kulatilaka, N. (2012) ‘A new approach to funding social enterprises’, Harvard Business Review 90(1–2): 118–23.

Bühl, A. (2006) Scientific Tools – SPSS 14 – Einführung in die moderne Datenanalyse, 10th edn (extended version), Munich, Germany: Pearson Studium.

Burgess, R. and Pande, R. (2005) ‘Do rural banks matter? Evidence from the Indian social banking experiment’, American Economic Review 95: 780–95.

Calderón, G., Cunha, J.M. and Giorgi, G.D. (2013) ‘Business literacy and development: evidence from a randomized controlled trial in rural Mexico’, Barcelona GSE Working Paper No. 742, Barcelona: GSE.

Callear, M. (2013) ‘Achieving portfolio diversification and double bottom line through investing in underserved markets’, in World Economic Forum Investor Industries (ed.), Practical Solutions and Actionable Insights in How to Do Impact Investing, pp. 36–9, Geneva: World Economic Forum.

Chen, G., Rasmussen, S. and Reille, X. (2010) Growth and Vulnerabilities in Microfinance, Consultative Group to Assist the Poor Focus Note No. 61, Washington, DC: CGAP.

Coleman, A.D.F., Esho, N. and Sharpe, I.G. (2002) Do Bank Characteristics Influence Loan Contract Terms, Australian Prudential Regulation Authority Working Paper, February 2002, Sydney: APRA.

Colombo, M.G., Franzoni, C. and Rossi-Lamastra, C. (2014) ‘Internal social capital and the attraction of early contributions in crowdfunding’, Entrepreneurship Theory and Practice – Special Issue: Seeding Entrepreneurship with Microfinance 39(1): 75–100 <http://dx.doi.org/10.1111/etap.12118>.

Crabb, P.R. (2004) ‘Foreign exchange risk management practices of microfinance institutions’, Journal of Microfinance 6(2): 51–64.

Cramer, J.S. (2003) Logit Models from Economics and Other Fields, 1st edn, Cambridge: Cambridge University Press.

Crépon, B., Devoto, F., Duflo, E. and Parienté, W. (2014) Impact of Microcredit in Rural Areas of Morocco: Evidence from a Randomized Evaluation, J-PAL Working Paper, May 2014, Cambridge, MA: MIT.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009a) Does Regulatory Supervision Curtail Microfinance Profitability and Outreach? World Bank Policy Research Working Paper No. 4748, Washington, DC: World Bank.

Cull, R., Demirgüç-Kunt, A. and Morduch, J. (2009b) ‘Microfinance meets the market’, Journal of Economic Perspectives 32(1): 167–92.

De Mel, S., McKenzie, D. and Woodruff, C. (2009) ‘Are women more credit constrained? Experimental evidence on gender and microenterprise returns’, American Economic Journal: Applied Economics 1(3): 1–32.

Drexler, A., Fischer, G. and Schoar, A. (2014) ‘Keeping it simple: financial literacy and rules of thumb’, American Economic Journal: Applied Economics 6(2): 1–31 <http://dx.doi.org/10.1257/app.6.2.1>.

Ehrbeck, T., Leijon, M. and Gaul, S. (2011) Myths and Reality: The Cost and Profitability of Microfinance, MicroBanking Bulletin of the Microfinance Information Exchange, March 2011, Washington, DC: MIX Microfinance Information Exchange, pp. 1–2.

Eichengreen, B. and Hausmann, R. (1999) Exchange Rates and Financial Fragility, National Bureau of Economic Research NBER Working Paper Series, No. 7418, Cambridge, MA: NBER.

Featherston, S., Littlefield, E. and Mwangi, P. (2006) Foreign Exchange Rate Risk in Microfinance: What Is It and How Can It Be Managed? Consultative Group to Assist the Poor Focus Note No. 31, Washington, DC: CGAP.

Field, E., Pande, R., Papp, J. and Park, Y.J. (2012) ‘Repayment flexibility can reduce financial stress: a randomized control trial with microfinance clients in India’, PLoS ONE 7(9): 1–7 <http://dx.doi.org/10.1371/journal.pone.0045679>.

Field, E., Holland, A. and Pande R. (2014) Microfinance: Points of Promise, Center for International Development (CID) at Harvard University – Working Paper No. 288, Cambridge, MA: Harvard University.

Fisac-Garcia, R., Acevedo-Ruiz, M., Moreno-Romero, A. and Kreiner, T. (2013) ‘The role of ICT in scaling up the impact of social enterprises’, Journal of Management for Global Sustainability 1(2): 83–105.

Flaming, M. (2007) Guaranteed Loans to Microfinance Institutions: How Do They Add Value? Consultative Group to Assist the Poor Focus Note No. 40, Washington, DC: CGAP.

Goldberg, J. (2014) ‘Products and policies to promote saving in developing countries: combine behavioral insights with good products to increase formal savings in developing countries’, IZA World of Labor 74: 1–10 <http://dx.doi.org/10.15185/izawol.74>.

Goldberg, M. and Palladini, E. (2010) Managing Risk and Creating Value with Microfinance, Washington, DC: World Bank, The International Bank for Reconstruction and Development.

Gottesmann, A.A. and Roberts, G.S. (2004) ‘Maturity and corporate loan pricing’, The Financial Review 39(1): 55–77.

Hamilton, L. (2009) Statistics with STATA, 10th edn, Belmont, CA: Brooks/Cole Cengage Learning.

Harvard Kennedy School Case Study (2004) BlueOrchard Finance: Connecting Microfinance to Capital Markets, Cambridge, MA: John F. Kennedy School of Government Harvard University.

Helwege, J. and Turner, C.M. (1999) ‘The slope of the credit yield curve for speculative-grade issuers’, Journal of Finance 54(5): 1869–84.

Holden, P. and Holden, S. (2004) Foreign Exchange Risk and Microfinance Institutions, Washington, DC: The Enterprise Research Institute.

Hosmer, D.W. and Lemeshow, S. (1980) ‘Goodness of fit tests for the multiple logistic regression model’, Communications in Statistics: Theory and Methods 9(10): 1043–69.

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