Microbanks: Ownership, performance and social tradeoffs - a global analysis

Suppliers of microfinance are typically Non Governmental Organizations (NGOs), cooperatives or specialized microfinance institutions incorporated as Shareholder Firms (SHFs). Leaving out the cooperatives we study whether NGOs and SHFs differ in bringing along social benefit to their clients. Specifically, is there a trade-off between different dimensions of social benefits, and can these tradeoffs predict ownership type? To frame the comparison of NGOs and SHFs we make use of Schreiner’s (2002) framework for discussion of the social benefits of microfinance. A self constructed dataset with unusually high-quality rating information from 132 NGOs and 68 SHFs in 53 countries is used to carry out the statistical tests. Our findings indicate that SHFs and NGOs are more similar than different. Our hypothesis that NGOs are more socially oriented than SHFs is rejected. SHFs’ benefit in scale and scope seems not related to ownership, but to legal constraints impeding NGOs to mobilize savings. Our second conclusion is that we cannot find a trade-off among outreach variables. Specifically, the return on assets is higher in NGOs. We conclude that ownership doesn’t influence the performance of microfinance organizations. Our conclusion is in line with findings in the general banking industry

The refined transfer, bundle structures and algebraic K-theory

We give new homotopy theoretic criteria for deciding when a fibration with homotopy finite fibers admits a reduction to a fiber bundle with compact topological manifold fibers. The criteria lead to a new and unexpected result about homeomorphism groups of manifolds. A tool used in the proof is a surjective splitting of the assembly map for Waldhausen's functor A(X). We also give concrete examples of fibrations having a reduction to a fiber bundle with compact topological manifold fibers but which fail to admit a compact fiber smoothing. The examples are detected by algebraic K-theory invariants. We consider a refinement of the Becker-Gottlieb transfer. We show that a version of the axioms described by Becker and Schultz uniquely determines the refined transfer for the class of fibrations admitting a reduction to a fiber bundle with compact topological manifold fibers. In an appendix, we sketch a theory of characteristic classes for fibrations. The classes are primary obstructions to finding a compact fiber smoothing.Comment: This version contains mostly minor revision

The Impact of Entrepreneur-CEOs in Microfinance Institutions: A Global Survey

- Peer reviewedMicrofinance is a global high-growth industry, in which entrepreneurship is prevalent and substantial. Based on the theoretical argument that microfinance entrepreneur-CEOs are “motivated agents” with a unique ability to hire and socialize mission-oriented staff, we hypothesize that these CEOs produce more sustainable microfinance institutions with better social performance and lower costs. This study utilizes data from 295 microfinance institutions in 73 developing countries, assessed between 1998 and 2010. Our empirical evidence suggests that entrepreneur-managed microfinance institutions feature higher social performance, greater financial sustainability, and lower costs

Hexaene Derivatives of Nystatin Produced as a Result of an Induced Rearrangement within the nysC Polyketide Synthase Gene in S. noursei ATCC 11455

AbstractGenetic manipulation of the polyketide synthase (PKS) gene nysC involved in the biosynthesis of the tetraene antifungal antibiotic nystatin yielded a recombinant strain producing hexaene nystatin derivatives. Analysis of one such compound, S48HX, by LC-MS/MS suggested that it comprises a 36-membered macrolactone ring completely decorated by the post-PKS modification enzymes. Further characterization by bioassay has shown that S48HX exhibits antifungal activity. Genetic analysis of the hexaene-producing mutant revealed an in-frame deletion within the nysC gene via recombination between two homologous ketoreductase domain-encoding sequences. Apparently, this event resulted in the elimination of one complete module from NysC PKS, subsequently leading to the production of the nystatin derivative with a contracted macrolactone ring. These results represent the first example of manipulation of a PKS gene for the biosynthesis of a polyene antibiotic

Political Party Mortality in Established Party Systems:A Hierarchical Competing Risks Approach

Existing scholarship offers few answers to fundamental questions about the mortality of political parties in established party systems. Linking party research to the organization literature, we conceptualize two types of party death, dissolution and merger, reflecting distinct theoretical rationales. They underpin a new framework on party organizational mortality theorizing three sets of factors: those shaping mortality generally and those shaping dissolution or merger death exclusively. We test this framework on a new data set covering the complete life cycles of 184 parties that entered 21 consolidated party systems over the last five decades, resorting to multilevel competing risks models to estimate the impact of party and country characteristics on the hazards of both types of death. Our findings not only show that dissolution and merger death are driven by distinct factors, but also that they represent separate logics not intrinsically related at either the party or systemic level

Hybridization of Atlantic puffins in the Arctic coincides with 20th-century climate change

The Arctic is experiencingthe fastest rates of globalwarming,leadingto shiftsin the distributionof its biotaandincreasingthe potentialfor hybridization. However, genomicevidenceof recenthybridization events in theArctic remainsunexpectedlyrare. Here, we use whole-genomesequencingof contemporary and 122-year-oldhistoricalspecimensto investigate the originof an Arctic hybridpopulation of Atlanticpuffins(Fr aterculaarctica)on Bjørnøya, Norway. We show that the hybridization between the High Arctic, large-bodiedsubspeciesF. a. naumanniand the temperate, smaller-sizedsubspeciesF. a. arcticabeganas recentlyas six generationsagodue to an unexpectedsouthward rangeexpansionofF. a. naumanni.Moreover, we find a significanttemporalloss of geneticdiversityacross Arctic and temperate puffinpopulations.Our observationsprovide compellinggenomicevidenceof the impacts of recentdistributionalshiftsand loss of diversityin Arctic communitiesduringthe 20th century.publishedVersio

Two sword lengths apart: Credible commitment problems and physical violence in democratic national legislatures

Ideally, national legislatures in democracies should be venues for peacefully resolving conflicts between opposing groups. However, they can become places of physical violence. Such violence can be an indication that countries’ legislative institutions are functioning far from the democratic ideal of being venues for peaceful conflict reconciliation. In some cases, such as Ukraine prior to the 2014 outbreak of armed conflict in the country’s east and south, violence can indicate and possibly fuel deeper political divisions. In this first global study of legislative violence, I show that brawls are more likely when legislators find it difficult to credibly commit to follow peaceful bargains. Credible commitment problems are more acute in countries with new democracies and disproportionate electoral outcomes – that is, when electoral votes for parties do not closely correspond to the legislative seats they are given. I find robust support for this argument by first examining a case study of legislative violence in the antebellum United States Senate. Pro- and anti-slavery senators became increasingly unable to maintain credible commitments in the lead-up to the 1856 caning of Senator Charles Sumner as the allocation of seats in the legislative body became more disproportional. Second, I find further support for my argument in a new global dataset of contemporary instances of violence in national legislatures. In addition, I find strong evidence that violence is more likely in legislatures with small minority governments. Despite reasonable expectations, civil wars are not associated with more legislative violence

Routes to credible climate commitment: the UK and Denmark compared

Credible commitment is central to regimes for climate mitigation policy. In the climate policy literature, it is widely argued that the solution to the credible commitment problem is legislation and delegation of goal-setting to a technical body insulated from political incentives, and the UK’s Committee on Climate Change is in part modelled on this approach. However, drawing on the comparative politics literature, this paper argues that the focus on legislation and delegation as the solution to the credible commitment problem is too narrow. Seen within the context of comparative political institutions, it is a response that fits the political logic in countries with majoritarian electoral systems. By contrast, in countries with electoral systems based on proportional representation, while legislation plays a role, an important element in the creation of credible commitment comes in the form of negotiated long-term agreements between political parties. This contrast is explored through a comparison between the Climate Change Act and associated Committee on Climate Change in the UK on the one hand, and a series of Energy and Climate Agreements in Denmark over the 2010s. Both approaches appear to have worked to date. However, while negotiated long-term agreements typically have an internal process for managing conflicts that inevitably arise after the respective mechanisms have been put in place, disputes arising following legislation and delegation must be resolved within the more informal processes of intra-party politics. Mechanisms of accountability also differ between the two approaches