five years of researching financial services for the … · shardul k. oza, jagori saha five years...

80
Editors: Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance at IFMR Research

Upload: others

Post on 01-Aug-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Editors:Shardul K. Oza,

Jagori Saha

FIVE YEARS OF RESEARCHINGFINANCIAL SERVICES

FOR THE POOR

Report of the Centre for Micro Finance at IFMR Research

Page 2: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

wrapper inner page

Page 3: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

wrapper inner page

Page 4: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance
Page 5: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance
Page 6: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’’

– ’

– “ ” ’

Page 7: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

’ ’’

– ’

Page 8: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’’

– ’

– “ ” ’

Page 9: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’’

– ’

– “ ” ’

Page 10: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –’’

’ –

Page 11: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –’’

’ –

Page 12: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

.

–.

.

.

Page 13: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

.

–.

.

.

Page 14: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

Page 15: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

Page 16: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ‘’

” “”

.

“–”

Page 17: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ‘’

” “”

.

“–”

Page 18: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

’ ’

“”

Page 19: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

’ ’

“”

Page 20: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

’ ’

Page 21: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

’ ’

Page 22: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 23: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 24: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 25: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 26: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

Page 27: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”

Page 28: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

‘ ’ ‘ ’ ‘’

‘’

Page 29: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

‘ ’ ‘ ’ ‘’

‘’

Page 30: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

-

-

- -

- ‘’ –

- - ’

Page 31: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

-

-

- -

- ‘’ –

- - ’

Page 32: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

Page 33: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

Page 34: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

Page 35: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

Page 36: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’’

“” “”

Page 37: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’’

“” “”

Page 38: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

–“”

-

Page 39: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

–“”

-

Page 40: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

–“”

-

‘’

‘’

Page 41: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

–“”

-

‘’

‘’

Page 42: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

‘’

‘’

’ ’

’ ’

“”

Page 43: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

‘’

‘’

’ ’

’ ’

“”

Page 44: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

’ ’

“”

Page 45: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’

’ ’

“”

Page 46: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 47: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance
Page 48: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’’

’ ’ ’

“”‘’

“”

’ ’

Page 49: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’’

’ ’ ’

“”‘’

“”

’ ’

Page 50: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“––”

“––”

.

Page 51: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“––”

“––”

.

Page 52: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 53: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 54: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

‘’

Page 55: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

‘’

Page 56: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 57: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 58: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –

’’ ’ “”

’ ’

Page 59: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –

’’ ’ “”

’ ’

Page 60: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –

’ ’ ’

Page 61: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’–

’’ ’

Page 62: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 63: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 64: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

One-third of the sample randomly assigned to CONTROL group

One-third of the sample randomly assigned to MF group

One-third of the sample randomly assigned to FREE group

No ITNS Offered nets on microfinance contracts

Offered free ITNs

No retreatment offers made

C1:Retreament not included in contract

C2: Two retreatments included in the contract

Offered two free retreatments

Selected 141 villages in rural Orissa

Page 65: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

One-third of the sample randomly assigned to CONTROL group

One-third of the sample randomly assigned to MF group

One-third of the sample randomly assigned to FREE group

No ITNS Offered nets on microfinance contracts

Offered free ITNs

No retreatment offers made

C1:Retreament not included in contract

C2: Two retreatments included in the contract

Offered two free retreatments

Selected 141 villages in rural Orissa

Page 66: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 67: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Page 68: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“” ’

’ - ’ “”

Page 69: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“” ’

’ - ’ “”

Page 70: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

–‘’

‘’

Page 71: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

–‘’

‘’

Page 72: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

Page 73: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

-

Page 74: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’ – ’

Page 75: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ ’ – ’

Page 76: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –

Page 77: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

’ –

Page 78: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”––

“”

“”

“”-

“–”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“–”

“–”

“–”

Page 79: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

“”

“”––

“”

“”

“”-

“–”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“”

“–”

“–”

“–”

Page 80: FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE … · Shardul K. Oza, Jagori Saha FIVE YEARS OF RESEARCHING FINANCIAL SERVICES FOR THE POOR Report of the Centre for Micro Finance

Editors:Shardul K. Oza,

Jagori Saha

FIVE YEARS OF RESEARCHINGFINANCIAL SERVICES

FOR THE POOR

Report of the Centre for Micro Finance at IFMR Research