Under the supervision of DWM partner and lawyer Jim Kaddaras and a Harvard Law School professor, Bill Langer has written a path-breaking paper on legal and regulatory impediments to investment in microfinance.

This paper analyzes the supply and demand for microfinance funding, as well as the legal and regulatory frameworks of Brazil, China and India.

The paper concludes that without significant reform of the legal and regulatory framework in these three major countries, a large market for microfinance funding may remain beyond the reach of international investors." Download PDF

DWM Director, Courtland Walker, co-authored "The Next 4 Billion: Market Size and Business Strategy at the Base of the Pyramid."

The report, written in conjunction with the World Resources Institution and the International Finance Corporation, analyzes spending in low-income market segments in developing countries and strategies for business engagement across development-related sectors. Download PDF [11.4 MB]

Securitization is gaining attention as a means of enhancing access to capital markets for microfinance lenders.

Brad Swanson of DWM wrote this article for the June 2007 edition of the Indian publication Microfinance Insights surveying the pros and cons of securitization in the microfinance industry." Download PDF

DWM research paper on capital markets in microfinance.

DWM Partner Brad Swanson delivered a paper on "The Role of International Capital Markets in Microfinance" at a symposium on Credit Markets for the Poor sponsored by Columbia University Business School on 20 April 2007 in New York City. Brad's paper was published in 2008 in Microfinance: Emerging Trends and Challenges, Edward Elgar Publishing Limited. Download PDF

DWM sponsors correlation study.

DWM has sponsored a study by New York University Business School Professor Ingo Walter and graduate student Nicolas Krauss on the correlation between the performance of microfinance institutions and other emerging markets assets in periods of economic stress. This correlation study has been updated and will be published in the Journal of Economic Development and Cultural Change in April 2009. Download PDF