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B8354 Markets for the Poor
B8354 Markets for the Poor Course Description
This course is designed to give students a rigorous, research, policy and practice-based understanding of topics including: measurement and the underlying drivers of poverty; informal credit markets — and their interest rates and default rates — in areas such as Rotating Savings and Credit Associations (ROSCA), payday loans, and more established markets in consumer credit; the role of microfinance (loans, savings and insurance) in delivering financial services to the poor, and how access to capital markets by way of debt issues, initial public offers, and collateralized debt obligations have changed the landscape of microfinance; and innovations by corporations and governments in extending markets in healthcare, marketing and distribution of goods produced by the poor.
The course will address and evaluate the following questions:
- What are the challenges in measuring poverty?
- How pervasive is poverty and what are the underlying drivers of poverty?
- Has economic growth in developing countries (such as Brazil, China and India) helped to alleviate poverty?
- What are informal credit markets? Who participates in them? What are the interest rates and default rates in these markets?
- What are the challenges to the flow of credit to the poor borrowers? How can they be surmounted?
- What is the role of microfinance in delivering financial services to the Poor? How successful has been this effort? What are the challenges?
- What are some of the recent capital market innovations in the markets for the Poor? Can they help to scale up and bring down interest rates?
- What are some of the innovations introduced by corporations and governments in this field?
Spring 2014 sections:
2014-2015 No Free Lunch Seminar Series
Marina Halac, Associate Professor of Finance and Economics, presents Contests for Experimentation
2013 Financial Studies Conference
Watch videos from our 2013 conference: "Navigating the Changing Landscape of Finance."
Columbia Business School
Uris Hall 809, 3022 Broadway
New York, NY 10027
September 15, 2014The No Free Lunch September 9 recordings are now available
July 8, 2014If the recent New York Times article sparked your interest in James Gorman, watch this video of his keynote at our conference
May 12, 2014The Program for Financial Studies welcomes Melina Robbana as the first Program Director
April 18, 2014The No Free Lunch April 15 recordings are now available
December 20, 2013A transcript of James Gorman's keynote address from the Third Annual Program for Financial Studies Conference has been published in the Journal of Applied Corporate Finance
November 11, 2013The Third Annual Program for Financial Studies Conference was a great success. Videos and photographs of the event are now available
January 16, 2013The No Free Lunch Seminar Series has been heralded as a best practice by BizEd magazine
In the News
September 16, 2014Professor Laurie Hodrick's op-ed on Alibaba's IPO is published in Fortune
September 11, 2014Professor Charles Calomiris' research on capital requirements is cited by the Bank of England
September 9, 2014Professor Mark Broadie spoke at the World Scientific Congress of Golf on September 5-7 at Griffith University in Queensland, Australia
September 8, 2014Professor Andrew Ang questions private equity returns in The Globe and Mail
September 4, 2014Professor Mark Broadie predicts outcomes of The Barclays Cup
September 3, 2014Executive Advisory Board Member Maliz Beams presented at the Sixth Annual Women Advisors Network Forum in Baltimore, MD on August 25-28
August 27, 2014Professor Paul Glasserman will present at the Conference on Credit Risk and Systemic Risk in Boston, MA on September 20th
August 25, 2014Executive Advisory Board Member Tom Vandever will present at the Columbia Business School Private Equity Program's "M&A Roundup: How the 2014 'Resurgence' is Impacting Private Equity" panel in New York, NY on September 16
August 21, 2014Professor Andrew Ang's book “Asset Management: A Systematic Approach to Factor Investing" is featured in Systematic Relative Strength
August 20, 2014Professor Charles Calomiris discusses the Federal Reserve on Bloomberg BusinessWeek
August 19, 2014Executive Advisory Board Member Nicholas Galluccio speaks about small cap equities on Business News Network
August 18, 2014Executive Advisory Board Member Candace Browning is cited by the Financial Post
August 13, 2014Professor Charles Calomiris discusses the Ebola outbreak in Africa on Bloomberg BusinessWeek
August 12, 2014Professor Suresh Sundaresan presented at the NSE-NYU Indian Financial Markets Conference in New York, NY on August 4-5th
July 22, 2014Professor Charles Calomiris discusses the Export-Import Bank in the Tampa Bay Times
July 17, 2014Professor Andrew Ang's research on portfolio rebalancing is cited by the Wall Street Journal
July 14, 2014Professor Charles Calomiris discusses his book, "Fragile by Design: The Political Origins of Banking Crises and Scarce Credit" in The Actuary
July 8, 2014Executive Advisory Board Member Evan Picoult will speak at The Financial Industry in a Post-Crisis World Symposium in Washington, DC on July 10
June 26, 2014Professor Andrew Ang is cited by Top 1000 Funds for his research titled "Asset Allocation and Bad Habits"
June 24, 2014Executive Advisory Board Member Evan Picoult will speak at the Workshop on Hypothetical Portfolio Exercises (HPEs) in London, England on June 26
June 20, 2014Professor Mark Broadie will discuss his book "Every Shot Counts" at the Columbia Business School Alumni Club in Philadelphia, Pennsylvania on June 24
June 19, 2014Professor Charles Calomiris discusses economic and fiscal views of Greece on Bloomberg TV
June 18, 2014Professor Paul Glasserman spoke at the 49th Annual Conference of the Western Finance Association in Monterey Bay, California
June 17, 2014Executive Advisory Board Member Evan Picoult will speak at the Global Risk Regulation Summit in Miami, Florida, June 16-20
June 16, 2014Executive Advisory Board Member Tracey Travis presented at the Sanford C. Bernstein Strategic Decisions Conference in New York, NY
June 10, 2014Congratulations to Executive Advisory Board Member Laurie Girsky for being an inaugural honoree at the First Annual Dare to Dream Benefit in New York, NY
June 6, 2014Professor Charles Calomiris will provide the keynote address at the International Banking: Microfoundations and Macroeconomic Implications conference in Amsterdam, The Netherlands, June 12-13
June 5, 2014Professor Wei Jiang discusses CEO options in Columbia Ideas at Work
June 4, 2014Professor Charles Calomiris authors “A Better Solution for Too-Big-to-Fail Banks” in the Wall Street Journal
June 3, 2014Professor Andrew Ang presented on private equity returns at the World Investment Forum 2014 in Sea Island, Georgia
June 2, 2014Professor Chris Mayer's research on the housing market is highlighted in the Paul Milstein Center for Real Estate's Spring Highlights. Watch Professor Mayer talk about his research in the February 2014 No Free Lunch Seminar
May 30, 2014Professor Andrew Ang reviews Norway's sovereign wealth fund in Columbia Ideas at Work
May 27, 2014Professor Paul Glasserman will moderate at the June 26th Columbia University Symposium on the Management of Systematic Risk in Finance
May 22, 2014Executive Advisory Board member Candace Browning serves as a Global Ambassador for Vital Voices Global Partnerships
May 21, 2014Professor Paul Glasserman presents at the Humboldt Distinguished Lecture Series in Applied Mathematics
May 20, 2014Professor Christopher Mayer is cited by the Wall Street Journal about home ownership
May 19, 2014Congratulations to Professor Amit Khandelwal on being awarded the 2014 George S. Eccles Research Award. Watch Professor Khandelwal talk about his research on trade liberalization at the April 2013 No Free Lunch Seminar
May 15, 2014Professor Charles Calomiris discusses political origins of banking crises on the Goldstein on Gelt Show
May 13, 2014Professor Andrew Ang discusses illiquidity premiums at the CFA Society Toronto 2014 Annual Pension Conference
May 12, 2014Professor Mark Broadie discusses sabermetrics on The Golf Club
May 5, 2014Executive Advisory Board member Evan Picoult will speak at the Professional Risk Managers' International Association (PRMIA) May 6 meeting
May 2, 2014Professor Andreas Mueller’s research on long-term unemployment is highlighted in Columbia Ideas at Work
April 30, 2014Professor Suresh Sundaresan will speak at the first credit market research conference jointly organized by Moody's and the Shanghai Advanced Institute of Finance (SAIF)
April 28, 2014Professor Mark Broadie discusses performance measurement in Columbia Ideas at Work
April 24, 2014Professor Charles Jones discusses high frequency trading in The Christian Science Monitor
April 22, 2014Professor Andrew Ang's research on factor investing is highlighted in Pensions & Investments
April 9, 2014Professor Andreas Mueller’s research on long-term unemployment is highlighted in the Wall Street Journal. Watch Professor Mueller talk about his research at the April 2013 No Free Lunch Seminar
April 8, 2014Executive Advisory Board member Candace Browning is speaking on a Reunion 2014 panel this Friday on the future of women in business
March 31, 2014Executive Advisory Board member Nicholas Galluccio discusses U.S. small-caps in the aerospace industry on Business News Network