Abstract (EN)

This paper is the first to draw a global picture of worldwide microfinance equity by taking full advantage of daily quoted prices. We revisit previous findings showing that investors shouldconsider microfinance as a self-standing sector. Our results are threefold.First, microfinance has become less risky and more closely correlated with the financial sector.This convergence is associated with a decline in the proportion of women borrowers. Second, microfinance and finance shares have equivalent currency exposure. Last,introducing a self-standingmicrofinance sector presents few diversification benefits.This paper confirms thatmicrofinance has changed dramatically during the last decade.