<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672017000200081</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Does the number of borrowers per loan officer influence microfinance institution asset quality? A stochastic frontier analysis]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pal]]></surname>
<given-names><![CDATA[Debdatta]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mitra]]></surname>
<given-names><![CDATA[Subrata K.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Indian Institute of Management Lucknow  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>India</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Indian Institute of Management Raipur  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>India</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2017</year>
</pub-date>
<volume>76</volume>
<numero>300</numero>
<fpage>81</fpage>
<lpage>103</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672017000200081&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672017000200081&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672017000200081&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: Employing stochastic frontier analysis, this paper explores whether there is trade-off between the number of borrowers per loan officer and microfinance institution (MFI) asset quality, represented by the portfolio value at risk. It uses a dataset with information from 1,575 MFIS from 109 countries for the period 2006-2013. We find corroborative evidence that there is no trade-off between the number of borrowers per loan officer and MFI asset quality, which contravenes the conventional wisdom. We show that MFIS have reaped the benefit of economies of scale without compromising asset quality. These findings remain significant across ownership types and regardless of depos- it-taking status.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Empleando el análisis de fronteras estocásticas, este trabajo explora si existe un equilibrio entre el número de prestatarios por agente de crédito y la calidad de los activos de las instituciones microfinancieras (IMF), representada por el valor de la cartera en riesgo. Usando un conjunto de datos con información de 1 575 IMF de 109 países para el periodo 2006-2013, encontramos pruebas corroborantes de que no existe un equilibrio entre el número de prestatarios por agente de crédito y la calidad de los activos de las IMF, lo que contraviene el saber convencional. Mostramos que las IMF han obtenido el beneficio de las economías de escala sin comprometer la calidad de los activos. Estos hallazgos siguen siendo significativos en todos los tipos de propiedad y sin importar el estado de los depósitos.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Microfinance]]></kwd>
<kwd lng="en"><![CDATA[asset quality]]></kwd>
<kwd lng="en"><![CDATA[outreach]]></kwd>
<kwd lng="en"><![CDATA[stochastic frontier analysis]]></kwd>
<kwd lng="es"><![CDATA[microfinanzas]]></kwd>
<kwd lng="es"><![CDATA[calidad de los activos]]></kwd>
<kwd lng="es"><![CDATA[extensión]]></kwd>
<kwd lng="es"><![CDATA[análisis de frontera estocástica]]></kwd>
</kwd-group>
</article-meta>
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