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Fintech is having a profound impact in Sub-Saharan Africa (SSA) because it offers more financial inclusion. In this paper, the authors examine the interrelationship of Fintech, base of the pyramid (BOP) entrepreneurs and social value creation, particularly in the SSA context.

The current paper uses a qualitative research design with open-ended, in-depth interviews as the main data sources. The authors interviewed respondents from the Sierra Leone Fintech Association and four BOP entrepreneurs operating in different sectors.

The authors find that Fintech services, specifically mobile money, play a significant role in reducing uncertainty surrounding business operations. FinTech also offers growth possibilities for BOP entrepreneurs and creates social value by providing transactional security, convenience and reducing physical cash robberies. At the same time, Fintech contributes to social value by enhancing BOP entrepreneurs as well as consumers' skills development.

This study highlights the importance of context-specific theorization when analyzing the interlinkage between BOP entrepreneurship, social value creation and Fintech. For example, the possibility of safety from a street robbery may not appear to be part of social value creation by a technological development like Fintech. However, in a country like Sierra Leone, which has experienced both a civil war and Ebola outbreak, insecurity has been one of the biggest concerns expressed by BOP inhabitants. Hence, scholars need to incorporate contextual elements of risk, uncertainty and volatility while theorizing on Fintech's application in BOP contexts.

A key managerial implication relates to micro-firm entrepreneurs and information specific benefits. Fintech offers entrepreneurs the possibility to be in regular contact with customers and evaluate their purchasing patterns as well as emergent needs. Fintech offers BOP entrepreneurs a possibility to further develop their technological skills as learning to use such apps can be used as a basis for further skills development. From a policy perspective, our study highlights the importance of regulating Fintech charges so that the affordability is increased, which is expected to result in significantly more BOP entrepreneurs using these services.

The authors find that at the same time, Fintech contributes to social value by enhancing skills development of BOP consumers who interact with case firms.

This paper is one of the first studies that specifically focuses on BOP entrepreneurship and social value creation by Fintech services in an SSA context. It is also one of the few studies that incorporates views from both entrepreneurs and the country's Fintech association, rather than focusing solely on either entrepreneurs or Fintech firms. Finally, there is a specific focus on BOP entrepreneurs engaging in micro-entrepreneurship.

The “raise your rate” (RYR) certificate of deposit (CD) allows investors to raise the rate on their CD to the current market rate over the life of the CD. The purpose of this paper is to present a binomial option pricing model to value this option to raise the rate. The model also demonstrates conditions under which the investor should choose to exercise their option and raise their rate prior to maturity. Understanding the value of this option is useful to both banks setting rates, and investors comparing alternative investment opportunities. The results of this model suggest that, for CDs with short maturities and low yields, the value of the option is relatively small, roughly one to four basis points, however, for CDs with longer maturities and higher yields the value of the option can be as much as 50-80 basis points.

This paper demonstrates how to value raise your rate CDs by applying a binomial option pricing model and provides the value of this option over a range of current CD yields and over a range of CD maturities.

When CD rates are low and maturities are short the value of the option is small (one to four basis points), however, when CD rates are high with longer maturities, the value of this option can be significant (50-80 basis points).

The research implication is that the rate discount that the institution offers and the investor accepts should reflect the value of the option to raise the rate. The benefit to the institution and the cost to the investor reflected in the rate discount can be determined by the procedures presented in this paper regarding the valuation of the option to raise the rate.

The purpose of this paper is to demonstrate how to apply a binomial option pricing model to value the option that is attached to a raise your rate CD. Knowing the value of this option should be useful both to banks, in determining the discounted rate they should offer on these CDs, and to investors choosing among alternative investment opportunities. An additional benefit of applying a binomial model to value the option is that the model can be used by investors to determine the optimal point at which to exercise their option and lock in the current higher rate.

Given the recent financial turmoil, pressure has been placed on banks to increase their liquidity and deposit base. CDs are crucial to this. Understanding the value of the RYR option is useful to both banks setting rates and investors comparing alternative investment opportunities.

Given the current economic climate, deciding which strategic investment options to pursue is of paramount importance. To the best of the knowledge this is the first study that applies binomial option pricing to certificates of deposit to help investors make these decisions.

In many countries, small and medium-sizes enterprises (SMEs) are primarily responsible for wealth, economic growth, innovation and research and development. In this paper, the authors examine the impact of family ownership and owner involvement on the financial performance of unlisted Finnish SMEs.

This is an empirical paper using a random sample of 1,137 non-listed Finnish SMEs. Through regression analyses and robustness tests, the authors examine the effects of family management, family and employee ownership and involvement.

Using profitability measures, the authors find family-owned and controlled SMEs perform significantly better than non-family firms. The number of family members actively involved in daily business operations bears a significant negative relation to firm performance. In contrast, non-family firms in which owners are actively involved, provide comparable returns to family firms, suggesting that in non-family firms active involvement contributes to performance. The authors find that employee ownership in SMEs does not provide an efficient way to compensate employees since more dispersed ownership does not lead to higher performance.

SME employee ownership does not provide an efficient way to compensate employees since more dispersed ownership does not lead to higher performance.

In the case of Finland, family ownership is an effective organisational structure. As the depth of the COVID pandemic remains uncertain, firms with committed ownership are key to the economic recovery.

The authors approach the family ownership and involvement issue from a different angle. Unlike earlier studies, the authors examine the impact of both family ownership and involvement on the financial performance of privately owned SMEs. This paper helps shed light on the role of family ownership and involvement as a possible explanatory factor of overall economic performance.

This paper develops visual aids for the understanding of two asset portfolio mathematics. Specifically, visual aids are utilized in teaching portfolio variance and correlation coefficient concepts. The presentation is simple, yet powerful, and is useful for an audience with varying levels of statistical sophistication. Consequently, the visual aids can replace or complement standard presentations of basic portfolio theory.

The purpose of this paper is to provide a case study of a service learning project focusing on financial literacy. In response to the global financial crisis there has been increasing emphasis on improving financial literacy skills and education. In this paper, the author argues for service learning as a means of integrating the finance curricula with real-world applications.

Initially, the author surveys the growing importance of a financial literacy education as well as integrating service learning with a business education. The author then describes the implementation of a service-learning program at a private university that provides financial literacy workshops to community partners.

The paper concludes with a discussion of the effectiveness of the financial literacy workshops and reflections of the service-learning experience.

It is an opportunity for learning among culturally diverse groups and has also helped international students become more culturally involved on campus.

The undergraduate service-learning program is placed in an intermediate finance class. It is also an opportunity for cultural and financial institutional learning among international students.

Given the diversity of community service partners in this project, the service-learning experience has become an opportunity to teach all students on international cultural differences and social justice themes.

This is one of the few pedagogical examples in financial literacy with an international dimension.

Before the 2007 financial crisis, securitized products accounted for half the credit market. Once regarded as one of the biggest financial innovations of the last century, securitization is now viewed as a contributory factor to the crisis. Until recently research has focused on the post-1970s mortgage securitization market. In this paper, I trace the earlier origins of securitization, from the 12th century Genoese compera through to early 20th century efforts. The historical examples highlight unifying themes on risk allocation and complexity. As the future securitization market remains uncertain, it is important to consider lessons to be learned from these historical episodes.

This is primarily a survey article that utilizes historical documents to compare/contrast features of securitization with the recent crisis.

Improved disclosure is the key element to address recent securitization flaws, but disclosure does not really matter if the entire process is not understood. An examination of historical episodes can be instructive. Forging ahead, any securitization reform needs to address why securitization markets formed, why they failed and how the securitization market can be improved.

As the future securitization market remains uncertain, it is important to consider lessons to be learned from these historical episodes.

To the best of my knowledge, this is one of the first research papers that surveys the history of securitization as far back as the twelfth century.

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

OWING to the comparatively early date in the year of the Library Association Conference, this number of THE LIBRARY WORLD is published so that it may be in the hands of our readers before it begins. The official programme is not in the hands of members at the time we write, but the circumstances are such this year that delay has been inevitable. We have dwelt already on the good fortune we enjoy in going to the beautiful West‐Country Spa. At this time of year it is at its best, and, if the weather is more genial than this weather‐chequered year gives us reason to expect, the Conference should be memorable on that account alone. The Conference has always been the focus of library friendships, and this idea, now that the Association is so large, should be developed. To be a member is to be one of a freemasonry of librarians, pledged to help and forward the work of one another. It is not in the conference rooms alone, where we listen, not always completely awake, to papers not always eloquent or cleverly read, that we gain most, although no one would discount these; it is in the hotels and boarding houses and restaurants, over dinner tables and in the easy chairs of the lounges, that we draw out really useful business information. In short, shop is the subject‐matter of conference conversation, and only misanthropic curmudgeons think otherwise.