A typical problem arising in the financial planning for private investors consists in the fact that the initial investor’s portfolio, the one determined by the consulting process of the financial institution and the universe of instruments made available to the investor have to be matched/optimized when determining the relevant portfolio choice. We call this problem the three-portfolios matchin...

Access to formal credit remains critical for business operations, particularly firms unable generate sufficient funds internally. Using the World Bank’s Enterprise Survey dataset, 2018, we analyzed 230 Kenyan that applied loans. These loans are sourced from banks (private, commercial, or state-owned) non-banking financial institutions. Specifically, paper explores effect of institution type and...