Financial Access for Companies, Families and Individuals

     An Assistant Professor of Finance in Merrimack’s School of Business, Professor Ana Silva has taught a number of courses including Managerial Finance, Corporate Governance, and Investments at the undergraduate level, and Financial Measurement, Analysis and Reporting at the graduate level.

     Dr. Silva’s research over the past few years has focused on analyzing emerging markets and how companies in non-developed countries can access finance for their operations and growth.  She was mainly interested in finding out how accessing funds from the United States affects the financial reporting and corporate governance and investor protection standards of companies from less developed economies.  Her findings suggest that local investors from emerging markets are not better protected against adverse selection because a company has shares traded in US markets. Foreign companies cannot borrow from the corporate governance of the host country, the United States, by listing abroad.  Her research was done in collaboration with researchers from Bentley University and Babson College.

     Dr. Silva’s current research project focuses on financial inclusion and microfinance.  Her goal is to understand how low-income individuals and small businesses can access financial services.  One such example is accessing loans, the main focus of the microfinance industry.  This practice is very popular in countries such as Asia and Latin America but is becoming a global phenomenon.   She is also interested in understanding how microfinance institutions have been affected by the global financial crisis. In 2013, professor Silva was awarded a faculty development grant to advance her research in financial inclusion.

     Her research has been published in the Journal of Banking and Finance, Emerging Markets Review, Journal of Applied Corporate Finance and the Journal of Financial Markets and Institution and Money, among others. 

     Dr. Silva has presented her work in numerous occasions at international research conferences such as Global Finance Conference and the Financial Management Association.