My research interests lie at the intersection of Corporate strategy, Business Economics, and Financial Development.


Financial Performance of Foreign Banks in Developing Countries: Evidence from sub-Saharan Banking Markets. Journal of Banking and Finance. 2017. In press [download]

Privatisation in developing countries: What are the lessons of experience? With Saul Estrin. The World Bank Research Observer. 2017. In press.

African Banking Groups: Recent Trends and Strategic Issues. With Jean-Philippe Stijns. In Banking in sub-Saharah Africa: Recent Trends and Digital Financial Inclusion. The European Investment Bank. 2016. [download]

Internal Capital Market Practices of Multinational Banks: Evidence from South Africa. Making Finance Work for Africa. Working Paper Series. Issue 2. December 2015. [download]

Rural households’ involvement in pro-environment programs : The Sloping Land Conversion Program in Inner Mongolia. With Sylvie Demurger. Ecological Economics, 116 (2015), 25-33. [download]

SME financing by banks in East Africa: Taking Stock of Regional Developments. Mambo Research Papers on East Africa XII (2), 2014. [download]

Household Remittances, Inequality and Poverty: Evidence from the State of Kerala.In S. Irudaya Rajan, M. Percot (Ed.), Dynamics of Indian Migration. Historical and Current Perspectives, New Delhi, Routledge, June 2011.

Migrant workers’ remittances: what is the impact on the economic and financial development of Sub-Saharan African countries? Banque de France Bulletin Digest, N°174, July 2008. With Emmanuel Rocher. [download]


  1. “Emerging Economy MNEs: How does home country maturity matter?”. With Saul Estrin and Klaus Meyer
  2. Mobile Payment Services in developing countries: firm capabilities and financial development”. With Saul Estrin and Susanna Khavul.
  3. “Disruptive Innovation in Emerging Markets: The case of Mobile Money”.  With Saul Estrin and Susanna Khavul.
  4. “Foreign companies in Africa: from extracting to diversifying. A home country analysis of investment strategies”.


“Essays on performance, corporate financial strategy and organization of multinational banks in Africa”

My PhD thesis can be found here: [PhD]

My PhD thesis has consisted of three inter-related research projects. In the first chapter I examined the financial performance of multinational banks in Africa using panel data over a 10-year period. In the second chapter I analyzed internal capital market practices of banks in South Africa. The third part of the research explores the relations between multinational banks’ headquarters and their subsidiaries located in sub-Saharan Africa through a bank survey. I also examined the lending practices of banks in Africa, especially with regards to SMEs.

To collect data I conducted fieldwork in Kenya (September-November 2013), Tanzania (November-December 2013) and Ghana (March 2014). I was based at the IGC in Tanzania and at the Institut Francais de Recherche en Afrique in Nairobi, Kenya.

Cape Town – Mouille Point