Director, Environmental and Social Innovation team, Milken Institute Strategic Philanthropy
John Schellhase is a director on the Environmental and Social Innovation team at Milken Institute Strategic Philanthropy, where his work focuses on social impact philanthropy. As part of his work, Schellhase contributes to and manages projects related to strengthening corporate philanthropy and operating innovation competitions to advance the Sustainable Development Goals.
In recent years, a number of stock exchanges in emerging-market and developing economies have established dedicated market segments for small and medium-sized enterprises (SMEs). The main purpose of these SME boards, as they are often called, is to expand access to equity finance for relatively small but growing firms with the potential, as a group, to significantly contribute to economic growth and employment. In some cases, SME boards also serve as feeder exchanges, incubating firms for later graduation to a stock exchange’s main board. Today, there around 30 dedicated SME boards in emerging-market and developing economies, the majority of which have been established in the last decade or so.
Due to the role these firms can play in creating jobs and diversifying economies, improving access to finance for SMEs is a long-standing policy goal in developed and developing countries alike. As banks have curbed their lending to SMEs in the wake of the global financial crisis, policymakers and industry bodies are now increasingly emphasizing non-bank financing alternatives for SMEs. Public equity financing is one option that may be suitable for fast-growing SMEs with the capacity to meet the listing requirements. SME boards may contribute to expanding financial access for SMEs both directly, by facilitating access to public equity financing, and indirectly, by incentivizing listing firms to improve their financial reporting and corporate governance practices, which may, in turn, make them more appealing to credit-based lenders.
This report is a brief stocktaking of SME boards in emerging-market and developing countries. The analysis is based on a unique dataset created jointly by theMilken Institute Center for Financial Marketsand the World Federation of Exchanges. The dataset covers 26 SME boards over the period 2002-2015.
The story of Oze starts in the Peace Corps. I, Meghan McCormick, served as a community economic development advisor in Guinea, while my cofounder served in Benin. We saw firsthand how these business owners had to navigate complex...
The Milken Institute conducted a pilot project exploring ways to improve the efficacy of small business technical assistance programs through the application of behavioral science intervention known as a “nudge” (Thaler and Sunstein 2008)...
Small businesses are the backbone of the American economy and contribute substantially to U.S. economic growth and productivity. Yet, accurate data on the small business lending environments at the local, state, and national levels, in...
Small and medium-sized enterprises (SMEs) play a vital role in generating economic growth in the world’s economies. In developing countries, SMEs play a significant part in creating jobs, building thriving private sectors, and diversifying...
In conjunction with the Partnership for Lending in Underserved Markets (PLUM), a Milken Institute and U.S. Small Business Administration initiative to develop actionable solutions to long-standing barriers that constrain minority...
Over the last two decades, a large number of stock exchanges have established dedicated market segments for small and medium-sized enterprises (SMEs). This trend accelerated during the global financial crisis; as banks tightened credit...
Director, Environmental and Social Innovation team, Milken Institute Strategic Philanthropy
John Schellhase is a director on the Environmental and Social Innovation team at Milken Institute Strategic Philanthropy, where his work focuses on social impact philanthropy. As part of his work, Schellhase contributes to and manages projects related to strengthening corporate philanthropy and operating innovation competitions to advance the Sustainable Development Goals.
There are bold headlines about crypto in Latin America. Countries like El Salvador have made a splash on the crypto scene, with leaders who are moving fast and breaking things.
As the House moves forward on the CLARITY Act, the Senate’s GENIUS Act, and the Anti-CBDC Surveillance State Act, the Milken Institute commends the bipartisan, bicameral collaboration on these landmark bills, which will establish much...
Over the past decade, I’ve witnessed a profound evolution in how lesbian, gay, bisexual, transgender, and queer (LGBTQ+) aging is understood and prioritized within our communities and systems of care.