In today’s global marketplace, competitive pressure and industry practice
mandate that products and services be sold on a credit vs. cash-ondelivery
basis. This practice often produces a receivables asset that is
one of the largest tangible assets on a company’s balance sheet. A review
of the 2004 Fortune 500 certainly reveals this truth.
The main goal of our estimation is to study the industry incidence of tax evasion. We
Önd a high tax evasion multiple for doctors, engineers, private tutors, Önancial services agents,
accountants, and lawyers, consistently across di§erent credit models.
We turn to making sense of the industry distribution. We Önd no evidence that the govern-
ment is subsidizing either areas of local economic growth or industries o§ering apprentice-like
training to unskilled workers.
The widespread use of credit scores to underwrite and price automobile and
homeowners insurance has generated considerable concern that the practice may
significantly restrict the availability of affordable insurance products to minority and low-
income consumers. However, no existing studies have effectively examined whether credit
scores have a disproportionate negative impact on minorities or other demographic groups,
primarily because of the lack of public access to appropriate data.
Of course, credit expansion for reasons beyond economic merit might for a while help
increasing economic growth. If credit expansion works toward the extension of productive
capacity, this process might go on for an extended period of time, even if borrowers in the
long run will not be able to pay back their loan. The downside in this case is the accumulation
of non-performing loans in the banking sector which in the end might lead to high fiscal cost.
This might actually be what has been observed in China: One could argue that a non-trivial
part of the loans by...
With subprime mortgages representing only about 14 percent of the stock of US mortgages, most observers expected rising delinquencies in this segment to be contained at moderate cost. Testifying in July 2007, Federal Reserve Bank Chairman Bernanke estimated that credit losses associated with subprime mortgages would probably total $50 billion to $100 billion. As we now know, what began as a subprime crisis has proved to be wider, deeper, and more damaging than originally thought.
copy and build upon published articles even for commercial purposes, as long as the author and publisher are properly credited, which ensures maximum dissemination and a wider impact of our publications. After this work has been published by InTech,
This book grows out of 20 years’ banking research and training of bankers in
Europe, the Americas, Africa and Asia. As deregulation and competition are
reducing margins around the world, the need for knowledge on Asset and
Liability Management, the control of bank’s profit and risks, becomes an
absolute necessity for any banker in charge of a profit centre, central bankers
in charge of bank supervision, and banks’ auditors, consultants or lawyers.
The field of machine learning is concerned with the question of how to construct computer programs that automatically improve with experience. In recent years many successful machine learning applications have been developed, ranging from data-mining programs that learn to detect fraudulent credit card transactions, to information-filtering systems that learn users' reading preferences, to autonomous vehicles that learn to drive on public highways. At the same time, there have been important advances in the theory and algorithms that form the foundations of this field....
Service Robot Applications
..Service Robot Applica tions
Service robotics is among the most promising technology dedicated to supporting the
elderly since many countries are now facing aging populations coinciding with a decrease in
the amount of the young working population. Service robots assist human beings, generally
by performing dirty or tedious work, such as household chores. Service robots, in some
cases, may replace human caretakers in their ability to care for elderly people.
A very important campaign is waged every working day in numerous businesses across England and Wales. It happens as directors, partners, proprietors, managers, credit controllers and their staff try to collect the money that is owed to them or their organisations. They almost always succeed in the end, but all too often the end is much too long coming. The culture of slow payment continues to be a problem and for some it can be a life or death problem, at least in the business sense.
The ﬁrst edition of this book appeared in 1946. Eight translations were made of it, and there were numerous paperback editions. In a paperback of 1961, a new chapter was added on rent control, which had not been speciﬁcally considered in the ﬁrst edition apart from government price-ﬁxing in general. A few statistics and illustrative references were brought up to date. Otherwise no changes were made until now. The chief reason was that they were not thought necessary.
I could not have written this book without the support of many people and
agencies. University of Oregon College of Arts and Sciences Distinguished Pro-
fessor James C. Mohr has made the transition with me from graduate advisor
to colleague and friend. His unwavering support and encouragement for this
project supported me when my own enthusiasm failed. Whatever contribution
this book may make to the ﬁeld originated in his graduate seminar on state
government. He deserves credit for the best parts of this book. Its errors re-
main my own....
But, establishing a lower-than-market interest rate by means of a usury ceiling will also
bring about a decrease in the quantity of credit supplied. Given lenders costs, the amount of
credit they will provide when the interest rate is held down is limited. Like any other
business, if a lender does not recoup its costs and earn an adequate return on its resources, it
will put those resources to work elsewhere.
Sectoral differences in core business activities and risk exposures are well reflected in the
balance sheets typical of firms within each sector. In order to illustrate such differences,
stylised balance sheets for institutions from each sector are presented in Annex 2 of the
report for explanatory purposes. These stylised balance sheets suggest the following broad
The majority of a bank’s assets typically consist of loans and other credit exposures, while
the majority of liabilities consist of deposits payable on demand and other short-term
They exhibit the profile characteristic of being credit constrained
with spending out of current income, while simultaneously choosing a “flat” profile for
credit card spending over the pay period. This behavior suggests of the use of a mental
account rule, and thus provides some indication that households in our sample are
sophisticated, and able to use internal commitments to limit overspending.
In summary, the two main stylized facts generated by this paper are difficult to
explain in the standard economic framework.
In the usual case where a single test is performed on the alpha of one fund (or one
portfolio of funds), luck is controlled by setting the significance level γ (or equivalently
the Size of the test). The standard approach differs from this framework because it boils
down to running a multiple hypothesis test instead of a single one. The null hypothesis
H0 of no performance is tested for each of the M funds in the population. In a multiple
testing framework, luck refers to the number (or the proportion) of lucky funds among
the significant funds that are discovered.
While microcredit has experienced impressive growth rates in the past decade and has been
widely lauded for its potential in economic development, it is questionable whether it is able
to overcome this problem by itself. Proponents of microfinance have long been arguing that
there is a large unmet demand for small-scale loans in developing countries. Robinson (2001)
argues that in the poor world, there might be as many as 1.
For people like Cindy, who have struggled with no credit, illness, and
challenging life situations, a car can make the difference between
creating a better life and being stuck in a bad situation.
As Cindy said in the documentary, “That car did it for me. The car was
the final piece of the puzzle that I needed to complete my goals, which
was getting into the apprenticeship and getting a better job and sup-
porting my kids. I went to school, tried out for the Iron Workers and
was accepted and…just went from there. But I couldn’t have done
any of that without...
The primary purpose of this study is to measure the level of disproportionate impact
between credit scores and race/ethnicity, and credit scores and socioeconomic status.
Disproportionate impact is defined as the bivariate relationship between credit scores and
the independent variable of interest, such as race/ethnicity or income. That is, for purposes
of measuring the level of disproportionate impact, no attempt is made to control for possible
confounding variables, or factors that might explain a disproportionate impact should one
De riva tives growth in the latter part of the 1990s continues along at least three
dimens ions. Firstly , new p roducts are eme rging as the traditional building
blocks – forwa rds and options – have spawned second and third generation
derivatives that span comp lex hybr id, contingent, and path-dependent risks.
Secondly, new app lica tions are expanding derivatives use beyond the specific
managemen t of price and event risk to the stra tegic managemen t of portfolio
risk, balance sheet growth, shareholder value, and overall business