从外来词看中国当代大学生的文化价值取向

通过调查分析大学生对当代汉语中出现的英源外来词的认知与使用状况,了解他们对同一事物不同表达方式的喜好,并根据他们对外来词的态度,探讨当代大学生的文化价值观取向。研究结果表明,当代大学生的文化价值取向呈现出多元化和矛盾性。     

THE USE OF COLLATERAL TO ENFORCE DEBT: PROFIT MAXIMIZATION

Collateral lowers the probability of default. This paper modifies the work of Benjamin (1978) by characterizing the competitive lender as a price-taking profit maximizer rather than a profit eliminator. Most of Benjamin's results disappear when profit maximization is assumed; the results are corrected and extended. It is also suggested that the value of the collateral required for a standard loan is a variable that the loan market will adjust until long-run expected profits from secured loans is driven to zero.     

Loan performance and race

Recent studies find evidence of racial discrimination in mortgage markets. Although these studies explore loan approval rates for whites versus minorities, they do not specifically consider loan performance, either in the form of default rates or loan administration costs. This study considers discrimination in the used car credit market, where the collateral is not subject to location externalities, collateral value and quality do not vary as much as in real estate, and the loan terms are shorter. We find administration costs and default rates are higher for minorities than for whites, controlling for age, income, home ownership, wealth, occupation, loan terms, and geographic location.     

Knowledge, Attitude and Perceptions of University Students towards Educational Loans in Malaysia

National Higher Education Fund Corporation (PTPTN) loan is the major source of financing tertiary education in Malaysia. Non-repayment of the loan among university students after they have graduated becomes a major problem to the government since the total amount of loan available to the students is depended on the loan repayment. This study sought to examine the students’ knowledge and attitude regarding the loan. Three aspects of focus are knowledge, attitude and perception of students towards the loan and the repayment of the loan. This study also analyzed the legal literacy of students towards the PTPTN agreement. A total of 1,500 students of University Putra of Malaysia participated in the study and data were collected using self-administered questionnaire. The findings revealed that students have good knowledge about PTPTN loan agreement but there were a significant proportion of students with negative attitudes towards the repayment of the loan. Majority of them perceived the loan as a burden to them and it limits many options of their life after graduation.     

FEAR,ANGER, AND CREDIT. ON BANK ROBBERIES AND LOAN CONDITIONS

We study the impact of emotions on real-world decisions made by loan officers by analyzing the loan conditions of loans granted immediately after a bank branch robbery. We find significant differences between the conditions of loans granted after a robbery and changes in loan conditions that occur contemporaneously at unaffected branches. In general, loan officers seem to adopt so-called avoidance behavior. In accordance with the literature on posttraumatic stress, their avoidance behavior is halved within 2 weeks following the robbery and the effect further varies depending on the presence, or absence, of a firearm during the robbery. (JEL G02, G2)     

THE PROCYCLICAL LEVERAGE EFFECT OF COLLATERAL VALUE ON BANK LOANS—EVIDENCE FROM THE TRANSACTION DATA OF TAIWAN

We investigated the empirical relationship between firms' collateral values and land-secured loans over asset price cycles. A simultaneous equation model of loan demand and supply was estimated using a transaction-level data set from Taiwan. The data set contains collateral information and identifies lenders and borrowers. We found that the value of collateralizable assets has positive and significant effects on loan amounts and that the leverage effect of collateral is procyclical to asset price cycles. Firms in the electronics industry, the star industry in the sample period, are found to borrow more than other firms do at each marginal dollar of collateral . ( JEL C50, E30, G20)     

The Price of Opportunity: Race,Student Loan Debt,and College Achievement

This paper examines racial differences in student loan debt and concurrently assesses the potential payoffs and countervailing risks inherent in reliance on loans in a cohort of black and white first‐year college students. Using the 1996–2001 Beginning Postsecondary Student study we find that the use of loans results in greater enrollment persistence and higher odds of college completion, especially for black students. However, black students acquire larger amounts of student loan debt and face a higher risk of default than white students. This is in part due to associated racial differences in family socioeconomic status and type of institution attended. We suggest these findings illuminate the dual‐sided nature of college loans that makes them an imperfect, but overall positive, tool for reducing educational inequality. On the one hand, student loans reduce educational inequality that otherwise results from disadvantaged students' struggles to pay for college and complete college in a timely fashion. At the same time, the degree to which loans reduce racial inequality is diminished by black students' higher loan amounts, the large number of black students who borrow but do not finish college, and the large racial difference in the odds of defaulting on a loan.     

Race,Mortgage Lending and Loan Rejections in a U.S. City

Abstract

The negative effect of neighborhood racial composition on mortgage lending has been documented in recent years in several cities, even after controlling for income, condition of housing and related neighborhood and housing characteristics. Lending industry officials maintain that the racial distribution of mortgage lending is the unintended consequence of profit-based lending activities. In contrast, community activists and civil rights groups claim that racial discrimination is the motivating force underlying mortgage lending practices. Data from the 1991 Home Mortgage Disclosure Act (HMDA) for the Kansas City metropolitan area are used to measure trends in mortgage lending and loan rejection ratios by local lenders. This study finds that Kansas City lenders reject minority applicants at higher rates than whites and reject high-income minorities as often as low-income whites. More importantly, results show that high-income African Americans are rejected at a higher rate than low-income whites, indicating that race of loan applicants plays a crucial role in the decision to approve a mortgage loan, even after controlling for income and other factors. Findings from Kansas City and other cities indicate that the low percentage of minority loan applications from some lenders suggests not only meager marketing, but possible pre-screening of minority applicants where they are discouraged from completing an application form.     

NUMERACY AND ON-THE-JOB PERFORMANCE: EVIDENCE FROM LOAN OFFICERS

We examine how the numeracy level of employees influences their on-the-job performance. Based on an administrative dataset of a retail bank we relate the performance of loan officers in a standardized math test to the accuracy of their credit assessments of small business borrowers. We find that loan officers with a high level of numeracy are more accurate in assessing the credit risk of borrowers. The effect is most pronounced during the precrisis credit boom period when it is arguably more difficult to pick out risky borrowers. (JEL G21, J24)     

“They will go like I did”: How parents think about college for their young children in the context of rising costs

Rising college costs and student loan burdens have triggered national debates about whether a college degree is “worth it.” Parents raising children in the midst of these debates may be evaluating the value of a college degree relative to its costs and adjusting their educational expectations for their children, shaping future generations' socialization toward college. In this context, it is unclear how theoretical models on college attendance decision-making perform in explaining parents' thoughts about college for their children. This qualitative study elicited early perspectives on college through in-depth interviews with 37 parents of kindergarten children from one school district in a mid-sized, Midwestern city. Almost unanimously, lower-income parents with some college education saw a college degree as a catalyst of their children's upward mobility, though very few thought they could help their children afford college. Higher-income parents more often expressed doubts about pursuing a college degree or the value of that degree acquired with debt.     

THE IMPACTS OF THE USDA BROADBAND LOAN AND GRANT PROGRAMS: MOVING TOWARD ESTIMATING A RATE OF RETURN

In this article, we evaluate the rate of return to government efforts to promote broadband. Specifically, we estimate the impact of USDA's broadband loan and grant programs on the average payroll per worker using zip code level data from the Zip Code Business Patterns for the period from 1997 to 2007. Our results indicate that two of the smaller broadband programs (the Pilot loan program and the broadband grants program) likely had no effect on local payroll per workers. On the other hand, the largest program in terms of funding and coverage (the current broadband loan program) likely had a positive impact. Our estimate implies that a $1 per capita increase in a particular zip code's one-time receipt of the current program broadband loan results in a $0.92 increase in payroll per worker annually. Our calculated point estimates of the benefit: cost ratios for this broadband program range from 1.98 to 2.99, depending on assumptions about the time frame over which benefits accrue. However, the confidence intervals are wide enough to include the possibility that the costs outweigh the benefits.(JEL L86, J30, O18)     

BENIGN NEGLECT OF COVENANT VIOLATIONS: BLISSFUL BANKING OR IGNORANT MONITORING?

Theoretically, bank's loan monitoring activity hinges critically on its capitalization. To proxy for monitoring intensity, we use changes in borrowers' investment following loan covenant violations, when creditors can intervene in the governance of the firm. Exploiting granular bank‐firm relationships observed in the syndicated loan market, we document substantial heterogeneity in monitoring across banks and through time. Better capitalized banks are more lenient monitors that intervene less with covenant violators. Importantly, this hands‐off approach is associated with improved borrowers' performance. Beyond enhancing financial resilience, regulation that requires banks to hold more capital may thus also mitigate the tightening of credit terms when firms experience shocks. (JEL G21, G32, G33, G34)     

The Impact of Student Loan Debt and Student Loan Delinquency on Total,Sex‐, and Age‐specific Suicide Rates during the Great Recession

In 2012, the outstanding student loan balance in the United States surpassed $1 trillion, and between 2005 and 2012, the student loan delinquency rate increased by 77 percent. Simultaneously, by the end of the 2005–2012 time period, the total suicide rate in the United States reached the highest levels in more than a decade. To investigate the recent trends in student loans and suicide, this paper examined the association between state‐level student loan debt, student loan delinquency, and total, age‐, and sex‐specific suicide rates. The study used a hybrid (decompositional) longitudinal regression approach to examine the relationship between student loan debt, delinquency, and suicide rates during the 2005–2012 time period. The results showed student loan delinquency had a positive and significant effect on several of the suicide rates examined within states but had no effect on suicide rates between states net of controls. The results also showed student loan debt had a significant and negative association with suicide for people ages 20–24 and 25–34.     

Loans for energy conservation in sweden and connecticut: some comparisons

In field studies conducted in Sweden and Connecticut data were collected to evaluate the effects of home loan programs on residential energy conservation. While many households take the loans, it is not clear whether the availability of a loan is critical for, or merely incidental to, a decision to take a conservation action.Representative samples of residents in owner-occupied, single-family dwellings were interviewed by telephone. Samples of loan users also were contacted to collect equivalent data on energy conservation behavior. Results show a greater utilization of this type of energy incentive among Swedish homeowners, while Connecticut homeowners, both loan users and the random sample, reported higher levels of energy conservation activity. Loan users in both countries live in slightly older buildings, but differences in housing quality may be a factor influencing the level of conservation activity. The paper examines variations by household income, knowledge about the loan program, sources of information as factors that may be affecting differences between countries and program status.The paper concludes with a discussion of these findings and their implications for the implementation of energy conservation policy.     

DIFFERENTIAL DEPOSIT GUARANTEES AND THE EFFECT OF MONETARY POLICY ON BANK LENDING

This paper utilizes differences in de jure deposit insurance coverage across banks and changes in coverage over time to identify a bank‐lending channel in Poland. Banks with partial guarantees have a stronger loan response to monetary policy than banks with full guarantees. Furthermore, the weak response of the fully guaranteed banks is attributed to their ability to raise low‐reserve, uninsured time deposits relative to the partially covered banks. When differential coverage is eliminated, there is no disparity in the loan response between the two groups. This lending channel has implications for credit control and financial system development in emerging markets. (JEL E52, G21, G28)     

Mortgage Mistakes? Demographic Factors Associated with Problematic Loan Application Behaviors

Using 2005 Home Mortgage Disclosure Act data, this study explores problematic mortgage application behaviors including submitting incomplete paperwork when seeking a mortgage, withdrawing a loan application before the lender makes a credit decision, rejecting a lender approved loan offer and accepting a high interest rate loan. Tract-level college completion rates, homeownership rates, and household age, as well as race, ethnicity, and income are all associated with problematic loan application behaviors, although these relationships vary across behaviors. The results of this analysis may prove useful for targeting financial education and counseling efforts to areas with the greater potential needs.     

The role of financial incentives in utility-sponsored residential conservation programs: A review of customer surveys

A number of utility programs are encouraging residential customers to invest in energy-efficient equipment by providing financial incentives for these actions. Subsidized loans are the most common type of incentive offered by utility programs, although discounts, rebates, lower rates, and free materials or labor also have been provided.Given the large sums involved in utility loan programs, an understanding of the impact of these financial incentives on retrofit investment decisions has a high potential policy value. The purpose of this paper is to review the available evidence on this issue and to suggest ways that additional evidence can be obtained.     

A value for games with coalition structures

This paper presents an axiomatization of a value for games with coalition structures which is an alternative to the Owen Value. The motor of this new axiomatization is a consistency axiom based on an associated game, which is not a reduced game. The new value of an n-player unanimity game is the compound average of the new values of all the (n-1)-player unanimity games. The new value of a unanimity game allocates to bigger coalitions a larger share of the total wealth. Note that the Owen value allocates to all the coalitions the same share independently of their size.     

促进小额贷款公司健康发展的政策体系研究

小额贷款是金融制度的创新,是对现代金融体系的提升和扬弃。小额贷款公司等微型金融是国家金融系统的必要组成部分,是国家普惠金融体系的一个特殊机构。小额贷款公司的出现延伸了金融服务的广度和深度,在一定程度上缓冲了银行的信贷风险,也使得金融体系更具包容性,从而完善了金融支持经济的功能。小额信贷不仅能促进一国的经济增长,也会丰富金融体系和金融监管的内涵。应设计出更加符合发展需求的政策体系,使小贷公司有更好的发展愿景。     

Effect of mortgage indebtedness on health of U.S. homeowners

This paper examines the effect of excessive mortgage indebtedness on health among homeowners using nine waves of the Health and Retirement Study from 1992 to 2008. Health status is measured by subjective well-being, number of depressive symptoms, and incidence of hypertension. Using average annual state-level home prices as an instrument, we attempt to identify the causal effect in an panel IV framework. Results from the panel IV estimations suggest that having a high mortgage loan to home value (LTV), defined as LTV at or above 80 %, leads to more depressive symptoms and a higher incidence of hypertension, but has no effect on subjective well-being. Since the results from panel estimations did not show that debt affects health, whether the panel IV results demonstrate a causal relationship depends critically on the exclusion assumption.