Understanding the determinants of credit spreads has always been an important objective of academic researchers, regulators and practitioners alike. While extensive research has been produced on bonds and loans separately, few empirical studies have analyzed those two classes of debt instruments jointly. The aim of this paper is twofold: first, we derive a simple structural model in which diffe...

We study the effects of usury limits on the market for auto loans and find little evidence of credit rationing. We show instead that loan contracting and the organization of the loan market adjust to facilitate loans to risky borrowers. When usury restrictions bind, auto dealers finance their customers’ purchases and raise the vehicle sales price (and loan amount) relative to the value of the u...

I examine loan data from Prosper.com—a website which allows borrowers to post loans and for lenders to bid on those loans. The Prosper market somewhat resembles the theoretical model of search, herding, and crowding in a large market described in Berkovich and Tayon (2009). That model predicts that assets with high and low prices have high variance in the difference between price and true value...

Chinese banks suffer from serious financial fragility manifested by high proportions of non-performing loans and low capital-adequacy ratios. A key policy introduced recently by the Chinese government to reduce financial risks is the establishment of four asset management companies (AMCs) for dealing with bad loans. Drawing on the experiences of the Resolution Trust Corporation in the United St...

The objective of this paper is to evaluate the position and financing needs agri-food industry in Slovakia. There a growth sector which reflected growing demand for finance. Despite current favourable conditions on financial market Slovakia, some viable firms still face credit constraint. Financing gap exists due relatively high interest rates their lack sufficient collateral. Based survey resu...

Research background: The paper describes the comparison and subsequent analysis of products for housing finance in Slovak Republic through use financial resources from banks savings companies. development boom real estate market Slovakia was mainly due to new forms financing, such as mortgage loans. At present, there are various combinations credit on with favorable declining interest rates, bu...

0 1 5 Frequency [GHz] 6 2 3 4 Abstract The validity of lumped element microwave class-F amplifier circuit design has been demonstrated experimentally. By means of the proposed class-F amplifier design method, more than 4th-order higher harmonic frequencies can be taken into account in class-F microwave amplifier design using only lumped element components. In this approach, miniaturization of c...

The emerging service-dominant logic requires cooperation between several partners in a value-added network or value chain. Information asymmetry and information gaps may lead to uncovered and unused knowledge. This paper addresses how this problem can be solved by suggesting an approach based on contingency theory. The core idea consists of supporting and improving value-added partnerships by e...

We estimate Japanese banking inefficiency and the shadow price of problem loans by treating problem loans as a jointly produced undesirable by-product of the loan production process. Our method uses the directional output distance function of Färe et al. [R. Färe, S. Grosskopf, D.-W. Noh, W.L. Weber, Characteristics of a polluting technology: Theory and practice, Journal of Econometrics 126 (20...

This paper uses the most recent wave of a nationally representative dataset to examine the factors associated with elderly homeowners’ decision to obtain reverse mortgage loans. The findings of this study suggest that very few homeowners participated in the reverse mortgage market, and homeowners younger than 67 were less likely to have reverse mortgage loans. However, homeowners who were risk ...