In the current book-acquisition recommendation process of libraries (e.g, university’s library), only a part of borrowers actively recommends purchasing books and the book recommendation mostly needs to be processed artificially; thus, most borrowers’ requirements can not be satisfied and the book acquisition efficiency is unsound. Therefore, this paper attempts to develop a book-acquisition re...

It is well known that conflicts of interests between borrowers and creditors can raise the cost of external financing. In this paper we provide new evidence that borrower-creditor conflicts of interests also affect the sensitivity of debt financing to aggregate business conditions. In the presence of incomplete contracts, creditors cannot fully observe or verify diversion of free cash flow by b...

The links of both Swedish borrowers and Swedish banks with the global banking system are important but different in nature. While Swedish borrowers draw from a relatively large number of creditors, Swedish banks lend predominantly to Nordic and, to a smaller degree, Baltic borrowers. An important implication is that events triggering (large enough) credit losses in these key markets would come ...

This paper studies residential real estate investors and their relationship with local house price movement using several comprehensive micro data on mortgage application and performance. The paper makes two contributions to the growing literature on the recent boom and bust of the US housing market. First, using mortgage application data, we document the important role played by real estate in...

Recent years have seen an explosion in the use of Peer-to-Peer (P2P) lending, in which websites such as Kiva and Microplace offer individuals the ability to make loans to microfinance borrowers across the developing world. Such sites offer a fascinating new example of a two-tiered monitoring device in which micro-finance institutions (MFIs) maintain dynamic relationships with borrowers and P2P ...

We analyze lending contracts when social sanctions are used to enforce repayments and borrowers di¤er in their unobserved sanctioning abilities. Symmetric group loans are preferred to cosigned loans when borrowers are relatively equal, and cosigned loans are preferred when borrowers are unequal. This explains why microlenders that target the poor (e.g., the Grameen Bank) use symmetric group loa...