1,721,029 research outputs found
Finite-Life, Private-Information Theory of Unsecured Debt
Get PDFWe propose a theory of unsecured debt that is based on the existence of private information about a person's type and on the fact that some debtors have the incentive to forego bankruptcy in order to signal their type. The theory formalizes the idea that the type of a person is relevant to trading partners in many exchange situations and by resisting opportunistic behavior in one exchange context, a person may signal valuable information about his type to trading partners in other exchange contexts. In the model, by resisting opportunistic behavior in the credit market borrowers can signal their type to the insurance market. The model is consistent with the observation that insurers use credit scores to predict the likelihood of a person filing insurance claims.Adverse Selection, Insurance, Credit Scores, Default Risk
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Still Very Preliminary
Get PDFThe authors wish to thank Hal Cole for helpful comments, as well as seminar participants at Iowa, FRB Atlanta, Ohio State, and the Philadelphia Macro Workshop. We also wish to thank When people cannot commit to pay back their loans and there is limited information about their characteristics, lending institutions must draw inferences about their likelihood of default. In this paper, we examine how this inference problem impacts consumption smoothing. In particular, we study an environment populated by two types of people who differ with respect to their rates of time preference and receive idiosyncratic earnings shocks. Impatient types are more likely to borrow and default than patient types. Lenders cannot directly observe a person’s type but make probabilistic assessments of it based on the person’s credit history. The model delivers an integrated theory of terms of credit and credit scoring that seems broadly consistent with the data. We also examine the impact of legal restrictions on the length of time adverse events can remain on one’s credit record for consumption The legal environment surrounding the U.S. unsecured consumer credit market is characterize
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Why do borrowers pledge collateral? new empirical evidence on the role of asymmetric information
Get PDFAn important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this literature—that a reduction in asymmetric information reduces the incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are consistent with this central implication of the private-information models and support the empirical importance of this theory.
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
A Quantitative Model of Banking Industry Dynamics
No full textWe develop a model of banking industry dynamics to study the relation between commercial bank market structure, entry and exit along the business cycle, and the riskiness of commercial bank loans as measured by default frequencies. We analyze a Stackelberg environment where a small number of dominant banks choose their loan supply strategically before a large number of small banks (the competitive fringe) make their loan choices. A nontrivial endogenous bank size distribution arises out of entry and exit in response to aggregate and regional shocks to borrowers ’ production tech-nologies. The model is estimated using first moments of aggregate and cross-sectional statistics for a panel of the entire U.S. commercial banking industry. The model is qual-itatively consistent with many non-targeted moments; for instance, the model generates countercyclical loan interest rates, bank failure rates, default frequencies, and markups as well as procyclical loan supply and entry rates. The model is used to study the effects of increased bank competition and the benefits/costs of a set of policies: (i) branching restrictions; (ii) lower costs of loanable funds; and (iii) big bank bailouts.
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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