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Sewin Chan Michael Gedal Vicki Been Andrew Haughwout 《Journal of Housing Economics》2013,22(2):100-118
Using a rich database of non-prime mortgages from New York City, we find that census tract level neighborhood characteristics are important predictors of default behavior, even after controlling for an extensive set of controls for loan and borrower characteristics. First, default rates increase with the rate of foreclosure notices and the number of lender-owned properties (REOs) in the tract. Second, default rates on home purchase mortgages are higher in census tracts with larger shares of black residents, regardless of the borrower’s own race. We explore possible explanations for this second finding and conclude that it likely reflects differential treatment of black neighborhoods by the mortgage industry in ways that are unobserved in our data. 相似文献
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The dramatic rise in the U.S. homeownership rate from 64% in 1996 to almost 70% in 2005 has prompted increased attention to the relation between homeownership and demographic characteristics of households. The recent rise and sharp decline of subprime lending will likely spur further interest in homeownership gaps. Statistical analysis of these differences or “gaps” in homeownership between white and minority households has evolved into a highly stylized comparison of differences in homeownership at the mean or the conditional mean. This study implements a quantile decomposition technique that identifies the unexplained portion of the gap not only at the mean, but at every percentile of the homeownership distribution. Results suggest that differences in homeownership gaps at the mean reflect a combination of small differences at the upper end and much larger gaps at the lowest end of the distribution of homeowners. This study also adds credit history to the factors that are used to explain homeownership gaps. 相似文献
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We find that landlords practice subtle discrimination in the rental housing market through the use of language associated with describing and viewing a unit, inviting further correspondence, making a formal greeting, and using polite language when replying to e-mail inquiries from a white name more often than to an African American name, they also send longer e-mails and respond quicker to white names. 相似文献
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Affirmative action is defined as the steps taken to end the absence in jobs, schools, and honored positions of members of groups that have been subordinated. Its purpose is to reduce discrimination, to reduce income disparities between groups, and to promote diversity by gender and race in every role and activity. The persistence of occupational segregation by sex and race to a degree that cannot be explained by differences in qualifications or voluntary behavior testifies to the need for further action. Alternatives to affirmative action, such as helping people regardless of race or sex from disadvantaged backgrounds, “just enforcing the law against discrimination”, or waiting for educational improvements to bring groups better qualifications would not do the job affirmative action is designed to do. 相似文献
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Richard Bozec 《Corporate Governance: An International Review》2007,15(4):535-545
The objective of this study is to investigate further the interplay between market globalisation and corporate governance practices. The study is conducted in Canada using a sample of 230 firms listed on the TSX in 2002 and ranked by Report on Business (ROB ) on a set of corporate governance best practices. The ROB corporate governance index is built around four categories, namely board composition, compensation, shareholder rights and disclosure. The interaction of the sample companies with the US markets is analysed on the three following dimensions: financial market, product market and multi‐markets (combining financial, product and labour markets). Overall, our results show that greater US market interaction is associated with higher corporate governance ratings. This study adds evidence on the positive relation between market integration and corporate governance practices and, as such, provides some credence to the claim that globalisation will lead to a certain degree of market‐driven convergence in corporate governance. 相似文献
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Max Rousseau 《International journal of urban and regional research》2015,39(3):622-632
Urban research often considers densification from the perspective of sustainable development and social mix. This essay focuses instead on the social and political stakes involved in densification through the example of a large French metropolitan area. It shows that the densification policies put in place in the Lyon agglomeration cannot be said to succeed in breaking down the historical segregation between its residential and affluent western suburbs (banlieues) and its industrial and working‐class eastern ones. The political manoeuvres executed by the institutions implementing densification, and the search for consensus characterizing France's intercommunalities, block any possibility of redistributing functions and social classes at the metropolitan scale, and hence of ending the social specialization of Lyon's suburbs. Moreover, municipalities subjected to pressure from suburban areas carefully assess the profile of residents selected to occupy new housing units—i.e. individuals already residing in the commune in the case of western suburbs, and middle‐class individuals hailing from the eastern part of the agglomeration in the case of eastern suburbs. Densification does not foster social mix at the metropolitan scale, neither does it improve the housing conditions of disadvantaged populations. 相似文献
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Stevan R. Holmberg Kathryn Boe Morgan 《The International Entrepreneurship and Management Journal》2007,3(4):379-401
Rapid United States and European franchise growth offers potential benefits for stakeholders and host counties, as well as
the potential for failure. Franchisee failure research is a complex area confounded by varying failure definitions, approaches,
an event-focus, and single-year data. This paper includes a strategic franchisee failure perspective that views franchisee
failure as a multi-stage process rather than an event; new longitudinal data from the United States for over 780 franchise
systems and 292,000 franchise units and United Kingdom franchisee failure data for over 700 franchise systems and 31,000 franchisee
units; and estimates of current European business-format franchise market size, including selected Central and Eastern European
countries. Understanding and mitigating franchisee failure provide potential lessons for franchisors and franchisees. Franchisee
failure and the strategic implications for franchise entrepreneurial ventures is a significant research area that merits further
study and analysis. 相似文献
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AbstractSubsequent to the first-ever Public Company Accounting Oversight Board (PCAOB) censure of a US Big 4 firm (Deloitte) in December 2007, there were two other PCAOB US Big 4 firm censures as of 2016 year-end. We examine whether these two post-2007 PCAOB censures of US Big 4 firms conveyed new information to the audit market. For both censures, we find little or no evidence of any change in the factual audit quality of the censured firm over a three-year window surrounding the censure. Our findings suggest that the quality control deficiencies (identified during inspection of specific audit engagements) that triggered the PCAOB censure were isolated occurrences rather than systemic to the firm at large, i.e., the censures do not imply an impairment in the US Big 4 firm's overall factual audit quality. We also find that the negative response of investors and audit committees documented in prior research for the 2007 Deloitte censure disappeared for the later US Big 4 firm censures. Given that the PCAOB inspects (and can censure) non-US auditors who audit US-listed foreign companies, our findings are of potential interest to regulators, investors and audit committees outside the US. 相似文献
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Christopher Niedt Brett Christophers 《International journal of urban and regional research》2016,40(6):1094-1111
Several US counties and local governments have recently considered a novel solution to the foreclosure crisis. They plan to use eminent domain to compel the owners of mortgage debt—and specifically of private‐label mortgage‐backed securities—to sell the debt to the government at a price reflecting the loan's market value. The government would then restructure the debt and resell it to new investors. The plans are striking because—in contrast to both development‐driven eminent domain and the federal subprime bank bailout—they would force investors to assume asset devaluation and increased long‐term risk. Notably, the plans have emerged as an instance of financialization‐focused politics in suburbs and suburban cities of color, specifically majority‐black and ‐Latino/a suburbs. Local support for the plans, we argue, is rooted in the long‐term disinvestment of these ‘suburbs of exception', which became targets of subprime lending and eventually sites where the ‘financial exception' has been localized. But these demographic shifts, fragmentation and fiscal pressures have at the same time created a suburban political terrain in which the plans have gained their strongest political support. 相似文献
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Blacks in the United States move less than Whites despite having many characteristics that are commonly associated with high geographical mobility such as high unemployment, low rate of home ownership, low marriage rate and settlement in areas where unemployment is high. We find that this puzzle can be explained by the effects of family ties—both nuclear and extended families—which we proxy using data from the University of Michigan's PSID. The results are robust to different specifications and estimation techniques. 相似文献
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美军战区弹药配送及启示 总被引:1,自引:0,他引:1
介绍了美军近年来在战区建立和发展的一种新型弹药配送系统,即托盘装运系统。对其配送机构、配送力量和配送方式做了详细阐述,在此基础上得出了对我军弹药配送和保障的几点启示。 相似文献
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Ping Lin Baldev Raj Michael Sandfort & Daniel Slottje 《Journal of economic surveys》2000,14(3):255-306
This paper provides a survey of recent research on the US antitrust system. First we provide an overview of the US antitrust system, describing the roles of the US Department of Justice, the Federal Trade Commission and case law. Second, we provide a new econometric trend analysis on the enforcement of US antitrust law, showing that (1) enforcement demonstrates some trend behavior, as well as comovement with business cycles; (2) the time series of antitrust cases demonstrates two distinct episodes, which we characterize as 'pre-deregulation' and 'post-deregulation;' (3) the time series of government antitrust filings leads the time series of private antitrust filings. Finally, we describe recent economic research relevant to the area of antitrust and the impact of this research on US antitrust policy. 相似文献
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对GB10345.5-80中白酒总酯的计算公式存在的问题,从理论上进行分析,并加以修正。 相似文献