Protecting Minority Homeowners: Race,Foreclosure Counseling and Mortgage Modifications

Millions of minority homeowners are at risk of losing their homes as a result of the housing crisis due to mortgage foreclosure and home repossession. One consumer‐oriented policy response to this crisis is mortgage default counseling for borrowers. This study examines the rate at which minority borrowers seek default counseling and the resulting correlation between counseling and the probability that a borrower obtains a modification of his/her original mortgage contract terms. The results suggest that African Americans are more likely to be counseled, relative to Whites. However, Latinos or other non‐White groups are no more or less likely to be counseled. The probability of loan modifications among counseled African Americans is also higher than other counseled borrowers. These results suggest that counseling policies and the public subsidy of default counseling may be one approach for promoting consumer financial well‐being of these households, but also suggest counseling efforts might be better designed for other minority groups. These results also have implications for the application of counseling to other mortgage decisions, such as refinance .     

A Profile of Financially At‐Risk College Students

Using a random sample of college students, this study identifies the factors that significantly affect the probability a college student is financially at risk for mismanaging/misusing credit. Financially at‐risk students are more likely to be financially independent, to receive need‐based financial aid, to hold $1000 or more in other debt, and to have acquired their credit card(s) by mail, at a retail store, and/or at a campus table. Students having difficulty making credit card payments are also more likely to be female, black, and/or Hispanic. Campus administrators and financial professionals can use this information to better allocate their resources and develop materials that specifically target those students who need them most.     

Financial capability of student loan holders who are college students,graduates, or dropouts

Effective consumer financial education provides relevant information to meet special needs of targeted audiences. The purpose of this study is to examine differences in financial capability among student loan holders who are college students, graduates, and dropouts. Using data from the 2015 U.S. National Financial Capability Study, the results show that student loan holders who have completed their education program have higher scores in all financial capability indicators than college students and dropouts. Further analyses show differences in specific financial knowledge items among college students, graduates, and dropouts. In addition, college graduates are more likely to perform several specific desirable financial behaviors than college students and dropouts. The findings suggest that financial educators should emphasize action taking when they provide financial education for student loan holders who are college students and dropouts.     

Clients of Commercial and Not-for-Profit Credit Counseling Agencies: Their Evaluations of Agency Services and Money Management Behavior

The number of family credit counseling agencies has expanded in recent years. The purpose of these agencies is to seek cooperation of lenders in setting up a plan whereby debtors can repay their debts. However, the agencies have sought not only to extricate clients from their current financial problems but also to educate them to avoid future financial problems. There is a debate in the credit counseling industry over whether the not-for-profit or the commercial agency can best serve debtor needs. This study is based on a survey of debtors who were clients of a not-for-profit agency or of a commercial agency. No significant differences were found in clients' evaluations of the services of the two agencies or in the credit and money management behavior of the two client groups.     

Evaluating Financial Capability Services Provided in a Workforce Development Program

This field study explores the effects of an offer of financial counseling provided to low‐income people exiting welfare assistance in a workforce development program. While only about one‐third of workers actually took part in counseling, those who did were able to reduce the amount of debt they had in collections. We did not find other statistically significant effects on financial behavior or well‐being, however. People living at or below poverty levels of income may need more intensive financial support services than counseling can provide. This study illustrates the challenge of engaging participants in financial capability services, as well as the limitation of interventions like counseling for people who have very low incomes.     

黑龙江省金融发展滞后的原因分析

实践证明,一国(地区)的经济发展水平和国际竞争力与其金融发展是密切相关的,金融体系越健全,金融工具越丰富,金融服务效率越高,金融资产越充裕,其经济发展水平和国际竞争力就越高。黑龙江省的经济发展同样离不开本地区金融的发展,离不开强大的金融支持。然而,与发达地区相比,黑龙江省金融发展呈现出弱势,各种迹象表明其金融发展已经滞后于经济发展,其原因在于政府和金融部门管理者思想认识保守,管理工作不到位,缺乏金融理论研究的支持、金融发展的技术支撑以及制度环境体系不健全     

Corporate investment, financing, and dividend policies in the high-tech industry

The agency theory, transactional cost economics, and traditional strategic management perspectives have provided several key corporate financial policies. However, these policies have generally been discussed and established separately. This study explores the causal structure of corporate financial strategies for the high-tech firms in Taiwan and China. By employing path analysis and directed graphs model, this paper explores the causal relationships among investment, financing, dividend policies, and corporate performance. The results show that the investment expenditures by Taiwan's firms positively affect financial performance and the increased borrowings jeopardize company's profits. However, the financing decisions of China's firms have a positively effect on their capital expenditures. The findings suggest that firms across the Strait adopt different strategies in financial decision environments.     

The Impact of Automated Reminders on Credit Outcomes: Results from an Experimental Pilot Program

This study evaluates the impact of an automated reminder program designed to help credit counseling consumers manage their payment obligations and financial goals. Credit counseling consumers were randomly assigned to receive reminders linked to their financial goals and payment obligations for one year after an initial credit counseling session. We find that consumers offered reminders were 21% less likely than the control to experience severe (60+ day) payment delinquencies and were 12% less likely to experience a 30+ day delinquency. At the same time, these consumers saw a 10.5 point increase in credit scores relative to the control group. There were no significant impacts on total credit card balances or installment debt levels. This analysis provides promising evidence that automated reminders can provide an important complement to traditional credit counseling when it comes to improving consumers' credit profiles and does so at a fairly low cost.     

Financial Planner or Financial Counselor: The Differences are Significant

The authors argue that financial counseling and financial planning are significantly different professional fields when examined from both a theoretical and an applied perspective. The authors distinguish between these two professions with respect to the types of client problems presented, the criteria clients use for self-evaluation, and the services provided. As a consequence the authors recommend that a similar distinction be made with regard to the education and training programs associated with these professions.     

Financial Elites in Three European Centres: London,Paris, Berlin, 1880s–1930s

Bankers and financiers have rarely been included in the discussions on entrepreneurs, or on the relationship between banking and economic development. This article compares London, Paris and Berlin as financial centres between the 1880s and the 1930s. It then considers the socio-professional position of bankers and financiers in these three centres, and shows that London offered greater opportunities than Berlin for the operations of individual financiers, as well as for the survival of a banking aristocracy, Paris being somewhat in between. On the other hand, German professional bankers were integrated earlier into the financial elite than their English and French counterparts. However, these differences appear to have had a limited impact on the shaping of the banking systems of the three countries.     

Consumer financial education and financial capability

The purpose of this study was to explore potential effects of financial education on the financial capability of American consumers. Data from the 2012 National Financial Capability Study were used to test the hypothesis that financial education is positively associated with financial capability. Four financial literacy and behaviour variables were used to form a financial capability index. Multivariate linear regression results showed that, after controlling for demographic and financial variables, respondents who ever received financial education had higher scores in all financial capability indicators (objective financial literacy, subjective financial literacy, desirable financial behaviour, perceived financial capability and the financial capability index). In addition, high school, college and workplace financial education variables showed positive associations with these financial capability indicators. Additional state comparison analyses provided evidence suggesting high school financial education may have direct impacts and spillover effects on consumer financial capability.     

How Pretrial Expectations and Anticipated Obstacles Impact University Brand Identification

ABSTRACT

Despite the growing interest in brand identification as a mechanism of soliciting organizational citizenship behaviors, little is known about the role of expectations and anticipated obstacles as antecedents of the construct. To address this gap, this study examines antecedents of brand identification including academic and social expectations as well as academic, financial, and personal obstacles in first-time incoming first-year college students. Results align with the theoretical underpinnings of brand identification, namely social identity theory, by showing that social expectations explain far more variance in brand identification than the other antecedents in the model. The resulting insights provide guidance to administrators on the pretrial consumer perceptions of students that correlate with brand identification.     

大学新生适应性问题与教育对策

进入大学后大学新生在面临新的环境时,往往会产生不同程度的不适应,如学习习惯不适应、人际关系不适应等。教育者应对他们进行及时教育及引导,针对所存在的问题设置相应的教育目标,并采取以主题班会、心理辅导、课外活动代表的有效途径帮助学生适应大学生活。     

经济成长、金融结构变革与证券公司的未来发展

进入21世纪以来,中国经济的快速增长对经济生活的方方面面都产生了深刻的影响,也为中国资本市场带来了新的历史转折期和重要机遇期。作为资本市场上金融服务主要提供者的证券公司,迎来了新的发展机遇。然而在中国,什么样的证券公司能在激烈的竞争中发展壮大?什么样的证券公司拥有未来?本文认为,有三点至关重要:第一,对中国经济未来发展趋势和特点要有系统分析;第二,对中国金融结构的演变规律和方向要有准确把握;第三,要具有自身独特的核心竞争力。本文对这三个方面的内容进行系统研究,并提出了一些见解。     

大学生学习问题系统化解决方案的研究与实践

在阐述学习问题内涵的基础上,从＂学＂的角度研究大学生学习问题,提出并实践了＂及时发现、预防干预、有效扶助＂三位一体的大学生学习问题系统化解决方案。在学习问题系统化解决方案的基础上,通过随机访谈和抽样调查发现有55.27%的大学生存在学习问题,同时明确了大学生学习问题的现实表现,厘清了大学生学习问题的实质;通过课程指导与团体辅导对大学生学习问题进行预防性干预,通过个别辅导和危机干预实施了有效的扶助。     

A Methodology for Profiling Consumers' Decision-Making Styles

Consumers use a variety of decision-making styles. This paper conceptualizes eight basic characteristics of these styles and develops a Consumer Styles Inventory to measure them empirically. Factor analysis of the Consumer Styles Inventory validates these eight consumer characteristics. A valid and reliable method for presenting a Profile of Consumer Style, based on measures of the eight style characteristics, is described. Unique findings of the research are discussed, and applications of the Consumer Styles Inventory in consumer education, consumer research, and family financial counseling are suggested.     

Financial Identity‐Processing Styles Among Young Adults: A Longitudinal Study of Socialization Factors and Consequences for Financial Capabilities

Using identity theory as a basis for conceptualizing and clustering the financial identity‐processing styles of young adults, this study examines antecedent socialization factors and consequent financial capabilities associated with those clusters. Using two‐timed longitudinal surveys (N = 1,511) of college students, we proposed and confirmed three financial identity‐processing styles, resembling Berzonsky's three identity‐processing styles (i.e., informational, normative, and diffused‐avoidant). Labeled Pathfinders, Followers and Drifters: these three clusters were profiled with respect to their socialization factors and financial capabilities. We concluded that identity theory can be applied to the financial domain, financial identity‐processing styles are influenced by socialization factors (e.g., parents, learning), and these styles have consequences for individuals' financial capabilities (financial knowledge, self‐efficacy, attitudes, and behaviors). Insights from this study may inform the design and implementation of effective financial parenting, financial education and intervention programs, and identify those young adults who may benefit from education and intervention efforts .     

Targeting the College Market for Banking Services

ABSTRACT

College students have long been recognized as a significant market for products and professional services. Their sheer number alone, estimated to reach 15.7 million by the year 2000, makes them a viable market for many companies.

However, there are many other attractions from a marketing perspective to targeting college students. They are relatively easy to locate, concentrated in reasonably well defined geographic areas, and accessible through campus newspapers and bulletin boards. And, because they are at the beginning of their careers, firms which establish business relationships with them have long-term opportunities to maintain those links.

This study examined selected banking attributes of college students, including factors affecting patronage decisions, perceptions as to the quality of services available, and sources students use to obtain information about financial services. Surveys were conducted at a large west coast university among a diverse set of students.

Results of the study found that a sizable percent of students maintain substantial balances in their checking and savings accounts. Additionally, economic factors, such as monthly charges and interest rates on deposits, weigh heavily on decisions concerning banking patronage.

The study also found that large, state-wide banking institutions appear to have the advantage in attracting the college student market. And, while bank patronage loyalties appear to be reasonably strong, a sizable percentage of students use more than one institution. Finally, the most useful source of information for reaching the college market appears to be direct mail.     

Financial integration,specialization, and systemic risk

This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When banks have a comparative advantage in providing credit to certain industries, financial integration may induce banks to specialize in lending. An enhanced concentration in lending does not necessarily increase risk, because a well-functioning interbank market allows to achieve the necessary diversification. This greater need for risk sharing, though, increases the risk of cross-border contagion and the likelihood of widespread banking crises. However, even though integration increases the risk of contagion it improves welfare if it permits banks to realize specialization benefits.     

Marketing the AIDS Message to College Students:

AIDS is a serious problem and college students are particularly at risk of contracting HIV/AIDS. The National Commission on AIDS, the Center for Disease Control (CDC), and the Surgeon General have placed a priority on adolescents as an important target for HIV/AIDS Communications (Frankenberger and Sukhdial 1994). However, mass media attempts have largely used an undifferentiated approach to communicating the AIDS message. These attempts have also been ineffective in changing behavior. A survey of male and female college students found gender differences in AIDS knowledge, attitudes and behavior. Fundamental gender differences uncovered in AIDS related knowledge, attitudes, and behavior suggest that communications tailored to the specific needs of male and female college students would be more effective. The implications of these findings for marketing the AIDS message to college students are discussed.