Overcoming Information Asymmetries in Low-Income Lending: Lessons from the “Working Wheels” Program

Without access to transportation, the welfare-to-work transition is nearly impossible, yet little is known about the effectiveness of programs designed to improve credit access. Since 1998, Vermont's TANF funds have provided automobile loans through the “Working Wheels” program. We use microlevel data from this program to explore how to cost-effectively provide loans to clients who cannot obtain affordable loans elsewhere. Our results verify the importance of relationship lending, particularly among those without documented credit histories. In the presence of information asymmetries about credit history, our results justify the increased trust placed in clients with whom the bank has a stronger relationship; such clients, ceteris paribus, are less likely to default. We conclude that in the current climate of welfare reform, policymakers should consider programs that encourage welfare recipients to establish and maintain relationships with financial institutions in order to facilitate access to credit and minimize the risk of default.     

Zigbee怎么样啦?

当Zigbee联盟于2002年成立时,该组织向OEM厂商隆重地推出了其用作家庭自动化工具的、新的网络协议。凭借此技术,未来的家庭可以对诸如安全和照明这样的功能进行监控,以提高房屋的自动化程度。     

A consumption-based model of the term structure of interest rates

This paper proposes a consumption-based model that accounts for many features of the nominal term structure of interest rates. The driving force behind the model is a time-varying price of risk generated by external habit. Nominal bonds depend on past consumption growth through habit and on expected inflation. When calibrated to data on consumption, inflation, and the aggregate market, the model produces realistic means and volatilities of bond yields and accounts for the expectations puzzle. The model also captures the high equity premium and excess stock market volatility.     

A destination VAT for CIS trade

This paper was originally produced as a co-operative study between the Fiscal Affairs Department and the European II Department of the International Monetary Fund. It is intended for inclusion in a special issue on fiscal policy of the journal MOCT-MOST, Economic Policy in Transitional Economies (Kluwer Academic Publishers). The authors would like to thank Henri Lorie, of the European II Department, and John Crotty and James Walsh, of the Fiscal Affairs Department, for their extensive contributions to the analysis. They also wish to thank the numerous staff members of the two departments who made factual contributions to this effort.     

An assessment of country of origin effects under alternative presentation formats

Empirical research concerning the effects of country of origin (COO) on consumers’ evaluative reactions to products has produced mixed and sometimes inconsistent results. Potential explanations for this situation include differences in the countries considered, populations sampled, products investigated, availability of product cues other than COO, the format in which the product cues were presented to the subjects, and the types of evaluative reactions considered. The authors present the results of three experiments designed to investigate the impact of three presentation formats (i.e., single cue, explicit multiple cues, and implicit multiple cues) on COO effects for four evaluative reactions (i.e., perceived quality, product evaluations other than quality, affect, and purchase intentions). COO effects were strongest for the single-cue format and weakest for the implicit multiple-cues condition. Perception of product quality was most strongly affected by COO, followed by product evaluations other than quality; COO had its smallest effect on purchase intention. Implications of these results and future research directions are discussed. He received his Ph.D. in marketing from Indiana University. His work has appeared in many journals including theJournal of Marketing Research, Journal of Consumer Research, Journal of Business Research, Industrial Marketing Management, International Marketing Review, Management International Review, Psychology and Marketing, andJournal of Health Care Marketing, as well as conference proceedings. His research interests include consumer inference and decision-making processes, research methods, export marketing, and competitive strategy. He received his MBA from Notre Dame and his Ph.D. from Indiana University. His research interests include consumer choice processes, consumer response to advertising, and marketing communications. His work has been published in theJournal of Marketing, Journal of Business Research, Journal of Consumer Research, Journal of Consumer Affairs, Psychology and Marketing, and elsewhere. He received his Ph.D. in Industrial Administration from Purdue University. His research interests include buyer-seller negotiations, channel relationships, and marketing strategy. His work has appeared in theJournal of Marketing Research, Journal of Marketing, andJournal of Consumer Research.     

The International Effects of China’s Growth,Trade and Education Booms

China’s international trade flows have increased by 500 per cent since 1992, far outstripping GDP growth. Likewise tertiary education enrolments have increased by 300 per cent. We simulate these changes using a multi‐sector growth model of the Chinese and USA economies. A decade of trade biased growth in China is found to raise USA GDP by approximately 3–4.5 percentage points and has a large impact on the demand for tertiary education in China. Despite these positive effects of growth, the results suggest that the expansion of China’s education sector per se has practically no long‐run impact on the USA economy.     

Investigating the use of design methods by capstone design students at Clemson University

The authors describe a preliminary study to understand the attitude of engineering students regarding the use of design methods in projects to identify the factors either affecting or influencing the use of these methods by novice engineers. A senior undergraduate capstone design course at Clemson University, consisting of approximately fifty students and nine graduate design coaches, was chosen as the unit of analysis. Results from a survey of the class suggest that, though these novice engineers were convinced that design methods they were eager to learn were of use in helping them make better products, they tended not to use them. The stated reasons for not using them were the effort required to implement the methods, to understand how and when to use the methods, and the pressure to deliver results in a short duration. Recommendations from this study can be useful in designing effective design education programs and to develop more designer-friendly design methods.     

Reputation

Introduction This paper examines intrinsic and financial values of corporate reputation and its roles within the context of strategic management. Two case studies on Johnson ＆ Johnson and Shell are discussed to demonstrate the importance of reputation management in corporate success.