Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending

We analyze the role of intermediaries in electronic markets using detailed data of more than 14,000 originated loans on an electronic P2P (peer-to-peer) lending platform. In such an electronic credit market, lenders bid to supply a private loan. Screening of potential borrowers and the monitoring of loan repayment can be delegated to designated group leaders. We find that these market participants act as financial intermediaries and significantly improve borrowers' credit conditions by reducing information asymmetries, predominantly for borrowers with less attractive risk characteristics. Our findings may be surprising given the replacement of a bank by an electronic marketplace.

Banks and the Racial Patterning of Homicide: A Study of Chicago Neighborhoods

While bank investment is a driving force behind neighborhood viability, few studies have directly examined the effects of bank loan practices on neighborhood crime rates. This paper proposes that residential bank loan policies help explain the higher rates of homicide in minority neighborhoods in Chicago compared to white neighborhoods. It finds that black and Latino neighborhoods would experience fewer homicides if more financial capital were infused into these neighborhoods. These findings suggest that neighborhoods are shaped profoundly by the decisions of external economic actors.

Morphology-Pragmatics Interface The Case of the Tanzanian Commercials in Swahili Newspapers

This work articulates the relationship between the choice of the vocabularies, their morphophonological modifications and the anticipated meanings in the language of commercial advertisements in Tanzanian Swahili newspapers. An eclectic approach that makes use of the Textual Analysis Approach and Lexical Morphology Theory brings into light important facts. For instance, apart from the use of standard Swahili, there is a good deal of English loan words which either undergo Swahilization morphologically or keep the original forms. Also, the intended meanings are captured by the intended audiences by, among others, the age and level of education of the newspapers’ readers. The contribution herein is that there is a link between the designed morphology of the words and the interpretation captured, at least in the language of commercials.

A manifesto for an e-lending limitation in copyright

In the European Union, lending is an exclusive right for copyright and related rights, but Member States can transform public lending to a right of remuneration and even exempt some establishments from any payment. The making available of works online is not covered by the public lending right regime of the Rental and Lending Directive but is considered as an act of making available governed by the InfoSoc Directive. As a consequence, libraries are currently not allowed to digitally transmit works to their patrons as lending, but have entered into licenses with publishers to develop an offer of lending of e-books, also called e-lending, with the intermediation of dedicated platforms operated by commercial actors. Compared to physical lending, e-lending is not based on ownership of the book by libraries but on its provision by this intermediary. This paper discusses how the objective of enabling libraries to engage in e-lending should be achieved, and what is the proper dividing line between a market-based solution, as developing today, and a limitation to exclusive rights. The impact of an extension of the public lending right to e-lending should be assessed, but not based on a criterion of direct substitution of a book on loan at the library to a book bought at a retailer. By definition, libraries are substitutes to normal trade. Instead, the overall effect of lending to the commercialisation of books and other works should be verified. Particular conditions for a limitation in favour of lending are also addressed, and notably the modalities of lending (a limited duration, one simultaneous user per title, …), not to make e-lending through libraries easier and preferable to the normal acquisition of an e-book. This paper argues in favour of some and controlled extension of the public lending right to cover the lending of e-books and other digital content. For the role of libraries is essential in providing access to works and culture to readers who would or could not rely only on normal acquisition of books or other items on the market, to works that are not provided by the market, and to material for research. Libraries are a third sector providing access to works, aside the market and non-market exchanges between individuals. This role should not lose its relevance in the digital context, or it would culturally impoverish future generations of readers.

Toward One Health: are public health stakeholders aware of the field of animal health?

Motivated by the perception that human and veterinary medicines can cooperate in more ways than just fighting zoonoses, the authors organized a roundtable during the 2013 annual meeting of the International Society for Disease Surveillance (ISDS). Collaborations between human and animal health sectors were reported to often rise in response to zoonotic outbreaks (during crisis time) and be mainly based on personal networks. Ways to maintain and strengthen these links were discussed.

Legal Aspects of Sino-­African Tied Aid: The Art of Playing with a Legal Grey Area

Sino-African trade has seen a fifty-fold increase in the years 1999 to 2008. In some African regions, particularly in sub-Saharan Africa, China has even replaced the US as the most important trading partner today. But China holds not a single FTA on the African continent, while other major trading partners of African economies rely on an extensive framework of different trade agreements. What is, thus, the legal basis of the recent increase of Sino-African trade? Interestingly, Sino-African trade has seen a particularly strong increase in countries that have entered into tied aid agreements with China. These agreements are commonly known under the term ‘Angola-Model’ and consist of a multifaceted network of barter-trading-systems, aspects of tied aid and concessions for oil and other commodities linked with a state loan. It is likely that these agreements have an impact on the trade-flows between African countries and China. This paper discusses the legal character of this new form of economic cooperation, or modern version of tied aid. Critical legal aspects related to this form of tied aid refer to violation of the principle of most-favoured nation (MFN), illegitimate export subsidies, market access, public procurement and transparency in the international trading system. However, despite the recent outcry of the foremost Western community against the strategy of the Chinese government on the African continent, the practice of the Angola-Model based tied aid is not entirely new, and neither is it against the law. The case of tied aid is situated in a legal grey area that should be examined thoroughly in order to strengthen the international trading system and to support developing countries in their attempt to gain from tied aid arrangements.

Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.

The Continuing Practice and Impact of Discrimination

This chapter provides a detailed discussion of the evidence on housing and mortgage lending discrimination, as well as the potential impacts of such discrimination on minority outcomes like homeownership and neighborhood environment. The paper begins by discussing conceptual issues surrounding empirical analyses of discrimination including explanations for why discrimination takes place, defining different forms of discrimination, and the appropriate interpretation of observed racial and ethnic differences in treatment or outcomes. Next, the paper reviews evidence on housing market discrimination starting with evidence of segregation and price differences in the housing market and followed by direct evidence of discrimination by real estate agents in paired testing studies. Finally, mortgage market discrimination and barriers in access to mortgage credit are discussed. This discussion begins with an assessment of the role credit barriers play in explaining racial and ethnic differences in homeownership and follows with discussions of analyses of underwriting and the price of credit based on administrative and private sector data sources including analyses of the subprime market. The paper concludes that housing discrimination has declined especially in the market for owner-occupied housing and does not appear to play a large role in limiting the neighborhood choices of minority households or the concentration of minorities into central cities. On the other hand, the patterns of racial centralization and lower home ownership rates of African-Americans appear to be related to each other, and lower minority homeownership rates are in part attributable to barriers in the market for mortgage credit. The paper presents considerable evidence of racial and ethnic differences in mortgage underwriting, as well as additional evidence suggesting these differences may be attributable to differential provision of coaching, assistance, and support by loan officers. At this point, innovation in loan products, the shift towards risk based pricing, and growth of the subprime market have not mitigated the role credit barriers play in explaining racial and ethnic differences in homeownership. Further, the growth of the subprime lending industry appears to have segmented the mortgage market in terms of geography leading to increased costs of relying on local/neighborhood sources of mortgage credit and affecting the integrity of many low-income minority neighborhoods through increased foreclosure rates.

The Optimal Response to Default: Renegotiation or Extended Maturity?

This paper reinforces the argument of Harding and Sirmans (2002) that the observed preference of lenders for extended maturity rather than renegotiation of the principle in the case of loan default is due to the superior incentive properties of the former. Specifically, borrowers have a greater incentive to avoid default under extended maturity because it reduces the likelihood that they will be able to escape paying off the full loan balance. Thus, although extended maturity leaves open the possibility of foreclosure, it will be preferred to renegotiation as long as the dead weight loss from foreclosure is not too large.

Redlining, the Community Reinvestment Act, and Private Mortgage Insurance

This paper examines whether neighborhood racial or income composition influences a lender's treatment of mortgage applications. Recent studies have found little evidence of differential treatment based on either the racial or income composition of the neighborhood, once the specification accounts for neighborhood risk factors. This paper suggests that lenders may favor applicants from CRA-protected neighborhoods if they obtain Private Mortgage Insurance (PMI) and that this behavior may mask lender redlining of low income and minority neighborhoods. For loan applicants who are not covered by PMI, this paper finds strong evidence that applications for units in low-income neighborhoods are less likely to be approved, and some evidence that applications for units in minority neighborhoods are less likey to be approved, regardless of the race of the applicant. This pattern is not visible in earlier studies because lenders appear to treat applications from these neighborhoods more favorably when the applicant obtains PMI.

Texas laboratory healthcare workforce: Meeting the needs in 2015

The purpose of this research was to study groups of students and young professionals in the clinical laboratory science field using exploratory discovery and inductive logic regarding the attitudes of four groups in Texas: (1) 3rd and 4th year college biology students, (2) students currently enrolled in Clinical Laboratory Science/Clinical Laboratory Technician (CLS/CLT) programs, (3) young CLS/CLT professionals (1-2 years post education), and (4) mid-career CLS/CLTs (4-10 years post education). It was also a comparative study looking at these four groups and their attitudes and perception regarding: career selection factors and legislative incentive measures which might attract individuals to an allied health care career, the field of practice and factors needed to keep individuals in the chosen field of practice. ^ The study found that the career is attractive to individuals who enjoy laboratory work and find the various areas in which to choose to work very attractive. Government programs offering grants/scholarships or loan forgiveness programs offered by health care institutions would be beneficial in attracting students to study in the clinical laboratory sciences. Students are unsure if there is a viable career ladder associated with the field and are anticipating the possibility of going on to other fields in the future. ^ While young and mid-career professionals share many of the same points of view on some aspects (skills used, trends) of the CLS/CLT profession there were a few areas were opinions diverged; perceptions of the field itself and if they plan to remain in the profession for the next 5 years. The mid-career professionals had a much more negative outlook on the profession (low salary, no visible career ladder, lack of respect from other health care professionals) and only a small number plan to be in the field within the next 5 years. ^ The lower salaries in the profession as compared to other similar health care careers, lack of a career ladder and lack of respect from laboratory and institutional management and other health care providers are critical missing pieces to the retention of CLS/CLT professionals. ^

Las Islas Malvinas y el empréstito Baring Brothers

Fil: Luzi, Alejandra Noemí. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación; Argentina.

Hacer las reglas del hacer : Concepciones y rutinas bibliotecarias en los reglamentos de las bibliotecas populares en la Argentina (1870-1875)

El artículo aborda los vínculos sostenidos por la Comisión Protectora de las Bibliotecas Populares y las bibliotecas populares con relación a la elaboración de reglas adecuadas para ordenar el funcionamiento de estas instituciones. A partir de un análisis del Boletín de las Bibliotecas Populares, se estudia la manera en que la Comisión insistió en la difusión de dos servicios: la lectura gratuita en la sala y el préstamo domiciliario de libros a cambio de una cuota accesible. Se observa cómo las bibliotecas incorporaron progresivamente esas pautas y, al hacerlo, colaboraron con sus propios reglamentos con la estrategia pedagógica del Boletín. Se examinan, asimismo, las indicaciones técnicas presentes en la revista para contribuir con el desarrollo de los procesos bibliotecarios necesarios para sustentar dichos servicios. Se concluye que entre 1870 y 1875 estas acciones renovaron la tradición bibliotecaria en la Argentina, aun cuando es posible detectar diversas deficiencias y contrasentidos en la transmisión de esta nueva concepción bibliotecológica. Finalmente, se evalúa la pertinencia de los reglamentos y otros documentos institucionales para desenvolver los estudios históricos sobre los contextos de la lectura