Download or read book The Theory of Credit Contracts written by Christian Prem and published by Springer Nature. This book was released on 2020-02-08 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Christian Prem features new innovations on several levels. On a conceptual level he presents a complete restructuring and modularisation of the field of lending theory. On a formal level he bestows great care on providing precise definitions and promotes notational standardisation. On a technical level the development of an algorithm to solve repayment games automatically is thoroughly documented. Eventually, new theoretic results on the performance of various credit schemes are established, the quality of existing lending schemes is scrutinised and new more efficient mechanisms are presented. The content therefore inspires theorists as well as it provides well-grounded advice to practitioners in the lending industry. Altogether this thesis is a major step towards improving the quality and applicability of lending theory.
Download or read book The Theory of Credit written by Henry Dunning Macleod and published by . This book was released on 1889 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Download or read book Consumer Lending in Theory and Practice written by Teplý, Petr and published by Charles University in Prague, Karolinum Press. This book was released on 2016-01-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with consumer lending from both theoretical and empirical points of view. In the theoretical section, it book analyses the wider context of financial literacy, household indebtedness and the global consumer credit market including relevant legal, regulatory and risk management issues. In the empirical section, the book uses The Navigator of Responsible Lending as an evaluation tool to assess both bank and non-bank consumer credit providers in the Czech Republic. Although our empirical research is done as a case study on the Czech Republic, its basic ideas might be easily applied to other countries as well. Enclosures to the book include additional texts relevant to consumer lending (including case studies and an unofficial English translation of the Czech Consumer Credit Act) and therefore provide the reader with several perspectives on the topic.
Download or read book The Theory of Credit written by Henry Dunning Macleod and published by . This book was released on 1889 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Explanation of Credit Rationing Based Upon the Theory of Implicit Contracts written by Joel Fried and published by London, Ont. : Department of Economics, University of Western Ontario. This book was released on 1979 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Contracts written by Bernard Salanié and published by MIT Press. This book was released on 2005-03-11 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise introduction to the theory of contracts, emphasizing basic tools that allow the reader to understand the main theoretical models; revised and updated throughout for this edition.
Download or read book International Lending Long term Credit Relationships and Dynamic Contract Theory written by Vincent P. Crawford and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Trade Credit written by Tore Ellingsen and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study 52 million trade credit contracts, issued by 51 suppliers over 9 years to about 199,000 unique customers. The data contain information on contract size, due dates, actual time to payment, and firm characteristics. Our empirical analysis contradicts the conventional view that trade credit is an inferior source of funding. Specifically, while we replicate the usual finding that payables are negatively related to customers' financial strength, our disaggregated data reveal that improvements in customers' financial conditions are primarily associated with a reduced value of input purchases rather than smaller trade credit usage. In fact, customers' financial conditions are unrelated to agreed contract duration and only modestly affect overdue payments. Moreover, the customer's size and share of the supplier's sales both have a positive impact on the due date. Overall, the evidence indicates that customers prefer trade credit over other available sources of funding and thus calls for a new theory of short-term finance.
Download or read book The Theory of Money and Credit written by Ludwig Von Mises and published by Ludwig von Mises Institute. This book was released on 1953 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Seduction by Contract written by Oren Bar-Gill and published by Oxford University Press. This book was released on 2012-08-23 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seduction by Contract explains how consumer contracts emerge from market forces and consumer psychology. Consumers' predictable mistakes - they are short-sighted, optimistic, and imperfectly rational - compel sellers to compete by hiding the true costs of products in complex, misleading contracts. Only better law can overcome the market's failure.
Download or read book Consumer Credit and the American Economy written by Thomas A. Durkin and published by . This book was released on 2014 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
Download or read book Firms Contracts and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Download or read book Credit and Land Contracting written by Narayan Das and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice of a share vs. fixed rent land rental contract has figured prominently in the theory of industrial organization. This theory tells us that, while a share contract is inefficient in a first-best world, it may be the preferred option under second-best conditions. It has thus predicted the existence of sharecropping as the potentially preferred contract under conditions of liquidity constraint. Rigorous empirical evidence is, however, still lacking on this basic contribution of theory. We use a randomized experiment in a credit program for landless workers and marginal farmers organized by BRAC in Bangladesh to show that increased access to credit has a large positive effect on the choice of fixed rent over share rent contracts, both in terms of number of contracts and area contracted. As predicted by theory, the magnitude of this shift away from sharecropping is enhanced when the tenant is less exposed to risk. Development programs that facilitate access to credit to potential tenants can thus help them take more efficient land rental contracts.
Download or read book The Oxford Handbook of Credit Derivatives written by Alexander Lipton and published by OUP Oxford. This book was released on 2013-01-17 with total page 828 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the late 1990s, the spectacular growth of a secondary market for credit through derivatives has been matched by the emergence of mathematical modelling analysing the credit risk embedded in these contracts. This book aims to provide a broad and deep overview of this modelling, covering statistical analysis and techniques, modelling of default of both single and multiple entities, counterparty risk, Gaussian and non-Gaussian modelling, and securitisation. Both reduced-form and firm-value models for the default of single entities are considered in detail, with extensive discussion of both their theoretical underpinnings and practical usage in pricing and risk. For multiple entity modelling, the now notorious Gaussian copula is discussed with analysis of its shortcomings, as well as a wide range of alternative approaches including multivariate extensions to both firm-value and reduced form models, and continuous-time Markov chains. One important case of multiple entities modelling - counterparty risk in credit derivatives - is further explored in two dedicated chapters. Alternative non-Gaussian approaches to modelling are also discussed, including extreme-value theory and saddle-point approximations to deal with tail risk. Finally, the recent growth in securitisation is covered, including house price modelling and pricing models for asset-backed CDOs. The current credit crisis has brought modelling of the previously arcane credit markets into the public arena. Lipton and Rennie with their excellent team of contributors, provide a timely discussion of the mathematical modelling that underpins both credit derivatives and securitisation. Though technical in nature, the pros and cons of various approaches attempt to provide a balanced view of the role that mathematical modelling plays in the modern credit markets. This book will appeal to students and researchers in statistics, economics, and finance, as well as practitioners, credit traders, and quantitative analysts
Download or read book Reputation and International Cooperation written by Michael Tomz and published by Princeton University Press. This book was released on 2007-09-02 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description
Download or read book Behavioral Law and Economics written by Eyal Zamir and published by Oxford University Press. This book was released on 2018 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.
