User Interface and Firsthand Experience in Retail Investing

2020 ◽  
Author(s):  
Li Liao ◽  
Zhengwei Wang ◽  
Jia Xiang ◽  
Hongjun Yan ◽  
Jun Yang
Keyword(s):  
Interest Rates ◽  
Time Pressure ◽  
Credit Ratings ◽  
Loan Default ◽  
Slowing Down ◽  
Physical Attributes ◽  
Per Se ◽  
The Difference ◽  
Using Data ◽  
Firsthand Experience

Abstract Using data from a major online peer-to-peer lending platform, we document that, due to time pressure, investors appear to focus on interest rates and only partially account for credit ratings in their decisions. The effect is stronger for mobile-based investors than for PC-based ones. Our evidence suggests that this variation is caused by the difference in information content on the interfaces rather than differences in the devices’ physical attributes per se. Investors improve their decisions by slowing down and paying more attention to credit ratings after experiencing a loan default firsthand, but not after observing others experiencing defaults.

The Effects of Ownership Structure on Borrowing Rate: The Case of Listed Iranian Companies

2021 ◽  
pp. 097639962097253
Author(s):  
Sajad Ebrahimi
Keyword(s):  
Interest Rates ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Banking System ◽  
Dynamic Panel Data ◽  
Financial Repression ◽  
Panel Data Regression ◽  
The Difference ◽  
The Government ◽  
Using Data

The Iranian banking system engages in financial repression, and there are legal restrictions on interest rate. However, micro-evidence shows that the interest rates paid by Iranian firms in this condition are different across firms. This article aims to investigate the roots of the difference in borrowing rates by exploring the effects of the borrowers’ ownership structure and bank–firm relationship features. Using data collected from companies listed in the Tehran Stock Exchange (TSE) for the period 2007–2016, empirical models are estimated through applying the dynamic panel data regression method. According to the estimation results, the presence of an institutional stockholder, and particularly banks, among a firm’s shareholders can generally reduce its borrowing rate. Moreover, the results show that the financing rate is significantly lower in the firms with more than 20 per cent of their shares owned by the government. In addition, the findings suggest that borrowers of unhealthy banks, in terms of non-performing loans (NPL), bear a higher finance rate.

Prediction of Default Risk in Peer-to-Peer Lending Using Structured and Unstructured Data

2020 ◽  
Vol 31 (1) ◽  
pp. 115-129
Author(s):  
Jei Young Lee
Keyword(s):  
Interest Rates ◽  
Default Risk ◽  
Peer To Peer ◽  
Growth Potential ◽  
Unstructured Data ◽  
Loan Default ◽  
Market Opportunities ◽  
Default Rate ◽  
Loan Interest Rates ◽  
Using Data

Using data from Lending Club, we analyzed funded loans between 2012 and 2013, the default status of which were mostly known in 2018. Our results showed that both the borrower characteristics and the conditions of the loan were significantly associated with the loan default rate. Results also showed that the sentiment of a user-written loan description influenced the borrower's loan interest rates. It contributes to expanding the scope of peer-to-peer (P2P) loan research by implementing unstructured data as a new model variable. Financial counselors need to consider the growth potential of the P2P loan market using data analysis: This will reveal niche market opportunities, enabling the development of services necessary for the safe supply of small loans at reasonable interest rates.

The Demand For Money in Pakistan: Reply (Notes and Comments)

1975 ◽  
Vol 14 (3) ◽  
pp. 370-375
Author(s):  
M. A. Akhtar
Keyword(s):  
Interest Rates ◽  
Money Demand ◽  
Strong Support ◽  
Physical Capital ◽  
Careful Examination ◽  
Demand For Money ◽  
Weak Support ◽  
Complementarity Hypothesis ◽  
The Difference ◽  
The One

I am grateful to Abe, Fry, Min, Vongvipanond, and Yu (hereafter re¬ferred to as AFMVY) [1] for obliging me to reconsider my article [2] on the demand for money in Pakistan. Upon careful examination, I find that the AFMVY results are, in parts, misleading and that, on the whole, they add very little to those provided in my study. Nevertheless, the present exercise as well as the one by AFMVY is useful in that it furnishes us with an opportunity to view some of the fundamental problems involved in an empi¬rical analysis of the demand for money function in Pakistan. Based on their elaborate critique, AFMVY reformulate the two hypo¬theses—the substitution hypothesis and the complementarity hypothesis— underlying my study and provide us with some alternative estimates of the demand for money in Pakistan. Briefly their results, like those in my study, indicate that income and interest rates are important in deter¬mining the demand for money. However, unlike my results, they also suggest that the price variable is a highly significant determinant of the money demand function. Furthermore, while I found only a weak support for the complementarity between money demand and physical capital, the results obtained by AFMVY appear to yield a strong support for that rela¬tionship.1 The difference in results is only a natural consequence of alter¬native specifications of the theory and, therefore, I propose to devote most of this reply to the criticisms raised by AFMVY and the resulting reformulation of the two mypotheses.

scholarly journals Reproducibility and Instruction Following in the Shop Floor Laboratory Work: The Case of a TMS Experiment

2021 ◽  
pp. 016224392110323
Author(s):  
Kristina Popova
Keyword(s):  
Measurement Procedure ◽  
Shop Floor ◽  
Experimental Uncertainty ◽  
Local Measurement ◽  
Replication Crisis ◽  
History Of ◽  
Per Se ◽  
The Difference ◽  
Methodological Guidelines ◽  
Local Procedure

The article addresses the production of reproducibility as a topic that has become acutely relevant in the recent discussions on the replication crisis in science. It brings the ethnomethodological stance on reproducibility into the discussions, claiming that reproducibility is necessarily produced locally, on the shop floor, with methodological guidelines serving as references to already established practices rather than their origins. The article refers to this argument empirically, analyzing how a group of novice neuroscientists performs a series of measurements in a transcranial magnetic stimulation experiment. Based on ethnography and video analysis, the article traces a history of the local measurement procedure invented by the researchers in order to overcome the experimental uncertainty. The article aims to demonstrate (1) how reproducibility of the local procedure is achieved in the shop floor work of the practitioners and (2) how the procedure becomes normalized and questioned as incorrect in the course of experimental practice. It concludes that the difference between guidelines and practical actions is not problematic per se; what may be problematic is that researchers can be engaged in different working projects described by the same instruction.

scholarly journals Does Corruption Lead to Lower Subnational Credit Ratings? Fiscal Dependence, Market Reputation, and the Cost of Debt

2021 ◽  
pp. 1-19
Author(s):  
Maciej Sychowiec ◽  
Monika Bauhr ◽  
Nicholas Charron
Keyword(s):  
Credit Ratings ◽  
National Level ◽  
Negative Relationship ◽  
Cost Of Debt ◽  
Economic Implications ◽  
Sovereign Credit Ratings ◽  
Heterogeneous Effects ◽  
Federal Revenue ◽  
Negative Effect ◽  
Using Data

Abstract While studies show a consistent negative relationship between the level of corruption and range indicators of national-level economic performance, including sovereign credit ratings, we know less about the relationship between corruption and subnational credit ratings. This study suggests that federal transfers allow states with higher levels of corruption to retain good credit ratings, despite the negative economic implications of corruption more broadly, which also allows them to continue to borrow at low costs. Using data on corruption conviction in US states and credit ratings between 2001 and 2015, we show that corruption does not directly reduce credit ratings on average. We find, however, heterogeneous effects, in that there is a negative effect of corruption on credit ratings only in states that have a comparatively low level of fiscal dependence on federal transfers. This suggest that while less dependent states are punished by international assessors when seen as more corrupt, corruption does not affect the ratings of states with higher levels of fiscal dependence on federal revenue.

The Impact of Customer Loyalty and Restaurant Sanitation Grades on Revisit Intention and the Importance of Narrative Information: The Case of New York Restaurant Sanitation Grading System

2017 ◽  
Vol 59 (3) ◽  
pp. 275-284 ◽  
Author(s):  
Min Gyung Kim ◽  
Hyunjoo Yang ◽  
Anna S. Mattila
Keyword(s):  
New York ◽  
New York City ◽  
Customer Loyalty ◽  
York City ◽  
Letter Grades ◽  
The Difference ◽  
Revisit Intentions ◽  
Using Data ◽  
The Impact ◽  
Loyal Customers

New York City launched a restaurant sanitation letter grade system in 2010. We evaluate the impact of customer loyalty on restaurant revisit intentions after exposure to a sanitation grade alone, and after exposure to a sanitation grade plus narrative information about sanitation violations (e.g., presence of rats). We use a 2 (loyalty: high or low) × 4 (sanitation grade: A, B, C, or pending) between-subjects full factorial design to test the hypotheses using data from 547 participants recruited from Amazon MTurk who reside in the New York City area. Our study yields three findings. First, loyal customers exhibit higher intentions to revisit restaurants than non-loyal customers, regardless of sanitation letter grades. Second, the difference in revisit intentions between loyal and non-loyal customers is higher when sanitation grades are poorer. Finally, loyal customers are less sensitive to narrative information about sanitation violations.

Comparing two definitions of ethnicity for identifying young persons at risk for chlamydia

2011 ◽  
Vol 140 (5) ◽  
pp. 951-958 ◽  
Author(s):  
A. HAASNOOT ◽  
F. D. H. KOEDIJK ◽  
E. L. M. OP DE COUL ◽  
H. M. GÖTZ ◽  
M. A. B. VAN DER SANDE ◽  
...  
Keyword(s):  
Odds Ratio ◽  
Ethnic Disparities ◽  
Chlamydia Infection ◽  
Chlamydia Screening ◽  
Country Of Birth ◽  
Regression Modelling ◽  
Explained Variation ◽  
The Difference ◽  
Using Data ◽  
Logistic Regression Modelling

SUMMARYEthnic disparities in chlamydia infections in The Netherlands were assessed, in order to compare two definitions of ethnicity: ethnicity based on country of birth and self-defined ethnicity. Chlamydia positivity in persons aged 16–29 years was investigated using data from the first round of the Chlamydia Screening Implementation (CSI, 2008–2009) and surveillance data from STI centres (2009). Logistic regression modelling showed that being an immigrant was associated with chlamydia positivity in both CSI [adjusted odds ratio (aOR) 2·3, 95% confidence interval (CI) 2·0–2·6] and STI centres (aOR 1·4, 95% CI 1·3–1·5). In both settings, 60% of immigrants defined themselves as Dutch. Despite the difference, classification by self-defined ethnicity resulted in similar associations between (non-Dutch) ethnicity and chlamydia positivity. However, ethnicity based on country of birth explained variation in chlamydia positivity better, and is objective and constant over time and therefore more useful for identifying young persons at higher risk for chlamydia infection.

POSTPARTUM AMENORRHOEA IN RURAL EASTERN UTTAR PRADESH, INDIA

1998 ◽  
Vol 30 (2) ◽  
pp. 227-243
Author(s):  
K. N. S. YADAVA ◽  
S. K. JAIN
Keyword(s):  
Higher Education ◽  
Uttar Pradesh ◽  
Current Status Data ◽  
North India ◽  
Current Status ◽  
Data Sets ◽  
Survival Status ◽  
The Mean ◽  
The Difference ◽  
Using Data

This paper calculates the mean duration of the postpartum amenorrhoea (PPA) and examines its demographic, and socioeconomic correlates in rural north India, using data collected through 'retrospective' (last but one child) as well as 'current status' (last child) reporting of the duration of PPA.The mean duration of PPA was higher in the current status than in the retrospective data;n the difference being statistically significant. However, for the same mothers who gave PPA information in both the data sets, the difference in mean duration of PPA was not statistically significant. The correlates were identical in both the data sets. The current status data were more complete in terms of the coverage, and perhaps less distorted by reporting errors caused by recall lapse.A positive relationship of the mean duration of PPA was found with longer breast-feeding, higher parity and age of mother at the birth of the child, and the survival status of the child. An inverse relationship was found with higher education of a woman, higher education of her husband and higher socioeconomic status of her household, these variables possibly acting as proxies for women's better nutritional status.

Determinants of Treasury-LIBOR Swap Spreads

2005 ◽  
Vol 08 (04) ◽  
pp. 687-705 ◽  
Author(s):  
D. K. Malhotra ◽  
Vivek Bhargava ◽  
Mukesh Chaudhry
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Default Risk ◽  
Yield Curve ◽  
Short Term ◽  
Long Run ◽  
Interest Rate Volatility ◽  
Short Run ◽  
Using Data ◽  
Swap Spreads

Using data from the Treasury versus London Interbank Offer Swap Rates (LIBOR) for October 1987 to June 1998, this paper examines the determinants of swap spreads in the Treasury-LIBOR interest rate swap market. This study hypothesizes Treasury-LIBOR swap spreads as a function of the Treasury rate of comparable maturity, the slope of the yield curve, the volatility of short-term interest rates, a proxy for default risk, and liquidity in the swap market. The study finds that, in the long-run, swap spreads are negatively related to the yield curve slope and liquidity in the swap market. We also find that swap spreads are positively related to the short-term interest rate volatility. In the short-run, swap market's response to higher default risk seems to be higher spread between the bid and offer rates.

scholarly journals Depth-Average Velocity from Spray Underwater Gliders

2018 ◽  
Vol 35 (8) ◽  
pp. 1665-1673 ◽  
Author(s):  
Daniel L. Rudnick ◽  
Jeffrey T. Sherman ◽  
Alexander P. Wu
Keyword(s):  
Average Velocity ◽  
Dead Reckoning ◽  
Water Velocity ◽  
Accurate Estimation ◽  
Underwater Glider ◽  
Underwater Gliders ◽  
Before And After ◽  
The Difference ◽  
Using Data ◽  
Acoustic Doppler Current Profilers

AbstractThe depth-average velocity is routinely calculated using data from underwater gliders. The calculation is a dead reckoning, where the difference between the glider’s velocity over ground and its velocity through water yields the water velocity averaged over the glider’s dive path. Given the accuracy of global positioning system navigation and the typical 3–6-h dive cycle, the accuracy of the depth-average velocity is overwhelmingly dependent on the accurate estimation of the glider’s velocity through water. The calculation of glider velocity through water for the Spray underwater glider is described. The accuracy of this calculation is addressed using a method similar to that used with shipboard acoustic Doppler current profilers, where water velocity is compared before and after turns to determine a gain to apply to glider velocity through water. Differences of this gain from an ideal value of one are used to evaluate accuracy. Sustained glider observations of several years off California and Palau consisted of missions involving repeated straight sections, producing hundreds of turns. The root-mean-square accuracy of depth-average velocity is estimated to be in the range of 0.01–0.02 m s−1, consistent with inferences from the early days of underwater glider design.

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