Search

This paper theoretically studies the interaction between an informed borrower and an uninformed lender facing possible default of a loan application. The lender is motivated to invest cognitive resources before making a lending decision. If the regulatory fine is weak, it is impossible for a bad-debt borrower to fully disclose his situation in the application. In this case, when the likelihood of a bad debt is low, the borrower always claims that nothing in the application is wrong. Otherwise, the borrower randomizes between full disclosure and information suppression. The transaction cost of the lender's pre-lending cognition increases with the default probability, as the default probability is small and decreases thereafter. Evidence from a peer-to-peer lending platform with 816,274 observations between 2012 and 2015 in the United States is largely consistent with our model implications. [ABSTRACT FROM AUTHOR]

Municipalities across the United States have varied available resources to manage urban forests, resulting in substantial differences in urban forestry services and outcomes. This article reviews 32 survey-based studies that characterize U.S. municipal urban forest management program dimensions, including program components; needs and barriers; knowledge of and attitudes toward urban forests; and plans and priorities for future management. Such information is critical for agencies that support local urban forest management efforts but has not previously been systematically gathered and condensed. Based on the limited national, regional, and state-level data published in peer-reviewed journals, we find that the number of municipal urban forestry programs appears to be increasing, many communities have at least one tree ordinance, and larger communities are more likely to have an official program. However, evidence suggests that few municipalities have an urban forest inventory or management plan, and most require additional financial, political, public, or educational support. More research on urban forestry program status, needed support, and local knowledge is needed as knowledge gaps remain regarding the influence of metropolitan areas and resident demographics on the presence and extent of municipal urban forestry programs. Additionally, few studies have investigated future municipal urban forestry-related intentions and priorities. [ABSTRACT FROM AUTHOR]