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This study investigates how people's tendency to avoid action, known as "omission bias," influences their financial decisions, specifically in the context of debt repayment to the UK government. Using a randomized controlled trial, we communicated with individuals who owed money, employing two distinct message framings. The omission‐framed message suggested that nonresponse was seen as inadvertent, while the commission‐framed message treated nonresponse as a deliberate choice. Analyses of nearly 40,000 responses revealed that repayment rates almost doubled with commission framing, reaching 23.2%, as opposed to 12% under omission framing. This reframing strategy generated over $1.4 million in additional revenue, underscoring the considerable real‐world impact of understanding and leveraging the omission bias in shaping financial behaviors. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Al-Anbar University for Islamic Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Objective: This study aims to examine the effect of self-control on loan repayment decisions of women market vendors in Mbeya municipality, Tanzania. Design/Methods/Approach: This study employed a mixed research design. Primary data was collected via questionnaires and semi-structured interviews. A stratified random sampling technique was used to come up with a sample of 348 respondents selected from a population of 1741 women market vendors. Finally, descriptive statistics and regression analysis were utilized to process the collected data. Findings: The result of data analysis determined that self-control had a significant adverse effect on loan repayment decision Originality/Value: This study is unique since it studies self-control and loan repayment amongst women market vendors. The specificity of the set population allowed for a more in-depth and nuanced understanding of the experiences and challenges faced by this specific group of individuals hence deriving originality in this research. Practical/Policy implication: Findings are useful to policymakers and microcredit providers. Policymakers should promote activities and education that assist Tanzanians in attaining self-control. They should devise policies to make loans more affordable and easier to repay. Microcredit lenders should utilize subjective measures of self-control on loan applications as it is highly effective in enhancing repayment when coupled with high levels of financial literacy.

Economic relations between Comecon countries led by the Soviet Union (communist bloc) and OECD countries (Western Europe, the USA, Canada and Japan) in the 1980s were characterized by deep stagnation in all areas of mutual cooperation. This was due to many negative factors interconnected in a short time. They were very diverse in terms of nature, range and durability of impact. The article contains an analysis of the development of the financial and credit relations of the Soviet bloc countries with the West in the 1980s in the existing political and economic conditions of East-West relations. The financial and credit dependence of the socialist countries was very clear and intense at that time. Its elimination or reduction as a result of the development of connections in other directions was only partially possible. Its negative impact also covered areas vital for individual economies. In addition, it was of a long-term nature, which made this type of dependence useful as an economic instrument for political purposes, both in the aspect of short-term and long-term pressure on the implementation of political intentions. When analyzing the entirety of East-West economic contacts, one cannot omit the problem of the debt of the Comecon countries, which largely determines the development of all areas of cooperation. In the 1980s, in Comecon-OECD credit relations, two trends clearly intersected: negative and positive. A negative trend was manifested in the increase in debt burdening the economies of many Central and Eastern European countries. This was caused by an increase in payment liabilities for servicing debts resulting from the postponement of loan repayment dates. [ABSTRACT FROM AUTHOR]

The interest‐minimizing strategy to paying multiple debts is to make all minimum payments and allocate remaining funds to the debt with the highest interest rate. However, cognitive biases such as debt account aversion and financial advisors encourage borrowers to instead allocate remaining funds to debts with lower outstanding balances, a strategy known as the Debt Snowball. The author uses the 2016 Survey of Consumer Finances to quantify the pecuniary costs for American households of following the Debt Snowball and finds that the average household pays an additional 1.8%–4.3% in interest, leading to an aggregate transfer of wealth from borrowers to lenders of between $46.2 and $53.9 billion in excess of what would occur if borrowers instead minimized interest accrual. Due to differences in household debt structure, the Debt Snowball strategy imposes greater pecuniary penalties on low‐income households, on Black households, and on households with more initial debts. [ABSTRACT FROM AUTHOR]

Objective: This study aims to examine the effect of self-control on loan repayment decisions of women market vendors in Mbeya municipality, Tanzania. Design/Methods/Approach: This study employed a mixed research design. Primary data was collected via questionnaires and semi-structured interviews. A stratified random sampling technique was used to create a sample of 348 respondents selected from a population of 1741 women market vendors. Descriptive statistics and regression analysis were utilized to process the collected data. Findings: The result of data analysis determined that self-control had a significant adverse effect on loan repayment decision Originality: This study is unique since it studies self-control and loan repayment amongst women market vendors. The specificity of the set population allowed for a more in-depth and nuanced understanding of the experiences and challenges faced by this specific group of individuals hence deriving originality in this research. Practical/Policy implication: findings are useful to policymakers and microcredit providers. Policymakers should promote activities and education that assist Tanzanians in attaining self-control. They should devise policies to make loans more affordable and easier to repay. Microcredit lenders should utilize subjective measures of self-control on loan applications as it is highly effective in enhancing repayment when coupled with high levels of financial literacy. [ABSTRACT FROM AUTHOR]

Background: Economic hardship is an established suicidogenic factor. However, very little is known about whether financial difficulties in terms of debt problems, specifically, is related to suicide. This would seem to be an important research gap, not least at a time when the repercussions of the global financial crisis are still being felt by many people. Aims: This study sets out to examine whether experiencing financial indebtedness is related to suicide. Methods: For this purpose, people aged between 18 and 64 with a registration date for a debt in the Swedish Enforcement Authority register between 2015 and 2017 (n = 180,842) are followed up for a 1-year period for death by suicide and compared with a sample from the general Swedish population (n = 928,265). The analysis is based on penalized maximum likelihood logistic regressions. Results: Those who had experienced financial indebtedness were two and a half times more likely to commit suicide than those who had not lived through this experience (OR = 2.50), controlling for several demographic, socio-economic, and mental health conditions prior to the date of the registration at the Enforcement Authority. Conclusion: Debt repayment problems have a significant and detrimental impact on individuals' risk of committing suicide, even when several other socioeconomic risk factors are controlled for. The results reinforce the importance of ongoing attempts to remove the issue of debt problem from its status as a rather hidden suicidogenic risk factor. [ABSTRACT FROM AUTHOR]

The subject of the paper is the assessment of regional debt sustainability in accordance to the Budget Code of the Russian Federation. The relevance of the study is due to the aggravation of the regional debt problems at the end of 2020 and the need to have an assessment system that allows to timely respond to a decrease in the level of regional debt sustainability. The novelty of the study consists in the analysis of the system of debt sustainability indicators and their threshold values using the methods of cluster analysis. The article aims to examine if the current assessment system allows to classify regions by the level of debt sustainability quite clearly. As a result of the study, it was shown that the used debt sustainability indicators partially duplicate each other, and the methods of their calculation and the established threshold values discriminate against subsidized regions. In addition, it was shown that the grouping of regions based on the current assessment system does clearly distinguish between regions with high and medium levels of debt sustainability. The conclusion of the study is that in order to improve the system for assessing debt sustainability, it is necessary to change the set of debt sustainability indicators and the procedure for calculating them, as well as to set appropriate new threshold values for the new set of indicators. The prospect of the study is to conduct a similar analysis based on data for 2020 and refine new thresholds for debt sustainability indicators.

While guides to productivity in scholarly writing often mention what kinds of writing should be prioritized through the scholarly publishing process, less attention has been paid to clearly conceptualizing what strategic approaches to prioritizing writing best meet particular goals. This article turns to the personal finance literature to translate two key strategies—the avalanche and the snowball—from the context of debt repayment to that of scholarly writing. By clearly identifying the strategies, logics, and aims of these two approaches to writing, scholars can more clearly meet specific goals related to their publications. This marks a conceptual contribution to the literature on scholarly writing by introducing a theoretical framework for writing strategy. [ABSTRACT FROM AUTHOR]

We conducted two large-scale, highly powered randomized controlled trials intended to encourage consumer debt repayments. In Study 1, we implemented five treatments varying the design of envelopes sent to debtors. We did not find any treatment effects on response and repayment rates compared to the control condition. In Study 2, we varied the letters' contents in nine treatments, implementing factorial combinations of social norm and (non-)deterrence nudges, which were either framed emotively or non-emotively. We find that all nudges are ineffective compared to the control condition and even tend to induce backfiring effects compared to the agency's original letter. The results of this study contrast with the findings of other studies, which indicate that comparable nudges are highly effective. Thus, our results are more consistent with the literature suggesting that the success of nudging interventions is limited to certain conditions. [ABSTRACT FROM AUTHOR]

This research aims to exploratively search relevant psychological determinants for debt repayment behavior. In this regard, the research question is: Which psychological factors affect the debt repayment behavior? Some research in literature argue that the socio-economic factors alone may not be sufficient to explain debt and repayment behavior, and some other factors should be also utilized. This study will focus on psychological factors consisting of personality and attitudes. To the our best knowledge, in Turkey there is very limited amount of research conducted in this area and as one of the highest individual credit using countries it is essential to use psychological factors in credit risk evaluation processes. Thus, this research, examines effects of personality characteristics and attitude on debt repayment behavior in the context of Turkish culture, and is expected to fill a gap and to contribute to both national and international literatures. The study utilizes qualitative research methodology to explore psychological determinants and their effects on debt repayment behavior. In depth interview research methodology has been used to explore the personality characteristics and attitude influencing debt repayment behavior. The research findings revealed that, the responsibility, long term orientation, sanction fear, sense of collectivism, rational decision making and risk aversion are main characteristics of regular payers, while external locus of control, irresponsibility, short term orientation, irrational decision making, emotional imbalance are common characteristics of irregular payers. So, according to findings, , conscientious, time orientation, sanction fear, sense of collectivism, locus of control and decision making style can be enlisted as primary personal and attitudinal factors explaining the repayment behavior.

The current consumer debt epidemic in the United States has prompted research on how consumers make debt repayment decisions. Consistent with past research indicating that psychological biases affect how consumers manage and prioritize debt accounts, we show that a characteristic of the number representing the debt amount impacts the speed of debt repayment. Across three field studies and three experiments, we provide evidence that people are likely to more quickly pay off round‐number debts (e.g., moderately‐sized debt amounts that end in the digits 0 or 5) than debts of similar magnitude that are not round numbers. Furthermore, we show that this effect arises because of the cognitive ease of round numbers, which manifests itself in processing fluency and retrieval fluency. In addition to documenting this round‐number advantage, we demonstrate the effectiveness of a simple and costless rounding intervention for helping consumers repay their debts more quickly. [ABSTRACT FROM AUTHOR]

The increasingly common online credit card repayment formats typically involve consumers' active choice from among various payment amounts. Consumers rarely view minimum payment warning (MPW) disclosures while repaying online; therefore, the common shift toward online repayment means that the MPW is not salient for most credit cardholders. This article aims to shed light on credit cardholders' payment decisions under this "active choice format" and explore effective online interfaces for payment decisions. Drawing on research in active choice, the authors demonstrate in three experiments that, compared with the "open format" used in traditional monthly statements, active choice format increases consumers' full balance payment propensity and overall repayment amount, and this effect is even stronger when current account balance is included in the choice context. Furthermore, presence of the MPW disclosure significantly decreases payment of the minimum required amount and increases payment of the "three-year payoff amount." Finally, presence of MPW increased consumer feelings about making the right decision, primarily for financially vulnerable people. These findings, based on hypothetical scenario choices, offer interesting theoretical and important policy implications. [ABSTRACT FROM AUTHOR]

Research Background: The approach is based on theoretical sources and completed studies on business debt, debt level and repayment awareness and how this issue relates to SMEs in the Czech Republic. Purpose of the article: The main purpose of this paper is to examine the attitude of SMEs towards the issue of company debt and its position within the economy. This attitude is an inherent part of the company's risk management. Methods: Three researched issues (How strongly is company debt perceived as a financial risk factor; Does the company consider debt to be a serious matter in their business; What measures does the company take to reduce risk) supported by hypotheses, which verified the thesis, were statistically tested. Finding & Value added: Practical implications confirm the thesis that there is a belief that SMEs do not consider debt to be a critical factor of business risk and do not associate it directly with the major risk of business failure. SMEs do not view debt negatively and do not directly link debt to the risk of failure. Consequently, companies consider the risk of indebtedness as relatively insignificant. Their approach to indebtedness is therefore generally passive and they also believe that it will not jeopardize their business, and they will always somehow manage to solve it through insurance, risk avoidance and through creation of financial reserves. [ABSTRACT FROM AUTHOR]

We consider the relationship between an individual's financial self‐awareness, defined as detailed knowledge about one's current financial assets, liabilities, and spending patterns, and financial outcomes. The results of three studies show that a higher level of financial self‐awareness is associated with positive financial decisions and satisfaction among individuals. This effect is mediated by perceived efficacy about handling personal finances. We also find that financial literacy strengthens the association between financial self‐awareness and investing and saving, but does not affect the association between financial self‐awareness and either financial satisfaction or spending decisions. Increasing the financial self‐awareness of clients offers a useful method for financial advisors and policy makers to encourage prudent financial decisions. [ABSTRACT FROM AUTHOR]

When consumers carry multiple debts, how do they decide which debt to repay first? Normatively, consumers should repay the debt with the highest interest rate most quickly. However, because people tend to break complicated tasks into more manageable parts, and because losses are most distressing when segregated, the authors hypothesize that people will pay off the smallest loan first to reduce the total number of outstanding loans and achieve a sense of tangible progress toward debt repayment. To experimentally examine how consumers manage multiple debts, the authors develop an incentive-compatible debt management game, in which participants are saddled with multiple debts and need to decide how to repay them over time. Consistent with the hypothesis, four experiments reveal evidence of debt account aversion: Participants consistently pay off small debts first, even though the larger debts have higher interest rates. The authors also find that restricting participants' ability to completely pay off small debts, and focusing their attention on the amount of interest each debt has accumulated, helps them reduce overall debt more quickly. [ABSTRACT FROM AUTHOR]

The article is devoted to the issues related to the accounts receivable of the organization, which for the debtor is a source of free funds, and for the creditor is the possibility of increasing the range of distribution of its products, services, and expansion of the sales market. Based on a theoretical review of existing studies, the article presents internal and external factors affecting the value of receivables. Actions are considered and discussed, including the most common of them, affecting the formation of receivables and its repayment

This paper addresses two important areas of voluntary disclosure for Hong Kong IPOs: (1) The risk factors surrounding a listing entity's business and offer and (2) an issuer's planned use of proceeds. Issuers assigning a greater fraction of proceeds to investment (debt repayment) generate higher (lower) subscription rates, price 'fixings' and after-market liquidity levels, as well as more (less) robust initial and longer-run returns. Greater enumeration of issue-based risk factors inflates after-market volatility but exerts little influence on other initial pricing characteristics. In contrast, enumerations on business and global risk factors bear strong negative association with longer-run returns. Additionally, risk factor enumeration and debt repayments are increasing in underwriter quality. However, such disclosures exhibit weak connection with state ownership. [ABSTRACT FROM AUTHOR]

• We investigate the impact of credit card accessibility on household labor participation in China. • Credit card usage has played a significantly beneficial role. • Paying off credit card debt could function as a potential mechanism. • Having a credit card may also increase work intensity and stimulate entrepreneurial activity. Using two-wave panel data from the China Household Finance Survey (CHFS), this study aims to examine the impact of credit card access on household labor participation in China. The findings reveal a significant positive relationship between credit card use and labor market decision, even after addressing concerns related to endogeneity and conducting various robustness checks. Moreover, it suggests that the act of paying off credit debt could serve as a potential mechanism that motivates household members to join the workforce. There is further evidence indicating that carrying a credit card may enhance work intensity and boost entrepreneurial activity. [ABSTRACT FROM AUTHOR]

The interest coverage ratios (ICRs) are used to quantify the ability of firms to pay financial debts; ICRs are then considered by banks such as covenants in the financing term sheet, and are used by researchers and the rating agencies to estimate the probability of default of firms. Typically, ICRs calculation is based on profit margins, such as EBITDA and EBIT; EBITDA and EBIT approximate, but do not directly express, cash flows available to pay financial debts. The article aims to evaluate whether there are significant differences in results using ICRs based on EBITDA or EBIT and ICRs based on different definitions of cash flow (CF). The application is made to a sample of firms characterized by high absorption of capital operating in the Italian agro-food sector. The article highlights that there are statistically significant differences using ICRs EBITDA and EBIT based and ICRs based on different CF definitions.

Copyright of Romanian Review of Private Law / Revista Română de Drept Privat is the property of Universul Juridic Publishing House and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper deals with the internal and external debt situation of the Republic of Serbia based on the data relating to 2000 and 2004, issued by the Ministry of Finance, as well as the basic macroeconomic assumptions for the regular servicing of debts. The general results of this research indicate that the key institutional assumptions for the strengthening of annuity payment ability are consistent reforms and economic policies, and the key economic assumptions for debt repayment are economics growth, stability and reduction in the volume and changing the structure of government consumption. Investment and export growth which provides for growth in gross domestic product and income in foreign currency, which should be sufficient for debts repayment in the next five years, expressed in time periods as well as annuity payments per year, are the key significance for servicing of debts. Increase in economy efficiency, as well as the efficient use of resources obtained by credit facilities, are guaranties of maintaining the balance between volume and repayment capabilities of debts.

Introduction: The shortage of physicians in rural and remote communities is an ongoing problem. Many studies have shown that the rural background of a student (ie rural origin) is a primary factor in recruiting physicians for practice in rural communities. Scoping reviews are primarily done to gauge the extent of literature on the research question at hand, typically with an intent that future research in that area is a constructive addition to pre-existing knowledge. This scoping review focuses on factors that predispose urban-origin students to choose a carrier in rural medicine. Methods: The study used Arksey and O’Malley’s guidelines for a scoping review of the literature, which, in contrast to a traditional systematic review, is brief yet comprehensive. Medline (Ovid) and PubMed databases were used to review literature published between 1 January 1970 and 30 November 2014. After removing duplicates, articles were screened based on inclusion and exclusion criteria set up by the research team. The literature search resulted in 435 articles, 418 of which were excluded, leaving 17 articles for comprehensive review. Results: Out of these 17 studies, the following four factors that suggest why urban-origin medical students may choose rural practice were generated: geographic diffusion of physicians in response to economic forces such as debt repayment and financial incentives (five studies), scope of practice and personal satisfaction (five studies), undergraduate and postgraduate rural training (nine studies) and premedical school mindset to practice rurally (five studies). Conclusions: Urban-origin students may choose rural practice because of market forces as well as financial incentives. The participation in undergraduate and postgraduate rural training is reported to positively alter the attitude of urban-origin students. A small subset of these students has a predetermined mindset to practice rurally at the time of matriculation. Obstacles for choosing a rural carrier include, but are not limited to lack of job and education opportunities for spouses/partners, lack of recreational and educational opportunities for children, and obscure opportunities for continuing medical education. [ABSTRACT FROM AUTHOR]

Summary: This paper investigates why and under which institutional circumstances female membership in microfinance institutions (MFI) improves MFI performance in terms of debt repayment. Specifically, this paper theorizes that female membership in MFIs improves the MFI’s performance through enhanced debt repayment, especially under adverse cognitive and regulatory institutional conditions. We draw upon unique qualitative and quantitative data covering 26 microfinance projects in 22 African, Eastern European, Latin American, and Asian countries. This study has implications for the microfinance literature in that it challenges the widely held assumption that female participation has a positive effect on MFI performance under all institutional circumstances. [ABSTRACT FROM AUTHOR]

A substantial and growing body of literature now exists on the socio-economic impacts of genetically engineered (GE) crops. While the bulk of literature has focused on the primary impacts of commercialised GE technology, in terms of changes in yields, costs and profitability, researchers have increasingly addressed a range of additional questions such as the distribution of impacts across groups, as well as secondary impacts on labour markets, non-pecuniary factors and social welfare. This review summarises the results of the literature on this broader set of socio-economic impacts. The primary findings include: adopters receive a substantial share of the benefits; consumers are also shown to benefit from increased production leading to lower prices; small farmers in developing countries are benefiting from GE crop technology; adopters report improvements in health, education, debt repayment, maternal care services and food security. [ABSTRACT FROM AUTHOR]

This study investigates the association between trade credits and imports of developing countries. Made available by its creditors, the main function of trade credits is to facilitate cross-border transactions of goods and services. This study finds that the reliance of imports on trade credits varies across regions and income: towards the end of the 1990s, the trade credits to imports ratio ranged from 0.20 for East Asia & the Pacific to 0.87 for Africa, and from 0.24 for high-income countries to 0.79 for low-income countries. Applying panel and cross-country estimation, we find that past trade credits help predict current imports, but past imports do not alter the future path of trade credits. Further, the positive association between trade credits and imports is larger for countries more dependent upon trade credits. The findings support the notion that countries make debt repayments to avoid any potential disruption on the line of trade credits. We also find that the trade credits penalty could materialize within less than two quarters. [ABSTRACT FROM AUTHOR]

This paper presents a tractable structural model whereby controlling equity holders are also among the creditors of the firm. As the firm approaches distress, equity holders can drain the assets of the firm and expropriate other creditors by repaying their credit before bankruptcy. The right of the bankruptcy court to revoke such repayment protects arm's length creditors, reduces the cost of borrowing and induces equity holders to anticipate repayment of their credit. Equity holders decide repayment neither too early nor too late, so as to reduce the risk of repayment revocation by the bankruptcy court. Similar conclusions apply to the preferential repayment of bank loans personally guaranteed by equity holders. The analysis also suggests that callable bearer bonds may be more valuable to equity holders than to other creditors. [ABSTRACT FROM AUTHOR]

This study examined relationships among the financial practices, financial well-being, and health of a sample of 3,121 financially distressed consumers who were new clients participating in the debt management program of a large national non-profit credit counseling organization. Respondents who reported having improved health since participating in credit counseling were more likely than others to engage in positive financial behaviors. For six out of ten financial behaviors, respondents who reported improved health were more likely to report that their finances improved. Implications are provided for financial counselors and educators. [ABSTRACT FROM AUTHOR]