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This article studies the relationship between credit provision and stock trading behavior. We collect every stock transaction of the three major British companies during the 1720 South Sea Bubble and link stock trading to margin loan positions with the Bank of England. We give insights in the selection of traders into the loan facility by comparing the trading behavior and realized returns of borrowers to other traders. We find that loan holders are more likely to buy following high returns and document strong underperformance of borrowers. [ABSTRACT FROM AUTHOR]

We provide a systematic empirical assessment of the Minsky hypothesis that business fluctuations stem from irrational swings in expectations. Using predictable firm-level forecast errors, we build an aggregate index of irrational expectations and use it to provide three sets of results. First, we show that our index predicts aggregate credit cycles. Next, we show that these predictable credit cycles drive cycles in firm-level debt issuance and investment and similar cycles between financially constrained and unconstrained firms, as Minsky predicts. Finally, we show more pronounced cycles in firm-level financing and investment for firms with ex ante more optimistic expectations. (JEL G31, G32, G40, E32, E44) [ABSTRACT FROM AUTHOR]

We analyze a dynamic credit market where banks choose lending standards, modeled as costly effort to screen out bad borrowers. Tighter standards worsen the borrower pool, increasing banks' incentives to employ tight standards in the future. This dynamic complementarity in lending standards can amplify and prolong downturns, decreasing lending and increasing credit spreads. Because lending standards have negative externalities, the market can converge to a steady state with inefficiently tight lending standards. We discuss the role of optimal policy to avoid this outcome as well as the impact of balance sheet costs on lending standards. [ABSTRACT FROM AUTHOR]

This article is the first to study the relation between financial restatements and restatement firms' demand for trade credit as a source of financing. Using a sample of U.S.-listed firms for the 2000–2016 period, we find that restatement firms tend to use more trade credit in the year following the restatement disclosure year than do non-restatement firms. Moreover, we find evidence that restatement firms use trade credit to substitute for the reduced reliance on short- and long-term loans. Our further analysis reveals that restatement firms can obtain more trade credit when the firms promptly change the CEOs as a signal for firms' attempt to repair damaged organizational legitimacy. Taken together, our findings suggest that restatement firms experiencing difficulties in obtaining conventional borrowings tend to resort to trade credit as an alternative source of financing. [ABSTRACT FROM AUTHOR]

How do inaccurate priors about the distribution of interest rates affect search and outcomes in consumer credit markets? Consumer credit markets feature large amounts of within-borrower price dispersion in interest rates; if consumers are unaware of the extent of this price dispersion, they may shop less and take out loans at higher interest rates than they would otherwise. We conducted a randomized controlled trial with 112,063 loan seekers in Chile where we showed treated participants a price comparison tool that we built using administrative data from Chile’s financial regulator. The tool shows loan seekers a conditional distribution of interest rates based on similar loans obtained recently by similar borrowers, using data on the universe of consumer loans merged with borrower characteristics. We also cross-randomized whether we asked participants their priors about the distribution of interest rates. We find that consumers thought interest rates were lower than they actually were, and the price comparison tool caused them to increase their expectations about the interest rate they would obtain by 56%. Consumers also underestimated price dispersion, and our price comparison tool caused them to increase their estimates of dispersion by 69%. The price comparison tool did not cause people to search or apply at more institutions, but it did cause them to receive 13% more offers and 11% lower interest rates, and to be 28% more likely to negotiate with their lender and 4.7% more likely to take out a loan. In contrast, merely asking participants their expectations about interest rates led them to search at 4% more institutions and obtain 9% lower interest rates.

We investigate whether firms' number of credit relationships with financial institutions affects labor market outcomes. Using 5 million observations on matched credit and labor panel data from Brazil, we estimate IV regressions, employing exogenous variation in firm-lender relationships due to nationwide bank M&A activity. Firms with more relationships employ more workers and pay higher wage bills. Credit availability, cost of credit, and financial institution heterogeneity are economic channels. The firm-level results translate into positive macroeconomic effects in municipalities and states. The evidence is novel and indicates the positive effects of multiple relationships on labor market outcomes in an emerging economy. [ABSTRACT FROM AUTHOR]

After exogenous demand shocks caused by natural disasters, FinTech lenders are more responsive to increased demand for reconstruction mortgages than traditional banks and non-FinTech shadow banks. Both FinTech and traditional banks increase credit supply, but FinTech supply is more elastic without increases in risk-adjusted interest rates or delinquency rates. Comparing lending supply channels, banks respond to regulatory incentives to lend to damaged areas, whereas FinTech lenders supply more credit when traditional banks rely more on balance sheet financing and physical branch networks. Compared to traditional banks, FinTech lenders increase supply elasticity more aggressively in response to local competitive pressure. [ABSTRACT FROM AUTHOR]

Why would a politician ever want to be blamed? Under what contextual conditions might blame-seeking behaviour emerge as a rational strategy? What tactics, tools and strategies might they deploy? Where is the empirical evidence of blame-seeking in action and why does it matter? These are the questions this article engages with as it challenges the long-standing 'self-evident truth' within political science that blame-is-bad. We argue that a new 'blame game' has emerged in which blame generation is deployed not solely to taint opponents but also to demonstrate the blame-seeker's willingness to challenge convention, break the rules, or side with the marginalized. In a broader context characterized by democratic dissatisfaction, anti-political sentiment and affective polarization, we suggest that blame-seeking assumes a powerful symbolic and performative dimension. Antagonizing certain sections of society and then harnessing the backlash provides a powerful political strategy which challenges traditional scholarly assumptions about credit and blame existing in a zero-sum relationship. We illustrate these arguments using the case of Boris Johnson's rise to the British premiership. A focus on blame-seeking, we suggest, expands our understanding of what politicians say and do to achieve their goals in polarized political contexts. [ABSTRACT FROM AUTHOR]

This study explores the impact of the economy, banking market, and firm-specific factors on bank loan access for small and medium enterprises (SMEs) using data extracted from the Survey on the Access to Finance Enterprises (SAFE), covering the periods of the European sovereign debt crisis and the immediate post-crisis period from 28 European countries. We find that the rejection rates of bank credits spiked between 2009 and 2012 before declining in subsequent years. SMEs' applications are more likely rejected when the banking environment is more concentrated but are less discouraged from applying due to rising impaired loans of banks. Credit availability is significantly influenced by the country's legal framework for handling insolvency disputes and the growth of the credit information market, as we find that longer insolvency resolution times and increased credit information sharing result in higher probabilities of bank credit rejection. We also find that a feeble real economy is correlated with a more constrained credit supply and a shakier credit demand. More importantly, we build and subsequently empirically test hypotheses about factors determining credit demand and supply as well as the discouragement of SMEs in seeking bank loans, and the impact of past: rejections of bank credit, perception of deteriorations in banks' loan availability, and bank loan application, on the deterioration of current credit supply perceptions, future applications, and future rejections, with significant lessons for policy making. [ABSTRACT FROM AUTHOR]

The concept of condition is an old and well-known principle in jurisprudence and law of Iran and most of its varieties are scrutinized by jurists and lawyers. However, the term Ertekazi condition is not only a new combination in jurisprudence and law but also has uncertainties unique to its concept. Ertekazi condition refers to constant condition in the minds of contractors which is not being discussed prior or after the contract. Furthermore, such uncertainties make the conceptualization of the condition more difficult to understand in relation to the rules governing it, and how similar it is to the other conditions is also under question. This study aims to explain the nature of these conditions to prove that the credibility of such conditions is as valid as other authorized conditions, which includes all evidence of the fulfillment of the obligation. Finally, regarding this condition, some of its problems and required rules will be discussed. [ABSTRACT FROM AUTHOR]

This study aims to develop a working capital management model for companies listed on the Tehran Stock Exchange. The proposed model determines the expected level of working capital for a company, enabling it to create the highest possible value. Additionally, this model can be used to assess the efficiency of working capital management. The discrepancy between the actual level of working capital and the expected level serves as an indicator of inefficiency in working capital management. Initially, based on theoretical foundations and expert opinions, 28 variables affecting working capital were selected. Then, using the operational working capital index, the research models were estimated using multiple regression and genetic algorithm techniques for data from 156 companies over the period from 2011 to 2022. Influential variables were identified and filtered. Finally, suitable working capital management models were identified based on two criteria: (1) the strong correlation between the errors of the fitted models and the working capital efficiency of the company, and (2) the model's accuracy in identifying companies prone to excess or shortage of working capital. In total, after estimating 119 different models using regression and genetic algorithm methods, four suitable working capital management models were determined. The regression method resulted in models with an average accuracy of 77.27% and 79.54% for the dependent variable of working capital and the cash conversion cycle, respectively. The genetic algorithm method resulted in models with an average accuracy of 89.03% and 82.08%. The final model, with the cash conversion cycle as the dependent variable, was identified as the best model. It includes the variables of the previous year's cash conversion cycle, company-specific risk, gross profit margin, trade credit, growth opportunities, operating cycle, economic policy uncertainty, and exchange rate changes. [ABSTRACT FROM AUTHOR]

The article discusses problematic aspects of the legal regulation of credit agreements in Ukraine, which are an important element of the stability of the financial system. The shortcomings of the legal framework are highlighted, including the insufficient protection of consumer rights in credit services, the lack of transparency in lending terms, and the absence of integration into international standards. Attention is drawn to gaps in the regulation of various types of credit: consumer, banking, commercial, state, tax, and international credit. The legal framework is analyzed, including the Law of Ukraine «On Consumer Lending,» with its deficiencies identified, such as the lack of clarity regarding consumer lending conditions by non-banking institutions. The authors note that many consumers face hidden fees and fines that contradict national legislation. Particular attention is paid to international standards, such as the principles of the UN General Assembly Resolution on Consumer Protection, as well as the experience of foreign countries in implementing innovative forms of lending (P2P lending) and creditworthiness assessment systems (CIBIL). The need for creating conditions for integrating these practices into Ukraine is emphasized to improve the accessibility of credit services. Implementing such mechanisms would reduce the financial burden on consumers and promote the establishment of transparent and clear rules of interaction between creditors and borrowers. The article also proposes ways to integrate international experience into the national legal system to strengthen the protection of the rights of all participants in credit relationships. The authors propose improving Ukrainian legislation by developing a unified legal act that would regulate all types of credit, ensure the transparency of contract terms, and protect the rights of all parties involved in credit relationships. It is concluded that the integration of international standards and simplifying access to credit services will reduce financial risks, foster the development of the financial system, and improve the efficiency of the credit system in Ukrain e. [ABSTRACT FROM AUTHOR]

Copyright of Dilemas Contemporáneos: Educación, Política y Valores is the property of Dilemas Contemporaneos: Educacion, Politica y Valores 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.)

This paper examines the effectiveness of macroprudential regulations in promoting bank stability and the credit market in the Kenyan financial system. The study applies a panel estimation methodology on bank‐level and non‐bank credit data for the period 2001–2021 to achieve its objectives. The study reveals three key findings. First, overall, the banking sector remains resilient as evidenced by the S‐score stability measure. Second, liquidity‐related, capital‐based, and asset‐side macroprudential regulations lower bank stability. Third, there is evidence of dampened bank credit and domestic leakage associated with macroprudential regulations. The paper concludes that macroprudential regulations are ineffective in promoting stability and the credit market. This paper recommends policymakers to use caution when implementing macroprudential conditions. This is to balance out the policy objectives of banking sector stability and access to finance. Additionally, policy makers should be mindful when implementing macroprudential measures that may cause banks to adjust their behavior, leading to domestic credit leakages and cross‐border spillovers. [ABSTRACT FROM AUTHOR]

Economic abuse is a common component of intimate partner violence (IPV). This study explored whether IPV victim and perpetrator financial health at relationship outset are associated with two types of economic abuse—restriction and exploitation—during the relationship. With a sample of 315 women seeking services for male-perpetrated IPV, the study showed increased use of economic restriction when perpetrators were advantaged in terms of assets or disadvantaged in terms of debt. There was increased use of economic exploitation when victims were advantaged in terms of assets or credit and when perpetrators were disadvantaged in terms of assets, debt, or credit. Implications for research and intervention are discussed. [ABSTRACT FROM AUTHOR]

Smith is the precursor of neither the orthodox nor the heterodox view of money. For him, money arose neither as medium of exchange out of barter, as in the orthodox view, nor as unit of account established by the state, as in the heterodox view. Instead, money emerges in that agreement on the valuation of mutual services in which exchange based on the desire for deserved credit consists. Money emerges in exchange, but, unlike the orthodox view, it emerges as measure of value. Unlike the heterodox perspective, paper money is a possible consequence of a historical process, not its beginning. [ABSTRACT FROM AUTHOR]

Many early 19th century economic thinkers have provided ideas to explain the causes of commercial crises, as against the Classical belief on the impossibility of a general disequilibrium between demand and supply. J.S. Mill contributed to this debate suggesting an analysis of money and credit as generators of economic fluctuations and crises. Mill apprehended the significance of the function of money as a store of value and explained cyclical fluctuations based on three interrelated causes: the role of money as credit, the propensity of moneylenders to overexpand their credit and the effect of the general tendency of profits to fall. [ABSTRACT FROM AUTHOR]

In Wolf's EPWH, the importance of debt for scaffolding the expansion of the capitalist mode of production was shown repeatedly, despite not being treated as a distinct phenomenon. In the forty years that have gone by since the publication of the book, financial debt has gained centrality in global accumulation processes. The advancing frontier of financialization, reminiscent of that of earlier capitalist expansion, as well as its effects on particular groups and localities, has been a recurrent object of analysis in recent anthropological scholarship, often with a focus on the sphere of circulation and consumption. This article contends that the Wolfian conceptual toolkit, and particularly the notion of labor, should be brought back into the equation for addressing debt and credit relations in contemporary times. [ABSTRACT FROM AUTHOR]

Citizen science (CS) is an umbrella term for research with a significant amount of contributions from volunteers. Those volunteers can occupy a hybrid role, being both ‘researcher’ and ‘subject’ at the same time. This has repercussions for questions about responsibility and credit, e.g. pertaining to the issue of authorship. In this paper, we first review some existing guidelines for authorship and their applicability to CS. Second, we assess the claim that the guidelines from the International Committee of Medical Journal Editors (ICMJE), known as ‘the Vancouver guidelines’, may lead to exclusion of deserving citizen scientists as authors. We maintain that the idea of including citizen scientists as authors is supported by at least two arguments: transparency and fairness. Third, we argue that it might be plausible to include groups as authors in CS. Fourth and finally, we offer a heuristic list of seven recommendations to be considered when deciding about whom to include as an author of a CS publication. [ABSTRACT FROM AUTHOR]

Algeria is the region's most promising future market, and one of the most dynamic in the developing world. However, the non-existence of a financial market in Algeria means that banks and financial institutions play a crucial role, both in collecting resources and in granting medium- and long-term loans to businesses. In order to guarantee the development of their share of the Algerian market, private banks are offering new products in the credit sector. To this end, we have formulated the following problem: what impact does the diversification of loans granted have on the ABG bank's net profit? [ABSTRACT FROM AUTHOR]

The article brings out the major factors that bottom-of-the-pyramid (BoP) retailers consider when adopting brands. It suggests that, besides the known variables of profitability, relationship and merchandise, these retailers attach importance to efforts that lead to reduced perceived risk. These include replacement and buyback facilities besides credit. They define the relationship with distributors/wholesalers not just as firm-firm business-based, but also as stemming from familial, social and ethnic dimensions. Based on 472 responses of acceptance or rejection from BoP retailers from rural India, the findings show a positive, significant relationship with brand characteristics. On the other hand, product-related factors showed a significant but negative relationship. The study found a significant but negative association between distributor relationship and probability of adoption, which should be considered in conjunction with credit, replacement and buyback facilities. The authors suggest that, while brand demand is a significant factor, strategies based on service-dominant logic would be more effective in sustained adoption of brands among small retailers. [ABSTRACT FROM AUTHOR]

This study shows that monetary policy transmission in the United States has evolved considerably over the postwar period. Since the mid‐1980s, the effects of monetary policy on credit and housing markets have become much stronger relative to the impact on gross domestic product, while the effects on inflation have become weaker. We show that these changes in the relative effects of monetary policy can be explained by several important changes in the monetary transmission mechanism and in the composition of credit aggregates. Most notably, the increasing impact of monetary policy on credit was predominantly driven by an extraordinarily higher responsiveness of mortgage credit and a larger share of mortgages in total credit. These findings imply important changes over time in short‐term monetary policy trade‐offs between inflation and output stability on the one hand and between financial and macroeconomic stability on the other. [ABSTRACT FROM AUTHOR]

Purpose: This study investigates the finance-investment nexus in sub-Saharan Africa using data from 41 countries spanning the period from 2000 to 2022. The central question addressed is whether there is a "too little" or "too much" finance problem in the region. Design/methodology/approach: This study employs a system-generalised method of moments (GMM) approach to analyse the association between finance and private investment. Additionally, a dynamic threshold regression model is used to uncover potential nonlinearities in this relationship. Findings: Initially, the study identifies a negative correlation between increased finance and private investment. However, further analysis using the dynamic threshold regression model reveals a critical threshold level of finance. Specifically, the threshold is found to be 6.52% of domestic credit to the private sector and 23.18% using the financial development index. Below this threshold, finance negatively impacts private investment, while surpassing this threshold leads to positive growth in private investment. These findings indicate an issue of "too little" finance in the finance and private investment nexus in sub-Saharan Africa. The results are robust across different model specifications. Research limitations/implications: The implications of this study highlight the importance of identifying critical thresholds for financing to enhance investment expenditures in the region. Originality/value: This study contributes to the literature by uncovering nonlinearities in the finance-investment nexus in sub-Saharan Africa. The identification of critical thresholds provides valuable insights for policymakers, emphasising the need to strengthen the financial sector in countries operating below these thresholds to promote private investment and economic growth. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economics & Administrative 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.)

We offer several suggestions for researchers using corporate bond return data. First, despite clear instructions from older papers (e.g., Bessembinder et al., The Review of Financial Studies 22:4219–4258, 2009) about ways to compute credit excess returns, a lot of recent research simply subtracts a Treasury Bill return. We show that this imprecision is likely to contaminate inferences, as the rate component of returns is negatively correlated to the spread component. This is a problem for all research looking at corporate bond returns, especially time series analysis and safer corporate bonds (e.g., investment grade). We provide a simple approach using Wharton Research Data Services (WRDS) data to remove the interest rate component of corporate bond returns. Second, we note significant differences in the coverage of corporate bonds across the Trade Reporting and Compliance Engine (TRACE) platform and typical corporate bond indices. We provide some simple rules for researchers who are using TRACE to select a subset of bonds closest to those contained inside corporate bond indices used by institutional investors. Third, we note differential quality in the prices and hence returns between TRACE and typical corporate bond indices. Corporate bond returns provided by corporate bond indices (i) correctly estimate credit excess returns, (ii) are synchronous for the entire set of bonds, allowing for consistent cross-sectional comparability, and (iii) suffer less from stale pricing issues. Due to these coverage and data quality issues, researchers should try, where possible, to source return data from multiple sources to ensure the robustness of their results. [ABSTRACT FROM AUTHOR]

So-called "middle authors," being neither the first, last, nor corresponding author of an academic paper, have made increasing relative contributions to academic scholarship over recent decades. No work has specifically and explicitly addressed the roles, rights, and responsibilities of middle authors, an authorship position which we believe is particularly vulnerable to abuse via growing phenomena such as paper mills. Responsible middle authorship requires transparent declarations of intellectual and other scientific contributions that journals can and should require of co-authors and established guidelines and criteria to achieve this already exist (ICMJE/CRediT). Although publishers, editors, and authors need to collectively uphold a situation of shared responsibility for appropriate co-authorship, current models have failed science since verification of authorship is impossible, except through blind trust in authors' statements. During the retraction of a paper, while the opinion of individual co-authors might be noted in a retraction notice, the retraction itself practically erases the relevance of co-author contributions and position/status (first, leading, senior, last, co-corresponding, etc.). Paper mills may have successfully proliferated because individual authors' roles and responsibilities are not tangibly verifiable and are thus indiscernible. We draw on a historical example of manipulated research to argue that authors and editors should publish publicly available, traceable contributions to the intellectual content of an article—both classical authorship or technical contributions—to maximize both visibility of individual contributions and accountability. To make our article practically more relevant to this journal's readership, we reviewed the top 50 Q1 journals in the fields of biochemistry and pharmacology, as ranked by the SJR, to appreciate which journals adopted the ICMJE or CRediT schools of authorship contribution, finding significant variation in adhesion to ICMJE guidelines nor the CRediT criteria and wording of author guidelines. [ABSTRACT FROM AUTHOR]

The growth of the agriculture sector is a key factor in the survival of the Nigerian economy. However, the production and productivity of this sector have been lower than expected recently. The country is now a net importer of some crops that were previously produced in large quantities. Hence, with the aim to identify factors that influence the sector, the study specifically establishes the relationship between the agricultural sector growth proxy by the agricultural production index and the credit policy variables in Nigeria. The research utilized the flexible autoregressive distributed lag (ARDL) approach to determine the presence of co-integration. The estimated long-run and short-run models demonstrated the best, most efficient, and unbiasedness qualities. The findings revealed that loans from commercial banks and the Agricultural Credit Guarantee Scheme Fund (ACGSF) have a significant positive impact on the agricultural sector's growth in the long run. Conversely, the long-run agricultural growth exhibited a negative relationship with the domestic credit to the private sector and lending interest rate. This finding underscores the importance of boosting commercial bank loans to the agricultural sector and increasing credit volume from the Agricultural Credit Guarantee Scheme Fund. Furthermore, it highlights the necessity of introducing more financial incentives to attract domestic private investments and lowering the lending interest rate on agricultural credit within the country.

This study examines the complex interactions between economic growth, urbanization, and environmental sustainability in Bangladesh, with a focus on the impact of Foreign Direct Investment (FDI), urban population expansion, and domestic credit availability on CO2 emissions. Leveraging time series data from 1990 to 2021, the research employs robust econometric models, including Ordinary Least Squares (OLS) regression and Error Correction Model (ECM), to disentangle the short-term and long-term influences of these factors on environmental degradation. The findings reveal a nuanced relationship: while FDI appears to contribute to a reduction in CO2 emissions, likely due to the infusion of cleaner technologies, urbanization and increased domestic credit significantly exacerbate emissions, underscoring the environmental costs of rapid economic development. These results highlight the urgent need for policy interventions that align economic growth with environmental sustainability, particularly through the promotion of sustainable urbanization and responsible investment practices.

L’étude contribue à une meilleure compréhension des dynamiques financières informelles des femmes guinéennes. Issu des données quantitatives, cet article met en évidence la diversité des pratiques informelles d’épargne (thésaurisation, banquiers ambulants, gardes-monnaie), de crédit (aides interpersonnelles, prêts solidaires associatifs, prêts sur gages, prêt usuraire) ainsi que d’épargne-crédit (tontines) utilisées par les femmes pour initier ou renforcer leurs activités économiques, qu’il s’agisse de petit commerce, d’agriculture ou d’artisanat. Ces pratiques informelles d’épargne et de crédit sont adaptées au contexte local et permettent aux femmes d’échapper aux contraintes des mécanismes formels de financement (microcrédit) auxquels elles sont souvent exclues, en raison de manque de garanties de remboursement.