Set Of Loans Research Articles

Repayment policy for multiple loans.

The Repayment Policy for Multiple Loans is about a given set of loans and a monthly incoming cash flow: what is the best way to allocate the monthly income to repay such loans? In this article, we close the almost 20-year-old open question about how to model the repayment policy for multiple loans problem together with its computational complexity. Thus, we propose a mixed integer linear programming model that establishes an optimal repayment schedule by minimizing the total amount of cash required to repay the loans. We prove that the most employed repayment strategies, such as the highest interest debt and the debt snowball methods, are not optimal. Experimental results on simulated cases based on real data show that our methodology obtains on average more than 4% of savings, that is, the debtor pays approximately 4% less to the bank or loaner, which is a considerable amount in finances. In certain cases, the debtor can save up to 40%.

Securitization and lending standards: Evidence from the European wholesale loan market

We assess the relative effect of securitization activity on banks’ lending rates employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that in the run-up to the 2007–2009 crisis banks more active at originating asset-backed securities did not price their loans more aggressively (i.e. with narrower lending spreads) than non-active banks. We show that also within the set of loans that were previously securitized, the relative level of securitization activity by the originating bank is not related to narrower lending spreads. Our findings, which are limited to the cross-sectional impact of securitization, suggest that the effect of securitization on the cost of corporate funding appears to be quite limited.

Sharing Private Information with Customers: Strategic Default and Lender Learning

I use a unique data set of loans to small business owners to examine whether lenders face negative externalities when they share private information with borrowers. When lenders grant debt forgiveness to borrowers, borrowers communicate that information to other borrowers, who are then more likely to strategically default on their own obligations. This strategic default contagion is economically large. When the lender doubles debt forgiveness, contagion causes the default rate to increase by 10.9% on average. Using an exogenous shock to the lender’s forgiveness policy, I further show that as the lender learns about the extent of borrower communication it tightens its debt forgiveness and origination policies to reduce information spillovers and mitigate the default contagion. Collectively, these results provide new evidence on the strategic interactions between a firm and its customers in a dynamic information environment.

Securitization and Lending Standards: Evidence from the European Wholesale Loan Market

We assess the effect of securitization activity on banks’ lending rates employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, in the run up to the 2007-2009 crisis banks that were more active at originating asset-backed securities did not price their loans more aggressively (i.e. with narrower lending spreads) than less-active banks. Using a unique feature of our dataset, we show that also within the set of loans that were previously securitized, the relative level of securitization activity by the originating bank is not related to narrower lending spreads. Our results suggest that while the credit cycle seems to have a major impact of lending standards, the effect of securitization activity appears to be very limited.

Securitization and Lending Standards: Evidence from the European Wholesale Loan Market

We assess the effect of securitization activity on banks' lending rates employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that, in the run up to the 2007-2009 crisis banks that were more active at originating asset-backed securities did not price their loans more aggressively (i.e. with narrower lending spreads) than less-active banks. Using a unique feature of our dataset, we show that also within the set of loans that were previously securitized, the relative level of securitization activity by the originating bank is not related to narrower lending spreads. Our results suggest that while the credit cycle seems to have a major impact of lending standards, the effect of securitization activity appears to be very limited.

Research on probability of default prediction based on loan company's credit fund trading behaviours

The probability of default (PD) is an important parameter to quantify credit risk, which is usually impacted by some less frequent accidents, such as market factors or the macroeconomic climate changes. The traditional approaches to estimate PD, such as expert–method or pattern classification based on a set of financial indicators, are heavily dependent on financial reports offered by borrow–customers, and can lead to unreliability and long–time lags in forecast. According to the business schema of loan–fund expenditure surveillance in some commercial banks in China, this paper proposes a support vector machine (SVM) PD classifier constructed on a set of loan–fund expenditure behaviour features, which can be directly collected from the fund trading databases of the banks in time. For the sake of comparison, both of the Logistic and SVM models are tested in this paper to predict PD, and their classification accuracy can be up to 84.6% and 89.4% respectively.

Securitisation and Lending Standards: Evidence from the Wholesale Loan Market

We assess the effect of securitization activity on banks’ loan pricing practices employing a uniquely detailed dataset from the euro-denominated syndicated loan market. We find that in the run up to the 2007-2009 crisis banks that were more active at originating asset-backed securities did not price their loans more aggressively (i.e. with narrower loan spreads) than non-active banks. Using a unique feature of our dataset, we show that within the set of loans which were already securitized, the amount of securitization activity by the originating bank was not related to lower loan spreads. Our results therefore suggest that broad credit cycle conditions correspond much stronger with looser credit standards (measured via price aggressiveness) than securitization activity.

Some Remarks on the Caucasian Albanian Palimpsests

AbstractThe so-called Caucasian Albanian Palimpsest kept in St. Catherine's Monastery on Mt. Sinai for the first time allows to draw a comprehensive picture of one of the languages (probably the state language) of the third medieval Christian kingdom in Transcaucasia, namely (Caucasian) Albania. The relevant parts of the two palimpsest manuscripts (Sin. N 13 and N 55) covering roughly 120 pages (that is two thirds of the two manuscripts) have been deciphered, interpreted, and translated in the course of an international project running since 2003. The Caucasian Albanian texts comprise a) fragments of a Lectionary, and b) parts of the Gospel of John, written by a different hand in a different style. A number of both text-internal and text-external arguments suggest that the original manuscripts were produced in the 7th century A.D. The analysis of the texts clearly argues in favour of the assumption that the translators relied upon corresponding Old Armenian sources. Nevertheless, it can be shown that the texts in parts deviate from those Old Armenian Bible texts that have survived to our days, so that Georgian, Greek, and Syriac sources must also be taken into account. The readable passages of the two texts furnish us with roughly 8,000 word tokens (some 1,000 lemmatised lexical entries). Hence, the Caucasian Albanian palimpsest gives a considerable insight into the lexicon, grammar, and phonology of its language, which can now safely be identified as an early variant of Udi (East Caucasian, Lezgian). Caucasian Albanian (or Old Udi) differs from present-day Udi in a number of features, including an additional set of palatalised consonants, a more conservative system of local case markers, gender distinction within the set of anaphoric pronouns, and a stronger tendency to construe larger clitic chains. The lexicon is marked for three aspects: a) the preservation of Lezgian terms lost in present-day Udi; b) a set of loans from Armenian and (less prominent) from Georgian; c) loan translations especially from Armenian. The syntax of the texts comes close to that of its sources; however, the texts also exhibit a number of syntactic features alien to both Armenian and Georgian. This suggests that the translators tried to find a balance between the preservation of the original wording of the sources and the necessity to meet the needs of the Caucasian Albanian speaking audience.

The Impact of a Microfinance Program on Client Perceptions of the Quality of Care Provided by Private Sector Midwives in Uganda

To assess the impact of a microfinance program that provided business skills training and revolving loans to private sector midwives on perceived quality of services and client loyalty. A quasi-experimental study with a pretest, posttest design was used to evaluate the impact of the intervention. Exit interviews were conducted at 15 clinics that received the intervention and 7 clinics that did not. Baseline exit interviews were conducted between November and December 2000. Five days of business skills training were provided to midwives, and loans (averaging $454) were given during January and February 2001. A follow-up clinic visit was made to assess whether midwives were implementing what was emphasized during the training. The loans were to be repaid with interest within 6 to 12 months, at an interest rate that is standard within the local commercial market. For those who repaid the first set of loans (11 clinics), a second set of loans (averaging $742) was provided after June 2001. Follow-up exit interviews were conducted at the same clinics between February and March 2002. We assessed the effect of the intervention at both clinic and client levels. T-tests, the analysis of variance, and multivariate logistic regression analysis were conducted. These findings should be interpreted cautiously since secular trends were observed during the study period. The intervention was associated with improvement in clients' perceptions of the quality of care received at intervention clinics. The intervention was also associated with a higher level of client loyalty. The enthusiastic response of midwives and the high loan repayment rate indicate that midwives were very receptive to the microfinance program. Overall, these findings suggest that microfinance may have an important role in strengthening private sector health services by increasing private providers' business skills and clients' satisfaction with services.

The Registry of Radiologic Pathology of the Armed Forces Institute of Pathology

The mission of the Registry of Radiologic Pathology is fivefold: (1) To provide a Library of Roentgen Pathology, a central archives where there are assembled for review and study not only cases referred directly to the Armed Forces Institute of Pathology, but also representative cases from teaching collections throughout the country. (2) To conduct a teaching program for residents and fellows in roentgenology, which features a correlation of roentgen signs with pathologic findings. The meetings and seminars of the established course are based on joint teaching by a radiologist and pathologist team. (3) To provide for the loan to individuals or groups throughout the country of teaching materials based on the massive library. These materials consist of projection slides of radiographs and correlations of gross and histological pathology with an appropriate text as a guide. The loan set is the means whereby all radiologists may be provided with the basic teaching that is carried out in the Registry courses. (4) To conduct a research program for the analysis of roentgen signs. The library material is studied and coded for recurrent patterns of disturbed morphology, and these are summarized into groupings. The results are published in teaching notes and “gamut cards” (differential diagnosis awareness lists). Recently there have been discussions about possible computer applications since AFIP is now operating an IBM 360, model 30, computer. (5) To emphasize the importance of radiologic-pathologic correlation in the education of radiologists through lectures, conferences, seminars, and exhibits at the AFIP and elsewhere. Articles emphasizing this correlation will be submitted to the national radiology journals regularly in the future. Scope The facilities of the Registry are a part of the public domain of the AFIP and are open to radiologists everywhere without fees. The only requirement is that an applicant for the formal course have at least one year of diagnostic radiology training. Radiologists do not necessarily have to enroll in the formal course but are welcome to observe or study for a few days, weeks, or even months upon application to the AFIP. Residents and fellows from all over the world and every part of the United States have been enrolled. Most of the major medical teaching centers have been represented. There have been innumerable visits by native and foreign radiology faculty members, either for observation, for file review, or in guest lectureships. A program of monthly consultant appointments has resulted in the regular participation in Registry activities of men bearing some of the most illustrious names in the history of radiology. Support Over the years the Radiological Society of North America, the American Roentgen Ray Society, the American College of Radiology, and recently the Canadian Association of Radiologists have given generously toward fellowship stipends, secretarial salaries, and other important needs of the Registry.