Thesis advisor: Richard McGowan / The author focuses on property formalization, microfinance and their effects on empowering the poor in Peru. For this purpose, the author will first analyze the economic and social conditions in which the microfinance initiative has taken place in Peru as well as its informal economy. Then, the author will explain the advantages and disadvantages that microfinance and property formalization have had as economic tools used to confront the problem of collateral. The author argues that both economic tools, if used together, may have a greater impact in the poor’s economic empowerment. The poor’s economic empowerment will be understood as the decrease in interest rates in the microfinance sector. Hence, Peruvian Microfinance Institutions – represented by Peru’s leading MFI “Microfinanzas Prisma – will be analyzed through regression analyses with intervention variables to simulate the correlations between collateral and interest rates in the microfinance sector. The results demonstrate that formal property, although correlated with interest rates up to a certain point, may not have a significant correlation with interest rates beyond that point. The author will finally interpret the results of the empirical analyses and will make some recommendations that could be implemented as development policies. A proposal would be based on the joint use of microfinance and formal property to further decrease interest rates and therefore empower the individuals borrowing below the point at which collateral has no significance correlation with interest rates. Concepts such as social capital and community organization will be addressed to further enhance the impact of collateral on interest rates. / Thesis (BA) — Boston College, 2011. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Economics Honors Program. / Discipline: Economics.

The advantages of administering an adaptive test battery, a collection of multiple adaptive subtests that are specifically tailored to examinees’ abilities, include shortening the subtest length and maintaining the accuracy of individual subtest scores. The test battery can incorporate a range of subjects, though this study focused primarily on Math and Reading. This study compared different ways of incorporating collateral information (CI), supplementary information beyond examinees’ current test performance, under two frameworks (Unidimensional and Multidimensional computerized adaptive testing). It also investigated the impact of subtest intercorrelations (the relationship between an examinee’s test scores), as well as the sequences of subtest administration on ability estimation in a variable-length adaptive battery. Practical issues including content constraints and item exposure control were also considered. Findings showed that the CI methods improved measurement efficiency with an acceptable level of measurement precision. The CI was more beneficial when associated with higher intercorrelations among the subtests. Also, the CI was found to be advantageous during the early stages of the subtests which were not taken first. Therefore, the CI may improve the examinee experience by administering items more aligned with their abilities. In addition, the CI should reduce costs for testing organizations by requiring fewer items and possibly saving seat time, while still providing reliable scores. The results should help practitioners decide whether the use of the CI is worthwhile under their particular testing situation.

Thesis (Ph. D.)--University of Missouri-Columbia, 2008. / "May 2008" The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Vita. Includes bibliographical references.

This research provides a thorough review of the research on priming and marketing (essay 1) as well as empirically explores several unintended consequences of priming (essay 2) and the antecedents to priming effects (essay 3). In essay 1, priming research is reviewed using a classification system based on priming outcome using the ABC model of attitudes (i.e., affective, behavioral, and cognitive priming). The priming process is discussed, and types of priming in each category are reviewed before challenges in the priming process are discussed. In essay 2, non-product-centric (i.e., collateral) primes (e.g., co-branding, sponsorship, cause marketing) are explored. This research explores how collateral information works as a prime to influence product evaluations, specifically with application to cause marketing. Study 1 of essay 2 explores the consumer outcomes of collateral communication primes by showing that adding a health cause to a cookie package (i.e., the prime) significantly increases product health perceptions. Study 2 explores limits on collateral communication priming and finds that health charities on product packaging increase brand attitude and purchase intentions, while disclaimers increase processing and reduce prime effects. Study 3 explores person specific antecedents to collateral communication primes revealing that an individual's theory of mind leads to ad skepticism that, in turn, influences reaction to primes. Essay 3 specifically examines the theoretical framework underlying priming effects by examining priming from two bodies of competing theory rooted in individual and social antecedents to behavior. Study 1 of essay 3 confirms past findings and develops materials to be used in studies 2 and 3 by showing that spokesfigures are marketer-supplied cues that vary in manipulativeness, and these cues interact with other cues, such as complexity and persuasion. Study 2 provides support for individual antecedents to cue-based primes (cognitive abilities, as measured by working memory capacity, and advertising skepticism). Study 3 builds on study 2 by adding in social antecedents (theory of mind and psychological reactance) to develop a comprehensive model of consumer information processing. All together, these three essays explore the literature on priming and marketing and provide a more holistic understanding of the antecedents to priming effects. / 2016-09-29

[pt] O objetivo desta tese é entender o papel de frições de credito em modelos de Equilíbrio Geral com mercados financeiros incompletos. Primeiro, o trabalho estuda a importância das restrições ao endividamento dos agentes para a existência de equilíbrio monetário em uma economia com informação simétrica onde a moeda (aqui caracterizada como um ativo que não paga dividendos, pode ser vendido a descoberto e está em oferta líquida positiva) tem apenas o papel de reserva de valor e é o único ativo da economia. Além disso, mostra que, apesar da moeda possibilitar as transferências de riqueza intertemporais e entre os estados da natureza, o equilíbrio monetário ainda é Pareto ineficiente. A tese também caracteriza a hipótese de impaciência uniforme, um importante requerimento para a existência de equilibrio, em termos das propriedades assintóticas dos fatores de desconto intertemporal. Como consequência, mostra que desconto hiperbólico é incompatível com a impaciência uniforme de funções de utilidade separáveis. Finalmente, mostra que, se os ativos financeiros são colateralizados para a proteção dos emprestadores em caso de default, sempre existe equilíbrio em um modelo de dois períodos com mercados incompletos e informação assimétrica onde os ativos são nominais, independente da estrutura informacional. / [en] This thesis aims to understand the role of credit frictions in general equilibrium models with incomplete financial markets. First, this work studies the importance of debt constraints for the existence of monetary equilibrium in an economy with symmetric information and where money has only the role of store of value. It also characterizes the uniform impatience assumption, an important requirement to equilibrium existence, in terms of asymptotic properties on intertemporal discount factors. Finally, it shows that, if assets are collateralized in order to protect lenders in the case of default, equilibrium always exists in a two-period incomplete markets model of asymmetric information with nominal assets, independently of the financial-informational structure.

We allow for heterogeneity in investors' ability to borrow from collateral in a Kiyotaki-Moore style macro model. We calibrate the model to match the quintiles of the distribution of leverage ratios of US non-financial firms. We show that financial amplification of the model with heterogeneous investors can be orders of magnitude higher, because of more pronounced asset price reactions. / Series: Department of Economics Working Paper Series

Abstract The role of relationship banking has been the subject of intensive discussion in recent years. A large body of the literature has examined the benefits and costs related to lender-borrower relationships in small business finance. Despite the numerous studies conducted in both market-based and bank-based economies, the specific sources of the determinants of the value of relationship lending are ambiguous. However, many research results imply that a close and long-term relationship with the bank is desirable for small businesses. In this study, we investigate the sources of value in Finnish lender-borrower relationships in small business finance. We conduct three separate empirical studies that cover the following aspects of relationship banking: determinants of the value of the bank-firm relationship, collateral requirements and borrower risk, and the comparison of the different characteristics of relationship banking in bank financing and non-bank financing. We use unique and detailed credit file data from two sources, bank data from one of the largest banks in Finland and non-bank data from a large financial institution owned by the Finnish state. Both datasets cover the period 1995 to 2001. Our main findings are the following. First, duration and scope are important characteristics in determining the sources of value in the bank-firm relationship. We find that a longer relationship tends to lower the cost of the credit, and that wider scope tends to decrease the collateral requirements significantly. Second, a long-lasting bank-firm relationship is beneficial, especially to high-risk firms. As the relationship matures, loan premiums for high-risk firms decrease at a higher rate than for low-risk firms. Third, low-risk borrowers put up more collateral than high-risk borrowers, which implies the existence of a signaling effect. According to the signaling theory, low-risk firms are willing to pledge more collateral than high-risk firms. Fourth, when comparing bank and non-bank credit files, we find that bank-firm characteristics are not fully transferable to the relationship between a non-bank and a firm.

Traditionally, emphases in the mass media coverage of almost all crimes have been placed on the alleged offender and the victim (and on occasion, their families). As a result, the families of offenders have been either largely ignored or presented unfairly even though their lives have also been devastatingly impacted by the media coverage of their loved one. While scholars have explored the impacts of offending on offenders’ relatives, this exploratory study adds to the literature by focusing on a uniquely marginalized sub-population of relatives of sex offenders in Canada. This study examines some of the collateral consequences of sex offending on the relatives, while focusing primarily on the impacts and effects of media coverage on these relatives. The findings of this study are based on a thematic analysis of nine in-depth semi-structured interviews with partners, mothers and daughters of Canadian adult male sex offenders. Drawing on the theoretical contributions of Herbert Blumer’s (1969) symbolic interactionism and Erving Goffman’s (1963) stigma, this research finds that relatives of sex offenders encounter a myriad of consequences and repercussions resulting from a loved one’s sexually offending behaviour. In particular, the interview data suggests that the media coverage of a loved one’s criminalized behaviour exacerbates many of the already difficult and challenging collateral consequences, as well as the overall stigmatizing effects that arise when a loved one engages in sexually offending behaviour. Recommendations, offered by the participants, regarding future media reporting practices are presented, along with important directions for future research within this area of study.

Clinical evidence indicates a higher incidence of peripheral arterial occlusive disease and associated likelihood of critical limb ischemia in women, as well as worse prognosis and decreased survival post myocardial infarction. Therefore, understanding the possible differences in underlying vascular compensation mechanisms is crucial. With arterial occlusions, necrosis and tissue injury can be naturally mitigated by the collateral circulation, improving patient prognosis. Previous sex-comparison studies describing differences in vascular remodeling are inconsistent. Therefore, the aim of this study was to describe the effect of arterial occlusion on collateral remodeling in healthy male and healthy reproductive-stage female mice. At 7 days following femoral artery ligation in C57Bl/6 and BALB/c mice, there were no sex-related differences in functional ambulatory recovery. There were no sex-related differences in mechanoadaption indicators in the collateral stem- vascular smooth muscle cell (VSMC) length and overlap, with the exception of longer smooth muscle cells in male C57Bl/6 mice, VSMC lengths 329 ± 19 verses 288 ± 13 μm, male and female. Collateral midzone luminal and abluminal diameters, as well as wall thicknesses were not different between sexes. As comprehensive sex-specific differences were not captured in our specific investigation of arteriogenesis, an evaluation of microvascular remodeling in the ischemic zone and collateral vasodilation would be of interest, as would evaluating arteriogenesis following oophorectomy with estrogen depletion. The determination of any underlying mechanistic sex-specific differences could be the foundation for which targeted therapeutics are developed, which will be crucial for closing the prognosis gap between men and women in the global treatment of peripheral arterial occlusive disease.

Magister Artium (Development Studies) - MA(DVS) / This thesis is both a qualitative and quantitative study, investigating the sustainability of Credit Management Services Limited (CMS) within the broader context of the Zambian micro finance industry. Micro finance is regarded as one of the tools for poverty reduction. As such, making microfinance available to many poor people is the purpose of microJinance. Over the years it has become clear that microfinance institutions have to operate efficiently and be self-sustai nable in order to continue assisting the poor. However. in spite of the support and encouragement given for sustainability, evidence shows that there are few sustainable microfinanee institutions in the world. The various factors impacting upon sustainability therefore, need to be examined and means of enhancing sustainabi Ii ty mapped out. The study brought to the fo re the main viewpoints regarding sustainability and how they have been inl1uenced by experiences of MFls around the world. The framework for discussion and analysis of operational sustainability, financial sustainability and operational e ffi ciency is also set out. The study discusses the Zambian microfinance industry and shows how and why the industry has emerged and grown in the past decade. Some constraints are identified that need to be dealt with in order to enhance sustainability of the industry. The study of CMS reveals that the institution is not yet fi nancially sustainable, but that its effi ciency levels are steadily increasing as it has put in place mechanisms to recover costs, charge economic rates of interest and increase and maintain its client outreach. Indicators are that it is moving in the right direction with its cost recovery. increasing client outreach and utilization of loans for on-lending as opposed to subsidies. This study therefore draws on the general experiences of the Credit management Services in order to draw lessons for the Zambian industry. The study will argue the case that though sustainability is difiicult to achieve, there arc positive indicators in the Zambian industry that this is possible and that CMS could be considered as an example. This claim is verified against the experi ence on the ground of Credit Management Services. The study concludes that building a sustainable microfinance industry anywhere is not the easiest task. Sustainabi lity is possible but requires a lot of investment in capacity bui lding and del iberate steps for cost effi ciency, appropriate pricing poli cies and an increased client outreach. The Zambian situation characterised by even a younger industry. will require not only a concerted effort in capacity building, but much more, the need to counter constra ints in the external environment of Mrls. Recommendations lo stake holders inc lude the need to utilise cheaper local human resources and invest in strengthening local institutions owned by local communities, to enhance the sustainability or micro finance initiatives.