This study attempts to present a brief survey of the major aspects of consumer credit in the United States today: credit institutions in general, co-operative and non cooperative consumer credit agencies, and the regulation of such agencies. A special chapter is devoted to consumer credit in Texas, with emphasis upon the fight which certain Texas cities are making against the loan-shark evil.

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by Charles C.M. Kam. / Thesis (M.Comm.)--Chinese University of Hong Kong, 1969. / Bibliography: leaves 104-107.

Lai Wing Ying, Michael. / Summary in Chinese. / Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography: l. 140-141.

Summary in Chinese. / Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography: l. 81-83.

The expected yield to maturity on a defaultable obligation equals the nominal yield less expected default losses. However, in a mark-to-market world, one doesn't have the luxury of reporting one's performance on the basis of yield to maturity. Total return is calculated for an arbitrary holding period, and must reflect any mark-to-market gains or losses as at the close of the period-gains or losses that can be triggered by the bond's upgrade or downgrade. Thus to estimate expected total return, one must estimate not only expected default losses, but also the impact on capital price of expected ratings transitions. This paper begins with the observation that a bond which is blessed by more favourable transition characteristics is likely to produce a higher total return, and poses the question of how that benefit can be quantified. How much is it worth? To answer the question, I start by specifying a formal bond-pricing model reflective of ratings transitions. I survey various statistical methods and past research efforts to identify the ratings-transition matrix which best parametrises the model, and propose a novel test for selecting between competing matrices. Using this approach, I replicate several important studies of ratings transitions. I also use it to examine new published and unpublished data, testing for (and finding) ratings path-dependency, and otherwise exploring the effect of ratings changes on different bond sectors. I then turn to the question of whether it is possible to estimate bond-specific transition probabilities, and propose a way to do so. I combine these efforts into the specifications for a pricing model capable of answering the question: How much is it worth?

Mid-sized and small businesses often have few resources with an unsteady foundation. Therefore, they tend to encounter more risks and challenges in operation and management, relative to large corporations. As a result, most countries have policies to help the development of mid-sized and small businesses. One of them is the credit guarantee system, providing these businesses one of the basic financing mechanisms. The credit guarantee system in Taiwan is still immature. This study examines credit guarantee systems across countries. First, it summarizes the characteristics of various credit guarantee organizations, their funding sources, their cooperative relationship with banks, the strategies in controlling risks, and the operating mechanisms. Next, it compares the weaknesses and advantages between the guarantee system in Taiwan and other countries. Finally, based on the experience of other countries, it provides suggestions for improving the system in Taiwan, and hopes to enhance its functions in order to provide better and more efficient financing services for the mid-sized and small businesses.

Under the impact of double cards in the past two years, domestic banks have tightened the business of the double cards and been stricter on the examination of credit terms such as house loans with guarantees. The focus of credit business has been switched to corporate finance from consumer finance. The credit to small/medium enterprises is the main goal. In the long past, economic policies of the government have aimed at helping small/medium enterprises in sustainable development. From the data of White Paper on Small/medium Enterprises, close to 97.8 (over 1.16 million) companies in 2005 in Taiwan were small/medium enterprises, which have been the cornerstone of macroeconomic development in Taiwan. It is an urgent job to foster professional credit personnel to meet the needs of government¡¦s policies or in the overall financial environment. The purpose of this study is establish and develop the required knowledge, skills and qualities at work of credit personnel at banks to small/medium enterprises in order to help banks¡¦ recruitment, screening/training development, and improving/ehnahcing job performance to have the personnel make contribution to the banks. The process is literature exploration, job analysis and behaviorial interviews to establish competency structure and competency scale. Formal interviews are made with middle/high ranking supervisors at banks of different nature with over 10 years of experiences in lending to small/medium enterprises. Questionnaires are collected for statistics and analysis to develop the competency model of credit personnel. The conclusions are: 1. The required competency of credit personnel to small/medium enterprises includes product knowledge, market information,judgment,communication, activeness/aggresiveness, mofive of acheivment and establiment of relations. Banks of different nature have slightly views on the competency, which is resulted from the corporte culture, organization structure or other factors. Future researchers can focus on this. 2.For a successful credit staffer to small/medium enterprises, the most important is qualities in the competency, followed by professional knowledge. Skills are relatively less important. Judement is the most significant in the skill aspect, which is apparently different from that of common sales representatives. Future resarchers can focus on whether it has anything to do with the nature of the products sold. Keywords : competency, credit, credit personnel, small/medium enterprises

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