Today's mortgage industry is constantly changing, with adjustable rate mortgages (ARM), loans originated to the so-called "subprime" market, and volatile interest rates. Amid the changes and controversy, lenders continue to originate loans because the interest paid over the loan lifetime is profitable. Measuring the profitability of those loans, along with return on investment to the lender is assessed using Actuarial Present Value (APV), which incorporates the uncertainty that exists in the mortgage industry today, with many loans defaulting and prepaying. The hazard function, or instantaneous failure rate, is used as a measure of probability of failure to make a payment. Using a logit model, the default and prepayment risks are estimated as a function of interest rate. The "optimal" interest rate can be found where the profitability is maximized to the lender.

<p>The first of the two essays in this dissertation uses primary data from Bangladesh to explore the role of microloan repayment frequency (weekly vs. bi-weekly, assigned randomly) on loan repayment performance of microfinance borrowers after controlling for their inherently distinct time preferences. The findings show that the borrowers’ individual time preference is an important determinant of their repayment behavior. Specifically, the repayment performance of present-biased borrowers improves significantly when they happen to be assigned to the weekly repayment schedule instead of the bi-weekly schedule. Also, irrespective of time preference, borrowers are found to invest more in new businesses under a more flexible (i.e., bi-weekly) repayment schedule. Overall, our findings suggest that instead of a "one size fits all" approach, by offering loans with a weekly (bi-weekly) repayment schedule matched to the present-biased (time-consistent) borrowers, the MFIs might be able to minimize their transaction costs while ensuring high repayment rates. This would also benefit the borrowers by enabling them to venture into new business investments. </p> Using primary data from Bangladesh, the second essay seeks to examine two aspects of religiosity that might affect the microfinance borrowers’ repayment performance. First, whether individual religiosity influences repayment behavior. Second, whether the impact of religiosity changes with borrowers’ age, and level of community religiosity. The results show religiosity to be a significant determinant of a borrower’s repayment behavior, as individuals with higher religiosity are found to be better borrowers. Also, the positive impact of religiosity is stronger for older borrowers, and for borrowers who live in comparatively less religious community. These findings indicate that MFIs can take into consideration the degree of individual and community religiosity to decide on the intensity of supervision required for borrowers. Borrowers with higher level of religiosity can possibly go on with minimal level of supervision as they are less likely to default. This reduced supervision would reduce travel costs incurred by MFI staff, making operations more cost-effective. This will also help free up loan officers’ and borrowers’ time. Thus, MFIs and borrowers can take advantage of this and invest time to other productive activities. The MFIs can also make better use of the freed-up staff to increase coverage.

The present manifests in a nebulous soup of imagination, and is a state of unbounded curiosity. It is a weaver who stitches what-has-been to what-will-be-has-been. My work prods an American sense of progress, and the effects it has on shaping our future from its seat in the present as it attempts to evade history.

<p>This paper analyses the pricing on spare parts. Empirical studies have showed that manufacturers of durable goods make an unproportional large profit on its spare parts in relation to the revenue it generates. It is first showed that according to the standard economic model the price on spare part ought to be zero since the producer include an insurance in the price of the main good. Further it is showed that moral hazard alone do not explain the pricing found in the studies. Finally an analysis of whether consumers with present-biased preferences could be a possible explanation is made. The analysis finds that it is a possibility however somewhat unlikely.</p>

This paper analyses the pricing on spare parts. Empirical studies have showed that manufacturers of durable goods make an unproportional large profit on its spare parts in relation to the revenue it generates. It is first showed that according to the standard economic model the price on spare part ought to be zero since the producer include an insurance in the price of the main good. Further it is showed that moral hazard alone do not explain the pricing found in the studies. Finally an analysis of whether consumers with present-biased preferences could be a possible explanation is made. The analysis finds that it is a possibility however somewhat unlikely.

In this study, based on the basic theory model ¢wGordon-Schaefer model is used to discuss the equilibrium levels for yellowfin tuna in the Western and Central Pacific of open access (OA) and present value maximization (MPV). And then to compare the catches and the stocks on the two model¡¦s equilibrium value, the result shows the management of yellowfin tuna in the Western and Central Pacific tend to MPV model, the regional fisheries organization (RFMO) to detect the implementation of the measures (MCS) is significant; in addition, use sensitivity analysis and then to understand the changes on the stocks and the effort quantities effected by varying different parameters. In OA, if you want to get effectively maintain the sustainability of the stocks, should be considered to reduce the price and the catch coefficient, increase the cost per unit of effort to control; in MPV, we can understand that the catch coefficient and the intrinsic growth rate have a bigger influence in the effort quantities; Finally, by simulating the catches and the stocks, that if it can continue to effectively manage fishery by MCS in the future, the catches and the stocks of yellowfin tuna will tend to balance the value of MPV, and so on, not only resources effective use of maximum profit and maintaining our fleet of ocean-going business interests, but also resources can be sustainable.

In this research, using the statistic catch data of northwest pacific saury from the Overseas Fisheries Development Council of The Republic of China between 2004 to 2007 to conduct an resource assessment on pacific saury. First of all, calculate and compare the equilibrium level of open access fishery and the net present value maximization fishery. And then, using the northwest pacific saury statistic catch data from the Food and Agriculture Organization of The United Nations between 2005 to 2007 for the simulation analysis of resource of pacific saury, and the results simulated with the two fishing grounds of the equilibrium value for comparison. The results showed that the problem of depletion of the resource does not exist. The final, assumption that the value of parameters are changing in the range of reasonable in order to understand the impact of the changing in the fishery resource of the stock and effort. Collate and analyze the results, and expect that the results can be a management reference for the management of the northwest pacific saury fisheries.

A unique business opportunity has been presented to me. I have been invited to create a small business that would initially offer mechanical design services to two main customer segments: automotive and biomedical device companies. My main responsibility is to help frame the small business and act as an investor partner. I will act as a silent partner once the day to day operations begin. My main focus of this paper is to provide practical information to answer many specific questions about starting this small business. A Net Present Value (NPV) and Profitability Index (PI) analysis will help me determine whether the required initial investment capital will be a good investment for all the parties involved. The legal aspect of managing people in a small business with less than 15 employees will be also reviewed. The conclusions from the Human Capital Framework and the main components of a business plan will be used in the future development of an operating procedure. A business structure will be selected as part of this analysis. Finally, the business values and strategic goals that are most important to all participating parties will be mentioned. / text

This work’s subject is the locative in the present-day administrative language. The locative’s samples are picked from the sessional stenographs of Lithuania’s Republic of Seimas and „Valstybės žinios“. There was reached to explore in what typical, antypical and specifical moments is used the locative in the present, administrative language, what locative’s accounts are nonstandard and what reasons of the locative’s substandard usage. There are used the present and the current inside locatives in the present, administrative language. The division of the accounts of the current inside locative is unequal. The current inside locative is used to point the accounts of place, time, manner, state and determinative in the spoken, administrative word. However this one is used to point the accounts of place, time, manner and determinative. The current, inside locative is operated for the accounts of purpose, manner and state both in the spoken and written, administrative word. The most common usage of the locative is met in the pointing of place both in the spoken and written language. This locative is more rarely used as the account of time and determinative. The current, inside locative is quite rarely used as the account of manner, and the usage of state is treated as exceptional. The administrative language has and its own usable ways of expression. Primarily we can mention words’ combinations with the current, inside locative which in the spoken language are not created but... [to full text]

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