Paper prepared for the Federal Reserve System's third biennial research conference titled " Sustainable Community Development: What Works, What Doesn't and Why " DRAFT Do not quote or cite without permission of the authors. Board of Governors of the Federal Reserve System. The views expressed in this paper are those of the authors and do not necessarily reflect those of the Board of Governors o...

Competition of the consumer credit market in Taiwan has become severe recently. Therefore, most financial institutions actively develop credit scoring models based on assessments of the credit approval of new customers and the credit risk management of existing customers. This study uses a genetic algorithm for feature selection and decision trees for customer segmentation. Moreover, it utilize...

INTRODUCTION Copulas are a way of formalising dependence structures of random vectors. Although they have been known about for a long time (Sklar (1959)), they have been rediscovered relatively recently in applied sciences (biostatistics, reliability, biology, etc). In finance, they have become a standard tool with broad applications: multiasset pricing (especially complex credit derivatives), ...

Scattered vacant codes in Orthogonal Variable Spreading Factor (OVSF) code based 3G and beyond WCDMA wireless networks leads to code blocking which further gives call blocking. The paper proposes four single code assignment schemes to reduce code scattering. The use of assignment scheme depends upon the type of input calls. The code reservation assignment (CRA) is used to efficiently handle one...

We propose an alternative market design to the current credit ratings industrial organization. An issuer delegates a pass-through non-monitoring trust to acquire ratings from credit ratings agencies (CRAs). The trust pays outcome contingent fees, such that truth-telling is incentive compatible for CRAs, eliminating ratings inflation. Moreover, because the trust acts as an intermediary, it elimi...

Using payday-lender administrative data matched to borrower credit attributes from a national credit bureau, I find that borrowers who engage in protracted refinancing (“rollover”) activity have better financial outcomes (measured by changes in credit scores) than consumers whose borrowing is limited to shorter periods. These results are robust to an alternative definition of a “rollover” that ...