internal audit is a process affected by an entity ‘s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting and compliance. this definition reflects certain fundamental concepts. internal control is: • geared to achievement of objectives in one or more categories operations, repor...

This Appendix contains an overview of debt collection technologies in the U.S. and its recent evolution. In the first section we summarize how debt is collected in the U.S. Section 2 focuses on collection technology and its recent evolution. The last section describes the data sources used in the analysis. 1 Overview of the Debt Collection Process in the US We briefly describe the debt collecti...

Student loans and credit card loans represent important components of young households’ portfolios in the United States. While default rates on credit card debt are at historically low levels, default rates on student loans have increased significantly in recent years. There are important institutional differences between bankruptcy arrangements and default consequences in the two markets, whic...

expert systems can help to build banks customers' credit scoring models. here, selection of key features of the credit scoring is important. also, it is possible to express the features values as fuzzy. the problem is how to improve features selection by genetic algorithm, in way that these features can be employed as input in fuzzy expert system. this paper presents a hybrid credit scorin...

the study was designed to investigate the comparative analysis of agricultural credit users and non-users among cassava farmers in ohafia local government area of abia state. a sample of 50 credit users and 50 non-credit user cassava-based farmers were selected by multistage random sampling technique. data were collected with a well structured questionnaire administered to a total of 100 random...

the issuing of credit cards by banks and other financial and credit institutions is a new experience in iran. the compatibility of credit cards with islamic rules and islamic banking and establishment of a legal structure for maintaining security for such cards, avoiding frauds and settling relating disputes is one of the most challenging issues of the iranian legislation. as the issuance and u...

Financial innovations are a common explanation for the rise in credit card debt and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers’ risk of default and a fixed cost of developing each contract lenders offer. Innovations that ameliorate asymmetric information or reduce this fixed cost have large extensiv...

In two studies, time preferences for financial gains and losses at delays of up to 50 years were elicited using three different methods: matching, fixed-sequence choice titration, and a dynamic “staircase” choice method. Matching was found to create fewer demand characteristics and to produce better fits with the hyperbolic model of discounting. The choice-based measures better predicted real-w...

Financial innovations are a common explanation for the rise in credit card debt and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers’ risk of default and a fixed cost of developing each contract lenders offer. Innovations that ameliorate asymmetric information or reduce this fixed cost have large extensiv...