求关于信用卡的英文文献或著作

求关于信用卡的英文文献~

TOPIC 1:
Adverse Selection in the Credit Card Market (信用卡市场的逆向选择)

作者及写作年份:
Lawrence M. Ausubel
June 17, 1999

部分摘要:
trading situations where one (informed) party possesses information which is relevant to his (uninformed)trading partner, the informed party may find it advantageous to engage in trade only in states of informationwhich are relatively unfavorable from the viewpoint of the uninformed party. Thus, a firm which offers acontract to the general population may find that the composition of the pool of customers who accept thefirm's contract is inferior to the composition of the general population. The particular contractual termsoffered by the firm may influence the composition of the customer pool and, in some informationalenvironments, adverse selection may lead to a complete unraveling of the market (George A. Akerlof,1970).Many of the economically-richest implications of adverse selection have been drawn in creditmarkets. High interest rates charged to borrowers may induce adverse selection on default probability,leading banks to engage in credit rationing in high-interest environments (Joseph E. Stiglitz and AndrewWeiss, 1981). Competition along particular dimensions in credit card pricing may result in adverseselection, blunting the usual effects of competition, and contributing to sticky interest rates and extranormalprofits (Lawrence M. Ausubel, 1991). And, when borrowers have the opportunity to engage in signalingbehavior, the same structure of asymmetric information as in adverse selection models yields signalingstories which have important implications for corporate investment and the capital structure of firms (see,for example, Sudipto Bhattacharya, 1979, and Stewart C. Myers and Nicholas S. Majluf, 1984).Yet despite a burgeoning economics and finance literature consisting of literally hundreds of articlesexploring the implications of adverse selection in credit markets, there remains little in the way of empiricalstudies which convincingly document the existence of adverse selection in credit markets as a real-worldphenomenon. The objective of the current paper is to present compelling direct evidence of adverseselection in one specific credit market.The stakes in such an empirical exercise are quite considerable. It is frequently argued that virtuallyany conclusion may be reached from a suitably-chosen economic model of incomplete information.However, to the extent that adverse selection can be shown to be a genuine empirical phenomenon in creditmarkets, then we can have confidence that at least one important component

阅读全文PDF格式: http://www.bsos.umd.edu/econ/bankruptcy/adverse.pdf

阅读全文word格式: http://66.102.1.104/scholar?num=50&hl=en&lr=&q=cache:2f3mYpRpwgYJ:www.bsos.umd.edu/econ/bankruptcy/adverse.pdf+Adverse+Selection+in+the+Credit+Card+Market









TOPIC 2:
Consumer Search Behavior in the Changing
Credit Card Market (不断变化的信用卡市场中,消费者的行为研究)

作者及写作时间:
Sougata Kerr & Lucia Dunn
September 2002

部分摘要:
Credit card balance switching has become an important issue in the banking community as cardholders seek to move their revolving credit to the lowest-cost lenders. This kind of “search and switch” behavior would be expected to put downward
pressure on credit card interest rates. Previous research on the credit card market focused on why its interest rates persisted at levels greater than those for other types of consumer loans, and one explanation put forward was the inhibiting nature of high search costs in this market, especially for large-balance cardholders whose probability of credit rejection
is high. Recent developments in the credit card industry – in particular the Truth-in-
Lending Act of 1988 together with a large increase in direct solicitations – have changed the environment of this market substantially. Because of this new environment, as well as improvements in data availability, the issue of credit card search needs to be revisited.

The current paper identifies those consumers whose probability of rejection is
high and tests whether this probability has any impact on their search propensities. It
does this by analyzing (i) the effect of large balances on the consumer’s probability of credit application rejection and (ii) how these factors – large balances and rejection probability –affect consumers’ search propensities. In testing the search-cost hypothesis, the issue of endogeneity between consumers’ search and the likelihood of rejection is dealt with by estimating a simultaneous equations model. The results presented here show no evidence that search costs deter consumer
interest rate search in the credit card market of the 1990s, either for high-balance. This is officially known as the Fair Credit and Charge Card Disclosure Act of 1988. cardholders with a greater probability of rejection or for low-balance cardholders. In the next section we review the relevant literature on this market and discuss recent changes in the market environment. Section III discusses our methodology and improvements in the
recent data. Section IV presents our results. Finally, Section V concludes by
summarizing our find....
......
......
......

阅读全文PDF格式:
http://www.econ.ohio-state.edu/pdf/ldunn/wp02-03.pdf

阅读全文word格式: http://66.102.9.104/search?q=cache:CL_NcOSxp84J:www.econ.ohio-state.edu/pdf/ldunn/wp02-03.pdf+%22Ausubel%22+%22Credit+Card+Defaults%22&hl=en&ct=clnk&cd=14&gl=uk

　　1． Ausubel, Lawrence M., The Failure of Competition in the Credit Card Market, American Economic Review, 1991, 81(1):50-81
　　2． Ausubel, Lawrence M., Adverse Selection in the Credit Card Market, working paper, University of Maryland, 1999
　　3． Berlin, Mitchell and Mester, Loretta J., Credit Card Rates and Consumer Search, Review of Financial Economics, 2004,13:179-198
　　4． Brito Dagobert L. and Hartley Peter R., Consumer Rationality and Credit Cards, Journal of Political Economy, 1995,103:400-433
　　5． Calem, Paul S. and Mester, Loretta J., Consumer Behavior and the Stickiness of Credit-Card Interest Rates, American Economic Review, 1995, 85(5):1327-1336
　　6． Gross, David B. and Souleles Nicholas S., Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence From Credit Card Data, Quarterly Journal of Economics, 2002,117:149-185
　　7． Gross,David B. and Souleles Nicholas S., an Empirical Analysis of Personal Bankruptcy and Delinquency, Review of Financial Studies, 2002,15:319-347
　　8． Stango, Victor, Competition and Pricing in the Credit Card Market, Review of Economics and Statistics, 2000,82:499-508
　　9． Stiglitz, Joseph E. and Andrew Weiss, Credit Rationing in Markets with Imperfect Information, American Economic Review, 1981,71:393-409
　　10. 叶德珠，基于时间偏好不一致的信用卡利率结构设计[J]，数量经济技术经济研究，2004，8：134-142
　　11. 胡少华，信用卡市场消费者行为研究：文献综述[J]，新金融，2005，10：57-62
　　12. 吴恒兵. 信用卡业务风险的防范[J]. 河南科技 , 2003,(11)
　　[1] 尹龙. 信用卡业务管理与监管制度的发展[J]. 中国信用卡 , 2008,(02)
　　[2] 《中国信用卡》2005年总目录[J]. 中国信用卡 , 2005,(12)
　　[3] 周宁. 商业银行信用卡业务发展思考[J]. 新金融 , 2003,(12)
　　[4] 王青山, 宋晓波. 转变陈旧观念 树立全新意识[J]. 中国信用卡 , 1997,(04)
　　[5] 胡大国，李惠. 信用卡业务必须整治[J]. 江西社会科学 , 1996, (09)
　　[6] 朱溪, 杨杨, 林佳. 银行:挑战与机遇并存的盛宴[J]. 大经贸 , 2003,(09)
　　[7] 辛云勇. 边缘者的出路[J]. 互联网周刊 , 2005,(30)
　　[8] 林雪丹. 商业银行应加强信用卡业务的风险防范[J]. 福建金融 , 1998,(09)
　　[9] 马腾. 信用卡业务亟待整合[J]. 了望 , 2005,(13)
　　[10] 吴国民. 论我国商业银行信用卡业务的地位和发展战略[J]. 中国信用卡 , 1997,(05)

1. Credit Card Purchasing and Static Consumer Behavior Theory Credit Card Purchasing and Static Consumer Behavior Theory
Thomas L. Sporleder, Robert R. Wilson
American Journal of Agricultural Economics, Vol. 56, No. 1 (Feb., 1974), pp. 129-134
Abstract:
This article treats the theoretical consequences of consumer credit card use. A delayed
repayment model provides consumer optimization and indifference conditions between cash
and credit card transactions. Under realistic interest and opportunity cost rates, consumers
can rationally let a balance revolve about 39 percent of the time and maintain indifference
over time.
Key words: credit; consumer behavior; marketing.

2. Credit Cards and Interest Rates: Theory and Institutional Factors
Robert F. Stauffer
Journal of Post Keynesian Economics, Vol. 26, No. 2 (Winter, 2003-2004), pp. 289-301
Published by: M.E. Sharpe, Inc.

3 The Effect of Credit on Spending Decisions: The Role of the Credit Limit and Credibility
Dilip Soman and Amar Cheema
Marketing Science, Vol. 21, No. 1 (Winter, 2002), pp. 32-53
Published by: INFORMS

Abstract
The objective of the present research is to study consumer
decisions to utilize a line of credit. The life-cycle hypothesis
from economics argues that consumers should intertemporally
reallocate their incomes over their life stream to maximize
lifetime utility. One form of intertemporal allocation is
to use past income (in the form of savings) in the future. A
second form is the use of future income in the present. This
can only be done if consumers have access to a temporary
pool of money that they can draw from and replenish in the
future-a function performed by consumer credit. However,
our research reinforces prior findings that consumers are
unable to correctly value their future incomes, and that they
lack the cognitive capability to solve the intertemporal optimization
problem required by the life-cycle hypothesis. Instead,
we argue that consumers use information such as the
credit limit as a signal of their future earnings potential.
Specifically, if consumers have access to large amounts of
credit, they are likely to infer that their lifetime income will
be high and hence their willingness to use credit (and their
spending) will also be high. Conversely, consumers who are
granted lower amounts of credit are likely to infer that their
lifetime income will be low and hence their spending will
be lower.
However, based on research in the area of consumer skepticism
and inference making, we also argue for a moderating
role of the credibility associated with the credit limit.
Specifically, we argue that the above effect of credit availability
would be particularly strong for consumers who believe
that the credit limit credibly signals their future earnings
potential (i.e., a naive consumer who has limited
experience with consumer credit). However, as consumers
gain experience with credit, they start discounting credit
availability as a predictor of their future and start questioning
the validity of the process used to set the credit limit.
Hence, with experience the effect of credit limit on the willingness
to use credit should be attenuated.
We test these predictions in five separate studies. In the
first experimental study, we manipulate credit limit and
credibility and pose subjects with a hypothetical purchase
opportunity. Consistent with our prediction, credit limit impacted
the propensity to spend, but only when the credibility
was high. In the second experimental study, we rep-
MARKETING SCIENCE ? 2002 INFORMS
Vol. 21, No. 1, Winter 2002, pp. 32-53
licate these findings even when subjects were given
information about their expected future salaries, and also
show that the credit limit influences their expectation of future
earnings potential. In the third study, we show that the
mere availability (and increase) of current liquidity cannot
explain our findings. In the fourth study, we conduct a survey
of consumers in which we measure a number of demographic
characteristics and also ask them for their propensity
to spend in a given purchase situation. In the fifth
study we use the Survey of Consumer Finances (SCF) dataset,
a triennial survey of U.S. families that is designed to
provide detailed information on the use of financial services,
spending behaviors, and selected demographic characteristics.
Results from both studies 4 and 5 provide further support
for our proposed framework-credit limits influence
spending to a greater extent for consumers with lower credibility:
younger consumers and less-educated consumers.
Across all studies we achieved triangulation by using a variety
of approaches (surveys and experiments), subjects
types (young students and older consumers), nature of predictor
variables (manipulated and measured), dependent
measures (purchase likelihood, credit card balance, new
charges), and methods of analysis (ANOVA and regression),
and consistently found that increasing credit limits on a
credit card increases spending, especially when the credibility
of the limit is high.
This paper joins a growing body of literature in marketing
and behavioral decision theory that goes beyond the traditional
domains of inquiry (e.g., product choice, effects of
marketing mix variables) and focuses on consumer decisions
relating to the appropriate use of income to finance consumption.
Our framework differs from prior research on the
effect of payment mechanisms on spending in two significant
ways. First, we are interested in the effects of the availability
of credit on spending, and not necessarily in the effect
of the transaction format that is associated with each
payment mechanism. Second, while prior research has studied
the point-of-purchase and historic (i.e., prepurchase) effects
of credit, the present research is concerned with the
availability of credit in the future. Specifically, our framework
is invariant to the current and prior usage of credit by
the consumer.
(Consumer Credit; Credit Cards; Intertemporal Choice; Mental
Accounting; Self-Control)

不够的话吱一声

---

永清县15546883990： 求!!关于信用卡的外国文献(最好是女性信用卡)？
秋梵西沙： 阅读全文PDF格式: http://www.econ.ohio-state.edu/pdf/ldunn/wp02-03.pdf阅读全文word格式: http://66.102.9.104/search?q=cache:CL_NcOSxp84J:www.econ.ohio-state.edu/pdf/ldunn/wp02-03.pdf+%22Ausubel%22+%22Credit+Card+Defaults%22&hl=en&ct=clnk&cd=14&gl=uk

永清县15546883990： 有关信用卡的英语短文 - ？
秋梵西沙： How To Stop Credit Card Abuse Consumer complaints about credit card abuse continues to increase despite clearly defined federal regulations meant to stop abuse. By knowing and understanding your rights, you can stop abuse. Let? examine ...

永清县15546883990： 求一篇关于信用卡诈骗或者信用卡恶意透支的外文文献,有中文翻译最好..谢谢... - ？
秋梵西沙： 童鞋你好!这个估计需要自己搜索了!网上基本很难找到免费给你服务的!我在这里给你点搜索国际上常用的外文数据库:---------------------------------------------------------- ❶ISI web of knowledge Engineering Village2 ❷Elsevier SDOL数据库 IEEE/IEE...

永清县15546883990： 求一篇有关信用卡的英语作文,...？
秋梵西沙： Credit Cards Personal credit cards are becoming more common in China. Banks and other financial institutions are encouraging their customers to change the way they buy things. But people need to be careful. There are dangers associated with ...

永清县15546883990： 急需两篇关于信用卡的好处的英语作文 - ？
秋梵西沙： credit cards have had bad press over the past few months of the credit crunch they only cause more debt and have unfair rates of interest. . however, if a credit card is used in the correct way and you keep up with your payments, they can be very ...

永清县15546883990： 求一份关于“中国信用卡业务风险与防范”的中英文双语对照文章 - ？
秋梵西沙： 信用卡产业是传统金融业务与现代信息技术有机结合的新兴产业,在国际上已经发展成为一个庞大的产业体系,并且保持着较高的增长速度.真正意义上的国际标准信用卡自2003年在内地获得了快速发展,发卡量从2003年初的100多万张猛增至...

永清县15546883990： 急求和 银行有关的 三条 英文参考 文献(2天内解决有效)) - ？
秋梵西沙： [1] Fama,“Banking in the Theory of Finance”,Journal of Monetary Economics, vol.6, no.1 [2] Bodie,Z.,and R.C.《Merton,Finance,Prentice-Hall》,Inc.2000 [3] Joseph P.Daniels 、 David D.Vanhoose ,《 International Monetary and Financial Economics 》, Thomson Learning Press.2003

永清县15546883990： 急求2篇关于商业银行个人理财业务的英文文献,5千字左右,最好带中文翻译,谢谢.345499531@qq.com - ？
秋梵西沙： [13] Stephen A Ross, Randolph W Westerfield, Bradford D Jordan. Fundamentals of Corporate Finance. Third Edition. Chicago: Irwin,Inc.,1995 [14] George W Gallinger, Jerry B Poe. Essentials of Finance. New Jersey: Prentice Hall, Inc.,1995 [15] ...