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We extend Diamond's (1989, 1991) life-cycle hypothesis to posit that, once they reach the stage of bank borrowing, firms begin with prime loans and evolve toward borrowing more cheaply at LIBOR as they grow larger, less risky and less characterized by asymmetric information. We conduct multinomial logit regressions to explain firms’ membership in one of three groups: prime only, prime and LIBOR, and LIBOR. We also examine spreads over prime and LIBOR and find that loans set up to allow borrowing at prime carry higher spreads than those allowing borrowing at LIBOR. Both sets of tests support the life-cycle hypothesis.

This chapter examines the influence of external public borrowing resources on economic progress in Tunisia. The study focuses on two stages: First, the influence is studied in a direct sense and then in an indirect sense, i.e., through a transmission channel of this influence. By applying the autoregressive distributed technique with staggered lags (ARDL), over a period ranging from 1986 to 2019, the results showed that the influence of external borrowing resources on growth seems to be unfavorable in the short term but positive in the long term, hence the importance of the empirical technique chosen. Second, three interaction variables were tested, namely total government expenditure, government investment expenditure, and the real effective exchange rate. The results obtained call for better attention to the channels identified to maximize the positive influence of external public debt on the country's economic progress.

Finland's performance in PISA has created considerable interest in the country's education system, to ascertain what has made Finland so successful in the survey. In reference to the phenomenon, this chapter discusses cross-national attraction, policy borrowing, the effect of Finland in PISA, and its influence on education policy. This chapter explores at length the theoretical background of cross-national attraction and policy borrowing, also investigating cases that have already occurred. It discusses Finland's role as the new object of cross-national attraction and eventual policy borrowing. The chapter incorporates research into the reasons for Finland's success in PISA, the possibilities of policy transfer from Finland, and delves into the likelihood of policy implications as a result of Finland in PISA. This cross-national attraction denotes the first stage in policy borrowing; however, comparative educationalists, for years, have warned about the uncritical transfer of education policy. Research in Finland has revealed many reasons for the country's PISA success stem from contextual factors: those related to historical, cultural, societal, and political features of Finland. Therefore, policy borrowing from Finland needs to heed warnings of past comparativists. The new phenomenon of Finland in PISA has generated much curiosity from those in education, educational policy, and politics. Policymakers are keen to incorporate Finland's educational features into their education systems. PISA and Finland's performance in the survey influence educational policy. This illustrates the importance the warnings of past and present comparative educationalists in order to prevent uncritical policy borrowing.

The purpose of this chapter is to expand our understanding of the types of Black families that are using Parent PLUS, the types of institutions that rely on Parent PLUS the most, and the outcomes of students who use Parent PLUS to finance their first year of college.

I used descriptive analyses on several datasets collected by the U.S. Department of Education: IPEDS, BPS:04/09, and NPSAS.

The data revealed that (a) of Parent PLUS borrowers, greater shares of low-income Black families are borrowing than White families; (b) many institutions that serve Black students (including HBCUs) give out small amounts of institutional aid but also have much smaller endowments than non-Black-serving institutions; and (c) many families who borrow in their first year stop borrowing in their second year – and of those who stop borrowing, many transfer institutions.

Serving as a starting point in the conversation to Black families borrowing PLUS, this study is not causal and is limited by the unavailability of student-level data on PLUS borrowers. Estimating from nationally representative studies and examining Black-serving institutions is the next-best approximation.

The efforts to standardize financial aid award letters and provide better consumer information to parents must also include PLUS. Moreover, we need to find sustainable solutions for PLUS-reliant institutions to increase their capacity to provide institutional aid.

This chapter contributes to conversation around a controversial financial aid product that has been largely understudied, and in particular for Black families who borrow PLUS at the highest rates.

Credit is essential in the farm business because it facilitates the adoption of productive technologies such as irrigation. However, access to credit remains a significant hurdle for sub-Saharan Africa, including Ghanaian farmers. Therefore, the authors assessed credit utilization and the intensity of borrowing by irrigated rice farmers in the Upper East region. In addition, how extension moderates the amount borrowed was analysed.

The multistage sampling approach was used in the study. The Tono and Vea irrigation schemes were purposively selected. Proportionally, 318 rice farmers were sampled from the Tono irrigation scheme and 159 from the Vea irrigation scheme. Cragg's double hurdle and moderation analysis were used.

It was uncovered that gender, age, years of farming, total farm size, rice farm size, contract farming and off-farm employment explain farmers' decision to borrow. On the other hand, the intensity of borrowing was influenced by gender, age, years of farming, rice farm size, contract farming and the number of extension contact. The moderation analysis revealed that extension contact improves the amount borrowed by farmers.

While there are irrigated rice farmers in other regions of Ghana, this study was limited to rice farmers under the Tono and Vea Irrigation schemes in the Upper East region.

This study investigated the moderating role of extension contact on amount borrowed in Ghana. This makes a modest addition to the limited literature on the moderating role of extension and credit access.

This study examines the effect of lone founder and family ownership on borrowing cost. In addition, the study examines the moderating influence of gender diversity on this relationship.

The study used a sample of non-financial firms listed on Pakistan Stock Exchange over the period 2012–2021. The authors used ordinary least squares regression analysis method to test the hypotheses along with generalized method of moments estimation technique to control for unobserved heterogeneity, simultaneity and dynamic endogeneity.

The authors report that borrowing cost is higher in lone founder ownership, whereas borrowing cost is lower in family firms due to lesser risks attached to such firms by lenders. Further, the presence of female directors on the board weakens this relation in the case of lone founder ownership, whereas their presence further reduces borrowing cost in family-owned firms. Additionally, using the framework of critical mass theory, the authors found that higher number of female directors on boards reduces borrowing cost. Overall, this study’s results provide empirical support for social identity and critical mass theories in the sample firms.

The study provides novel evidence of the influence of lone founder and family ownership on borrowing cost in an emerging economy, as well as the moderating effects of gender diversity on this relationship.

To report and analyze transaction data over a four‐year period for patron‐initiated borrowing via the Cascade union catalog as well as transaction data for traditional ILL in a consortium of six academic libraries in Washington State.

Transaction data for patron‐initiated borrowing via the Cascade union catalog were gathered from statistics produced by the Inn‐Reach software. Data for ILL were collected via a survey of libraries’ staff. Data for returnables and copies were analyzed at the consortium and institutional level.

In the third year of patron‐initiated borrowing, traditional ILL transactions for returnables had decreased 21 per cent consortium‐wide, the total number of transactions for returnables had increased 271.9 per cent, and the transactions for copies remained steady. Although the borrowing and lending patterns at the six libraries varied, each loaned and borrowed more returnables via patron‐initiated borrowing than via traditional ILL.

This study describes activity at a single consortium of only six libraries. Since the Cascade libraries have now merged into a larger consortium, the Orbis Cascade Alliance, it would be interesting to collect and analyze new data from the larger group to see if patterns have changed.

The increased volume of returnables delivered to users in this consortium suggests that patron‐initiated borrowing is an effective method for resource sharing. Traditional ILL remains a necessary alternative for copies and books not available within the consortium.

This is the first study to examine consortium‐wide transaction data for both patron‐initiated borrowing and traditional interlibrary loan for a sustained period of time.

The purpose of this paper is to investigate the economic significance of informal borrowing between friends and relatives in rural China. Guided by an economic model of household‐production interactions, the paper provides results from a survey of over 1,500 households including general linear model and logistic regression results. The paper finds evidence of a “small farm bias” in the use of informal credit, but the paper cannot generalize this to credit rationing as a matter of course. In part, it is believed that a preference for informal borrowing is related to some forms of credit rationing, spillover effects and collateral as some literature suggests, but the results suggest that by no means are these mutually exclusive or exhaustive.

This paper uses regression techniques based on 1,557 farm household surveys gathered by the authors in Shaanxi, Gansu and Henan Provinces in 2007 and 2008.

The paper argues that informal lending amongst friends and relatives cannot be dismissed as a significant economic factor in the financing of China's agricultural sector. A small farm bias in formal lending is indicated by the results, but there are many factors other than credit rationing which affect a households' decision to borrow informally.

The research is limited to the survey data used. China's agricultural economy is too large to assert that the informal‐formal relationships described herein are general, even though the results are supported by other research.

The paper makes the case that the study of agricultural finance in China should include informal lending as part of any credit study. In addition, the paper argues that the use of the term “informal lending” should not generally group familial lending with other forms of interest‐bearing loans such as pawn shops or money lenders.

China's rural credit needs are huge and many farmers do not have access to formal credit. This paper argues that the strength of trust relationships between friends and family is sufficiently high that nearly 60 percent of all credit outstanding is between friends and relatives at zero interest rates.

This, it is believed, is one of the first comprehensive studies on informal lending in China.

The purpose of this paper is to investigate tool lending library patrons’ perception of their tool borrowing, in order to explore the role of a public lending service in the context of their lives. It addresses the research question, why do patrons borrow tools from the library?

A case study was conducted, consisting of semi-structured interviews with patrons of a tool lending library. Led by a phenomenographic approach, the interviews focused on participants’ recounted experiences. Transcripts were structured into major categories and underlying themes. Findings were discussed from a perspective taking departure in Wiegand’s notion of “the library in the life of the user,” and summarized with regards to sustainable community development.

Participants are found to talk about their tool borrowing from two main viewpoints. First, reasons for making the decision. This involves weighing practical considerations, e.g., cost, storage, access, and frequency of use. It also includes ideological motivations, and sympathy with the concept. Second, effects of their borrowing, interpreted as how it enables them. This enablement includes inspiration, learning, support to self-employment, and strengthening of community. Patrons focus on local aspects of social and economic development, rather than global or environmental motivations.

A single and in part unique setting was studied. The findings provide foundation for a developed discussion on the societal role of public libraries providing “non-traditional” materials such as tools, with particular regards to community settings and sustainability.

Addresses knowledge gaps on borrowing and tool lending libraries.

The purpose of this paper is to examine the financing practices of unlisted manufacturing firms in India. In particular, the authors seek to explore how unlisted firms finance their growth and the extent to which they rely on external source of finance. Additionally, they explore whether the determinants of indebtedness that explain the borrowing behavior of listed Indian manufacturing firms are capable of explaining the financing decisions of unlisted firms as well.

This paper uses panel data technique to determine the factors determining indebtedness of unlisted private manufacturing firms in India.

Unlisted Indian manufacturing firms are largely dependent on bank borrowing for their growth, and access to finance is largely dependent on collateral capacity. The authors results show that the dominant firm factors affecting indebtedness of unlisted firms in India are asset tangibility, firm growth, size, profitability and firm age. Institutional and macroeconomic factors are also observed to be significant influencers of indebtedness.

Unavailability of financial information for the required number of years has resulted in certain firms and sectors of the economy not being included in the sample, and has, hence, affected sample size and representation. Similar problems have limited the period of the study to only four years. The study does not include unlisted services sector firms in the sample, and, hence, its findings cannot be generalized in the context of unlisted firms in India.

There appears to be a strong case for both the policy-maker and financial economist to have a re-look at the financial constraints that unlisted firms face and redefine the role of the banks and financial institutions from being a passive provider of capital to that of a partner in ushering growth. Development of the financial intermediary sector in terms of its reach is expected to favorably influence growth of this sector.

This paper provides empirical evidence on the alternative sources of raising outside capital and the factors determining the capital structure of unlisted manufacturing firms in India.