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This paper examines the effect of bank expansion on credit access and terms of credit in early America. The bank records from Plymouth Bank, Massachusetts and the Census records provide detailed information on borrowers, endorser, types and terms of loans, and borrower characteristics. The results show that the introduction of new banks did broaden credit access. However, after competition was introduced, the Bank focused more on short-term bills of exchange. In other words, the Bank shifted its emphasis from long-term accommodation paper to short-term bills of exchange.

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 effect of creditors’ monitoring role on the profitability of firm acquisitions. We use the shares retained by the lead arranger of a syndicated loan as a proxy for monitoring level. We find that acquirer announcement returns are positively related to the shares retained by the lead arranger. The effect of the lead arranger’s shares on the acquirer’s return becomes pronounced in cash acquisition deals, and when there exist financial covenants. Our results suggest that lead arrangers are important not only for monitoring loans but also for successful acquisitions by borrowers. An important policy implication of the main findings of this chapter on bank monitoring is that policy makers should design financial covenants to improve the efficiency of monitoring activities by lead arranging banks in syndicated bank loan deals.

The global recession has strongly affected the credibility of the international banking system, damaging also the real economy.

Developing countries, not fully integrated with international markets, seem less affected and local microfinance institutions might also allow for a further shelter against recession, even if foreign support is slowing down and collection of international capital is harder and more expensive.

Intrinsic characteristics of microfinance, such as closeness to the borrowers, limited risk and exposure and little if any correlation with international markets have an anti-cyclical effect. In hard and confused times, it pays to be little, flexible and simple.

We investigate the nature of mid-loan relationships between bank-lenders and borrowers, to test whether firms borrow from banks to signal quality. Using the LPC DealScan, CRSP, and Wall Street Journal databases, we test whether borrower abnormal returns are related to bank, borrower, deal, and/or event characteristics during the duration of the loan. We demonstrate that borrower abnormal returns are related to mid-loan bank events, defined as an event resulting in bank abnormal returns beyond a specified threshold. The results suggest that borrowers are affected by bank events mid-loan, even when the event is not directly related to bank default.

This chapter discusses the distributed, volunteer nature of an information delivery cooperative which became formally designated as the IDS Project and how a “coalition of the willing” has been able to move the resource sharing community forward on a national scale through innovations in training, support, and technology. The authors use a case study approach to highlight some of the major accomplishments of the IDS Project, such as the Article Licensing Information Availability Service (ALIAS), IDS Search, the Mentor Program, and the Regional Users Groups. The team-based structure of the IDS Project allows for groups to work independently and from multiple locations while still creating a synergistic result through the combination of community and innovation. Distributed teams often provide enriched user skills for the group but often cause difficulties due to the distance, communication, and differing requirements of the different local institutions. The IDS Project’s use of technology and periodic face-to-face meetings has reduced the issues with distributed teams and created highly effective working groups. These groups, such as the mentors and the Technology Development Team, have provided excellent service and training to the member libraries. Through the use of the Best Practices Toolkit, the Getting It System Toolkit, ILLiad Addons produced by IDS, and other national services, the IDS Project has made it possible for libraries that use ILLiad to benefit from its developments.

Sub-Saharan African cities suffer from poor quality transport options, excessive congestion and pollution. The informal transport sector contributes to these problems, but also represents part of the solution. This chapter reflects upon research undertaken to better understand the nature of these services, in the hope of providing insights into possible remediation.

Three case cities were studied: Cape Town; Dar es Salaam; and Nairobi. Each was examined by resident universities with respect to the quantity and quality of paratransit services provided, user satisfaction, business models and industry governance.

Each city has differences, but there are recurring themes. All are experiencing population growth and increased motorization, which steadily deteriorates operating environments. Law enforcement capability is limited and sometimes impeded by corruption. Operating enterprises tend to be fragmented. Financial resources are typically limited such that vehicle maintenance and replacement suffers. The safety and quality of service for passengers are therefore often poor. The prevalence of paratransit services is, however, such that any strategy to reform public transport systems needs to consider a role for them within a scheduled-paratransit hybrid network. Numerous challenges will need to be overcome for successful integration, but significant improvements to service quality can be made in the near- to medium-term through supporting interventions in business development, operating environment, vehicle fleets and operations.

Extension of the research programme could yield some significant improvements to operations and financial sustainability, through the piloting of innovative, lower cost technologies based on smartphone and other ICT technologies.

The chapter reveals that significant improvements to service quality can be made in the near- to medium-term through supporting interventions in business development, operating environment, vehicle fleets and operations.

The neighborhoods north and northwest of downtown St Louis are blighted by their abundance of substandard, abandoned, and demolished housing. Crime, poverty, and unemployment are high while family stability, educational achievement, and health outcomes are low. These conditions are not unique to St Louis, but can be found in neighborhoods in every city in America. How did this happen? What factors led to the demise of these neighborhoods? This chapter examines the history of St Louis along with theories of neighborhood succession to identify possible explanations for the city's collapse.