众文网1.关于信用卡信用风险的英文文献
第一篇 Minimize the Risk of Credit Card Fraud If you are a consumer, the chances of your credit card number being intercepted as it travels over the Internet is very small. It is actually at a higher risk when you use it in a real life store, as the merchant not only has all of your credit card details, but also a copy of your signature. If you are an online merchant, the chances of getting orders with stolen credit card numbers are greater. As the person who is using the stolen credit card cannot be seen and may even be located in another country. Unfortunately, merchants are not provided the same protection as consumers when it comes to credit card fraud. In fact, merchants are completely at risk and bear all of the losses. Even when reporting the fraud, the banks, merchant providers, and police are not always able to help -- mainly because they are too busy or feel that the dollar amount involved is not significant enough to warrant further action. Did you know that thieves can now create fictitious credit card numbers based on the algorithms used to produce authentic numbers?! These fictitious credit card numbers pass through verification and will be given approval codes. Further, there are newsgroups that post stolen credit card data (so if your card number is stolen, it may be posted to the world in a matter of minutes). The following are some steps you can, and should take to minimize your risk of credit card fraud: Begin taking a few extra steps to validate each order. Don't accept orders unless complete information is provided (including full address and phone number). You may even want to require Address Verification for all credit card orders.Do not accept orders from untraceable email addresses. Free email addresses, such as Hotmail, are often used with fraudulent orders. You can find a list of 700+ of free email services at /redflag.htm Multiple orders of the same product. Why would someone want to buy 3 video cameras?Large orders. The average order on the Internet is about $50.00. It is usually lower for first time orders, as customers often place a small test order to check out the quality of the goods. So beware if you have a first time order for multiple items, costing hundreds or thousands of Dollars.Pay extra attention to international orders. Do everything you can to validate the order before you ship your product to a different country.Shipping address differs from the credit card billing address. Not uncommon, but is something to watch for.Express shipping. Thieves want to receive the items quickly and then move on to another location.If you are suspicious for any reason, call the customer to confirm the order. It will save you a lot of time, and money, in the long run. Other Resources An excellent book on how to protect yourself against online scams and cyberspace invaders called Risky Business: Protect Your Business from being Stalked, Conned or Blackmailed on the Web, by Dan Janal, provides good ideas for merchants to minimize the risk of credit card fraud. You may obtain this book now by clicking here.AntiFraud.com - A web site dedicated to assisting merchants greatly reduce the chances of online credit card fraud 第二篇 Getting a Merchant Account:What Constitutes Credit Card Risk?by Mark Wilson All credit card risk refers to the risk of the merchant to incur "charge backs" or disputes, from their customers. Charge backs are not related to charges or credits, but instead refer to unhappy customers initiating a dispute of a charge that has shown up on their statement. Most of these disputes consist of the customer indicating that the charge was false, or that their card number was misappropriated by another individual and used for purchases that were not approved. Sometimes the charge back isn't initiated by the individual cardholder but instead by the card-issuing bank. Once a charge back is initiated, the merchant is generally sent a "retrieval request" which is just a request by the card acquiring (or underwriting) bank for the proof of the sale. This proof would usually consist of copies of the signed receipt and any other signed corroborating documents that the merchant might have. The merchant's proof is weighed against the cardholder's dispute and then the banks will determine whose position is more valid.Another common reason that cardholders initiate charge backs is when they indicate that the merchandise purchased was of less quality than what was promised. If the merchandise is a custom built item or a service, the customer generally knows that they cannot return it and receive a credit. So instead they will initiate a charge 。
2.大学生使用信用卡的利与弊英语作文
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 credit cards. Some people find it very easy to exceed their budget. They are tempted to purchase goods that they do not really need, and can become quickly overburdened by debt. The credit cards often charge a high rate of interest, which exacerbates the problems for these people. However, used wisely credit cards can improve the quality of people's lives. They can give people access to money to meet sudden unplanned expenses. Properly handled, they can let people control their expenditure and the monthly statements provide a record of where their money has gone.
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3.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 , 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： e 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 。
4.求关于信用卡的英文文献或著作
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. 129-134Abstract:This article treats the theoretical consequences of consumer credit card use. A delayedrepayment model provides consumer optimization and indifference conditions between cashand credit card transactions. Under realistic interest and opportunity cost rates, consumerscan rationally let a balance revolve about 39 percent of the time and maintain indifferenceover 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: INFORMSAbstractThe objective of the present research is to study consumerdecisions to utilize a line of credit. The life-cycle hypothesisfrom economics argues that consumers should their incomes over their life stream to maximizelifetime utility. One form of intertemporal allocation isto use past income (in the form of savings) in the future. Asecond form is the use of future income in the present. Thiscan only be done if consumers have access to a temporarypool of money that they can draw from and replenish in thefuture-a function performed by consumer credit. However,our research reinforces prior findings that consumers areunable to correctly value their future incomes, and that theylack the cognitive capability to solve the intertemporal optimizationproblem required by the life-cycle hypothesis. Instead,we argue that consumers use information such as thecredit limit as a signal of their future earnings potential.Specifically, if consumers have access to large amounts ofcredit, they are likely to infer that their lifetime income willbe high and hence their willingness to use credit (and theirspending) will also be high. Conversely, consumers who aregranted lower amounts of credit are likely to infer that theirlifetime income will be low and hence their spending willbe lower.However, based on research in the area of consumer skepticismand inference making, we also argue for a moderatingrole of the credibility associated with the credit limit.Specifically, we argue that the above effect of credit availabilitywould be particularly strong for consumers who believethat the credit limit credibly signals their future earningspotential (i.e., a naive consumer who has limitedexperience with consumer credit). However, as consumersgain experience with credit, they start discounting creditavailability as a predictor of their future and start questioningthe validity of the process used to set the credit limit.Hence, with experience the effect of credit limit on the willingnessto use credit should be attenuated.We test these predictions in five separate studies. In thefirst experimental study, we manipulate credit limit andcredibility and pose subjects with a hypothetical purchaseopportunity. Consistent with our prediction, credit limit impactedthe propensity to spend, but only when the credibilitywas high. In the second experimental study, we rep-MARKETING SCIENCE ? 2002 INFORMSVol. 21, No. 1, Winter 2002, pp. 32-53licate these findings even when subjects were giveninformation about their expected future salaries, and alsoshow that the credit limit influences their expectation of futureearnings potential. In the third study, we show that themere availability (and increase) of current liquidity cannotexplain our findings. In the fourth study, we conduct a surveyof consumers in which we measure a number of and also ask them for their propensityto spend in a given purchase situation. In the fifthstudy we use the Survey of Consumer Finances (SCF) dataset,a triennial survey of U.S. families that is designed toprovide detailed information on the use of financial services,spending behaviors, and selected demographic characteristics.Results from both studies 4 and 5 provide further supportfor our proposed framework-credit limits influencespending to a greater extent for consumers with lower credibility:younger consumers and less-educated consumers.Across all studies we achieved triangulation by using a varietyof approaches (surveys and experiments), subjectstypes (young students and older 。
5.求一篇有关信用卡的英语作文,急
如今，信用卡消费已成为时下人们的生活习惯。的确，信用卡给消费者带来诸多的方便。但是也有人表示，信用卡并非传说中的那样安全，其弊端也有种种。使用信用卡的利与弊有哪些呢？
now, the credit card consumption has become a popular lifestyle. indeed, the credit card to bring a lot of convenience for consumers. but others said, credit card assecurity is not a legend, its malpractice also has all sorts of. the use of credit cards, what are the advantages and disadvantages?
信用卡的利：安全、便利、尊贵、实惠、不欠人情、干净卫生、能缓解经济压力、累积个人信用记录、培养理财意识、便于家庭理财教育。
credit card interest: safety, convenience, noble, affordable, not owe, clean sanitation, can relieve the economic pressure, the accumulation of personal credit records, financial awareness, training for the family financial management education.
信用卡的弊：盲目消费、过度消费、利息高、需交年费、盗刷、影响个人信用记录。
credit card fraud: blind consumption, excessive consumption, high interest,required to pay an annual fee, stolen brush, affect personal credit records.
信用卡卡友带来很多好处，但是也有一定的不利的方便，所以提醒各位卡友，在使用信用卡时，要规避信用卡的弊端，合理掌握信用卡的使用。
credit card you bring many benefits, but also have certain unfavorable convenient,so remind card, in the use of credit cards, to avoid the abuse of credit card, a reasonable grasp the use of credit cards.
6.关于信用卡的英语作文
As mentioned in an early article, there are two types of credit cards: secured and unsecured. This article will explore some of the issues of secured credit cards.What is a secured credit card?A secured card is a credit card that requires you to deposit a certain amount of money into a savings account, money market account, or certificate of deposit. The minimum amount usually ranges between $200 and $500 but this will vary from one company to another. Your deposit is considered your security and some card issuers will even allow the deposit to earn interest. The amount that you deposit into the account is your credit limit. You should understand that sometimes the limit will be for the full amount that you put into the account but with some companies your limit may be a percentage of the total amount that you deposited.A secured credit card is not a debit card. This is important to understand because if full payments are not made each month, interest will be charged on the outstanding balance.Who should consider using secured credit cards?If you have no credit history at all, using a secured credit card can be a good way to begin establishing your credit. Many young people who are just starting out may choose this as an option.If you have bad credit, you may wish to use a secured credit card to help you improve your credit score. In addition, a secured credit card may be the only source you will have for obtaining a credit card. There are some transactions that require the use of a credit card. This might include car rentals or hotel reservations. If you need to make those types of transactions and cannot get an unsecured credit card, this might be the only way you can get a true credit card. What to look for in a secured credit card:Interest Rate: Do not be fooled into thinking that because you have no credit history or a bad credit report that you have to settle for exorbitant interest rates. Make it a point to shop around for the lowest rates that you qualify for before you apply for a secured credit card.Fees: Pay close attention to any fees that will be charged to you or to your account once it is opened. There are some companies that will charge ridiculously high fees that will reduce your initial deposit before you even use the card. Stay away from those companies. Look for companies that have no fees whatsoever or for those companies that charge a small one-time fee to set up the account. Annual fees for attractive secured cards typically range from $20-$35. Scams: It is sad to say that there are companies out there who are in the business of ripping people off. They prey on the vulnerability of those who may be in a credit crunch. Some of the things they do include promises of getting you "quick credit" for a price. Another popular scam is to ask you to call a 900 phone number for "secrets" to getting a credit card or credit repair. Your phone company will charge you a high rate for using a 900 number and you never get the information that was offered.The best advice to avoid secured credit card scams is that if it sounds too good to be true it is. Use your common sense and do not be taken by these crooks.Credit Improvement Issues: Even with a very good payment history on your secured card it can takes many months before you begin to see improvement in your credit record. You have to be patient when repairing bad credit. You also have to be smart. Make sure that the company that issues the secured credit card to you will report your good payment history to the three big credit reporting agencies. Not all companies report and if they do not report you are simply wasting your time.Keep in mind that they will also report your bad payment history if you do not pay on time. Be careful and make your payments on time each and every month.。
7.如何写一篇关于信用卡在生活中的重要性的英语作文
The Advantages and Disadvantages of Credit Card
关于信用卡优缺点
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.Credit cards, known as “plastic money”, are being offered on very good terms to encourage the change.Consumers will be able to “buy now, pay later”, and many see this as an advantage.
个人信用卡在中国变得越来越普遍。银行和其他金融机构都鼓励他们的客户改变买东西的方式。信用卡，称为“塑料钱”，正在提供非常良好的条件来鼓励改变。消费者将能够享受“先购买，后付款”，很多人认为这是一个优势。
But people need to be careful.There are dangers associated with credit cards.Some people find it very easy to exceed their budget.They are tempted to purchase goods that they do not really need, and can become quickly overburdened by debt.The credit cards often charge a high rate of interest, which exacerbates the problems for these people.
但人们要小心。信用卡伴随危险。有些人发现很容易超过自己的预算。他们试图购买他们并不真正需要的商品，并迅速由于债务负担过重。信用卡往往收取较高的利率，这加剧了这些问题。
However, used wisely credit cards can improve the quality of people's lives.They can give people access to money to meet sudden unplanned expenses.Properly handled, they can let people control their expenditure and the monthly statements provide a record of where their money has gone.
但是，理性的使用信用卡可以提高人们的生活质量。他们可以得到钱来付突然的，意料之外的费用。处理得当，它们可以让人们控制他们每月的支出和记录下他们的每个月所花的钱的报表。
8.求关于信用卡的英文文献或著作
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. 129-134Abstract:This article treats the theoretical consequences of consumer credit card use. A delayedrepayment model provides consumer optimization and indifference conditions between cashand credit card transactions. Under realistic interest and opportunity cost rates, consumerscan rationally let a balance revolve about 39 percent of the time and maintain indifferenceover 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: INFORMSAbstractThe objective of the present research is to study consumerdecisions to utilize a line of credit. The life-cycle hypothesisfrom economics argues that consumers should their incomes over their life stream to maximizelifetime utility. One form of intertemporal allocation isto use past income (in the form of savings) in the future. Asecond form is the use of future income in the present. Thiscan only be done if consumers have access to a temporarypool of money that they can draw from and replenish in thefuture-a function performed by consumer credit. However,our research reinforces prior findings that consumers areunable to correctly value their future incomes, and that theylack the cognitive capability to solve the intertemporal optimizationproblem required by the life-cycle hypothesis. Instead,we argue that consumers use information such as thecredit limit as a signal of their future earnings potential.Specifically, if consumers have access to large amounts ofcredit, they are likely to infer that their lifetime income willbe high and hence their willingness to use credit (and theirspending) will also be high. Conversely, consumers who aregranted lower amounts of credit are likely to infer that theirlifetime income will be low and hence their spending willbe lower.However, based on research in the area of consumer skepticismand inference making, we also argue for a moderatingrole of the credibility associated with the credit limit.Specifically, we argue that the above effect of credit availabilitywould be particularly strong for consumers who believethat the credit limit credibly signals their future earningspotential (i.e., a naive consumer who has limitedexperience with consumer credit). However, as consumersgain experience with credit, they start discounting creditavailability as a predictor of their future and start questioningthe validity of the process used to set the credit limit.Hence, with experience the effect of credit limit on the willingnessto use credit should be attenuated.We test these predictions in five separate studies. In thefirst experimental study, we manipulate credit limit andcredibility and pose subjects with a hypothetical purchaseopportunity. Consistent with our prediction, credit limit impactedthe propensity to spend, but only when the credibilitywas high. In the second experimental study, we rep-MARKETING SCIENCE ? 2002 INFORMSVol. 21, No. 1, Winter 2002, pp. 32-53licate these findings even when subjects were giveninformation about their expected future salaries, and alsoshow that the credit limit influences their expectation of futureearnings potential. In the third study, we show that themere availability (and increase) of current liquidity cannotexplain our findings. In the fourth study, we conduct a surveyof consumers in which we measure a number of and also ask them for their propensityto spend in a given purchase situation. In the fifthstudy we use the Survey of Consumer Finances (SCF) dataset,a triennial survey of U.S. families that is designed toprovide detailed information on the use of financial services,spending behaviors, and selected demographic characteristics.Results from both studies 4 and 5 provide further supportfor our proposed framework-credit limits influencespending to a greater extent for consumers with lower credibility:younger consumers and less-educated consumers.Across all studies we achieved triangulation by using a varietyof approaches (surveys and experiments), subjectstypes (young students and older c。
9.关于信用卡信用风险的英文文献
第一篇Minimize the Risk of Credit Card FraudIf you are a consumer, the chances of your credit card number being intercepted as it travels over the Internet is very small. It is actually at a higher risk when you use it in a real life store, as the merchant not only has all of your credit card details, but also a copy of your signature. If you are an online merchant, the chances of getting orders with stolen credit card numbers are greater. As the person who is using the stolen credit card cannot be seen and may even be located in another country. Unfortunately, merchants are not provided the same protection as consumers when it comes to credit card fraud. In fact, merchants are completely at risk and bear all of the losses. Even when reporting the fraud, the banks, merchant providers, and police are not always able to help -- mainly because they are too busy or feel that the dollar amount involved is not significant enough to warrant further action. Did you know that thieves can now create fictitious credit card numbers based on the algorithms used to produce authentic numbers?! These fictitious credit card numbers pass through verification and will be given approval codes. Further, there are newsgroups that post stolen credit card data (so if your card number is stolen, it may be posted to the world in a matter of minutes). The following are some steps you can, and should take to minimize your risk of credit card fraud: Begin taking a few extra steps to validate each order. Don't accept orders unless complete information is provided (including full address and phone number). You may even want to require Address Verification for all credit card orders.Do not accept orders from untraceable email addresses. Free email addresses, such as Hotmail, are often used with fraudulent orders. You can find a list of 700+ of free email services at /redflag.htmMultiple orders of the same product. Why would someone want to buy 3 video cameras?Large orders. The average order on the Internet is about $50.00. It is usually lower for first time orders, as customers often place a small test order to check out the quality of the goods. So beware if you have a first time order for multiple items, costing hundreds or thousands of Dollars.Pay extra attention to international orders. Do everything you can to validate the order before you ship your product to a different country.Shipping address differs from the credit card billing address. Not uncommon, but is something to watch for.Express shipping. Thieves want to receive the items quickly and then move on to another location.If you are suspicious for any reason, call the customer to confirm the order. It will save you a lot of time, and money, in the long run. Other ResourcesAn excellent book on how to protect yourself against online scams and cyberspace invaders called Risky Business: Protect Your Business from being Stalked, Conned or Blackmailed on the Web, by Dan Janal, provides good ideas for merchants to minimize the risk of credit card fraud. You may obtain this book now by clicking here.AntiFraud.com - A web site dedicated to assisting merchants greatly reduce the chances of online credit card fraud第二篇Getting a Merchant Account:What Constitutes Credit Card Risk?by Mark WilsonAll credit card risk refers to the risk of the merchant to incur "charge backs" or disputes, from their customers. Charge backs are not related to charges or credits, but instead refer to unhappy customers initiating a dispute of a charge that has shown up on their statement. Most of these disputes consist of the customer indicating that the charge was false, or that their card number was misappropriated by another individual and used for purchases that were not approved. Sometimes the charge back isn't initiated by the individual cardholder but instead by the card-issuing bank. Once a charge back is initiated, the merchant is generally sent a "retrieval request" which is just a request by the card acquiring (or underwriting) bank for the proof of the sale. This proof would usually consist of copies of the signed receipt and any other signed corroborating documents that the merchant might have. The merchant's proof is weighed against the cardholder's dispute and then the banks will determine whose position is more valid.Another common reason that cardholders initiate charge backs is when they indicate that the merchandise purchased was of less quality than what was promised. If the merchandise is a custom built item or a service, the customer generally knows that they cannot return it and receive a credit. So instead they will initiate a charge back to 。
10.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 , 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： e 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 equati。
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