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Who is paying all these fees? An empirical analysis of bank account and credit card fees 谁在支付这些费用？银行账户和信用卡费用的实证分析
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2023.106157
Oz Shy , Joanna Stavins
{"title":"Who is paying all these fees? An empirical analysis of bank account and credit card fees","authors":"Oz Shy ,&nbsp;Joanna Stavins","doi":"10.1016/j.jeconbus.2023.106157","DOIUrl":"10.1016/j.jeconbus.2023.106157","url":null,"abstract":"<div><p>Banks impose a variety of account fees, and credit card issuers impose a variety of fees related to card usage. Using detailed data from a 2021 representative diary survey of US consumers, we investigate whether lower-income consumers and Black consumers are more likely to pay bank account or credit card fees, and how payment behavior varies depending on paying such fees. We find that the probability of paying several types of bank account and credit card fees is correlated with consumers’ demographic and income attributes. The percentage of Black consumers who pay overdraft or low-balance fees on their bank accounts or pay late fees or cash-advance fees on their credit cards is higher than the percentage of White consumers who pay those fees. We find that some fees on bank accounts and credit cards are regressive: lower-income consumers are significantly more likely to pay overdraft, bounced check, or late fees. While Black consumers were significantly more likely to pay any bank account fee, the race effect was smaller when controlling for income in the regressions.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"129 ","pages":"Article 106157"},"PeriodicalIF":3.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139414080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account? 异质性无银行账户家庭：哪类家庭更有可能（或更不可能）开立银行账户？
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2023.106156
Fumiko Hayashi, Aditi Routh, Ying Lei Toh
{"title":"Heterogeneous unbanked households: Which types of households are more (or less) likely to open a bank account?","authors":"Fumiko Hayashi,&nbsp;Aditi Routh,&nbsp;Ying Lei Toh","doi":"10.1016/j.jeconbus.2023.106156","DOIUrl":"10.1016/j.jeconbus.2023.106156","url":null,"abstract":"<div><p>Promoting bank account ownership is important because having a bank account is the foundation for households’ financial well-being. Unbanked households differ in their likelihood of opening a bank account, and understanding the factors associated with these differences can help policymakers and industry<span> stakeholders to tailor financial inclusion<span> strategies. This study examines which factors are associated with unbanked households that are more (or less) likely to open a bank account. We use data from the FDIC National Surveys of Unbanked and Underbanked Households and assess the likelihoods of opening a bank account for different groups of unbanked households divided based on their prior banking status and interest in having a bank account. Unbanked households that previously had a bank account and are interested in having a bank account are more likely to open an account. These households tend to be unemployed, more educated, and native born, to have access to digital technologies, to use alternative financial services, and to be unbanked because of unfavorable bank account features. In contrast, households that never had a bank account and are uninterested in a bank account are less likely to open an account. These households tend to be not in the labor force, less educated, of a racial minority, and foreign born, to lack access to digital technologies, and to rely heavily on cash. Moreover, they tend to distrust banks. Advancing financial inclusion for this group will require strategies to increase their trust in the financial services industry.</span></span></p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"129 ","pages":"Article 106156"},"PeriodicalIF":3.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139056105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effect of minimum wages on consumer bankruptcy 最低工资对消费者破产的影响
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2024.106171
Diego Legal , Eric R. Young
{"title":"The effect of minimum wages on consumer bankruptcy","authors":"Diego Legal ,&nbsp;Eric R. Young","doi":"10.1016/j.jeconbus.2024.106171","DOIUrl":"10.1016/j.jeconbus.2024.106171","url":null,"abstract":"<div><p>We use cross-state differences in minimum wage (MW) levels and county-level consumer bankruptcy rates from 1991–2017 to estimate the effect of changes in minimum wages on consumer bankruptcy. We find that Chapter 7 bankruptcy rates are significantly lower in counties belonging to states with higher MW compared to neighboring counties in the lower MW state: a 10% increase in MW decreases the bankruptcy rate by around 4%. Before the 2005 bankruptcy reform, this effect was almost twice as large as for the entire sample. Theoretically, we cannot sign the effect of MW on bankruptcy and credit utilization; we use a stylized consumption/saving model with default to illustrate the dependence on critical aspects of the model (costs of default, minimum wage levels, and disemployment effects) and to provide intuition on how to interpret our results.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"129 ","pages":"Article 106171"},"PeriodicalIF":3.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140196465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How are veterans faring financially? Updates and new evidence from a national survey 退伍军人的经济状况如何？来自全国调查的最新情况和新证据
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2023.106155
Gary Mottola , William Skimmyhorn , Olivia Valdes
{"title":"How are veterans faring financially? Updates and new evidence from a national survey","authors":"Gary Mottola ,&nbsp;William Skimmyhorn ,&nbsp;Olivia Valdes","doi":"10.1016/j.jeconbus.2023.106155","DOIUrl":"10.1016/j.jeconbus.2023.106155","url":null,"abstract":"<div><p>This research provides new and updated evidence on the financial capability of military veterans. We leverage data from two waves of the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS) to examine how veterans are faring over time, relative to comparable civilians. Overall, veterans in 2018 fared better than non-veterans in several areas. They reported higher financial satisfaction, less difficulty covering expenses, and a higher likelihood of having an emergency fund and non-retirement investment account. However, veterans were more likely to report having experienced a large drop in income, problematic credit card behaviors and late mortgage payments. Notably, though several indicators of overall financial well-being and saving behaviors improved from 2015 to 2018 and spending and credit outcomes worsened, these relative changes did not differ between veterans and non-veterans.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"129 ","pages":"Article 106155"},"PeriodicalIF":3.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619523000486/pdfft?md5=d371b77c7dfc9517f3be18ce37473d14&pid=1-s2.0-S0148619523000486-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effects of state utility shutoff moratoria on credit delinquencies during the COVID-19 pandemic 在 COVID-19 大流行期间，州公用事业暂停对信贷拖欠的影响
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2024.106170
Jennifer Andre , Breno Braga , Kassandra Martinchek , Signe-Mary McKernan
{"title":"The effects of state utility shutoff moratoria on credit delinquencies during the COVID-19 pandemic","authors":"Jennifer Andre ,&nbsp;Breno Braga ,&nbsp;Kassandra Martinchek ,&nbsp;Signe-Mary McKernan","doi":"10.1016/j.jeconbus.2024.106170","DOIUrl":"10.1016/j.jeconbus.2024.106170","url":null,"abstract":"<div><p>The number of people in financial distress was expected to increase in the wake of the COVID-19 pandemic, with the most vulnerable populations likely suffering the most. To protect the most disadvantaged, states implemented emergency measures such as utility shutoff moratoria, which prevented utility companies from disconnecting families’ energy and water services due to non-payment. Using credit bureau data on five million consumers, we investigate how a utility shutoff moratorium impacted consumers’ credit delinquencies. We find that adults living in states that implemented such protections were less likely to be late in the payment of their credit cards and auto &amp; retail loan bills during the pandemic. We also find that a state utility shutoff moratorium reduced the likelihood of consumers’ unpaid debt being sent to collections during the pandemic. Residents of majority-Black communities benefited the most from a utility shutoff moratorium. These results suggest that families in states with a utility shutoff moratorium used this economic relief to pay their financial obligations in time.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"129 ","pages":"Article 106170"},"PeriodicalIF":3.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140150446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impacts of COVID-19-era economic policies on consumer debt in the United Kingdom COVID-19 时代的经济政策对英国消费者债务的影响
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2024.106162
Mingli Zhong , Breno Braga , Signe-Mary McKernan , Mark Hayward , Elizabeth Millward , Christopher Trepel
{"title":"Impacts of COVID-19-era economic policies on consumer debt in the United Kingdom","authors":"Mingli Zhong ,&nbsp;Breno Braga ,&nbsp;Signe-Mary McKernan ,&nbsp;Mark Hayward ,&nbsp;Elizabeth Millward ,&nbsp;Christopher Trepel","doi":"10.1016/j.jeconbus.2024.106162","DOIUrl":"10.1016/j.jeconbus.2024.106162","url":null,"abstract":"<div><p>We examine the effects of the Universal Credit expansion and mortgage forbearance on the financial well-being of United Kingdom (UK) residents during the pandemic. Using anonymized individual-level consumer financial data on 2 million UK consumers, each with one or more defaulted accounts accrued before the pandemic, we found that average nonmortgage debt increased by 17% from October 2019 (£5497) to December 2021 (£6456). Using a difference-in-difference approach, we found mixed policy impacts on the debt people carried. Although the expansion of Universal Credit was intended to help financially vulnerable families, consumers who were more likely to benefit from the Universal Credit expansion took on 1% more total nonmortgage debt after the policy expansion. By contrast, during the period of mortgage forbearance, mortgage holders accumulated 1% less total nonmortgage debt compared to nonmortgage holders. These results suggest that policies implemented in the UK to protect financially vulnerable families were insufficient to prevent beneficiaries from accumulating additional debt during the pandemic.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"129 ","pages":"Article 106162"},"PeriodicalIF":3.8,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140054256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The incentive effects of the overlapping project structure in credit markets 信贷市场重叠项目结构的激励效应
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-01-01 DOI: 10.1016/j.jeconbus.2024.106159
J.-P. Niinimäki
{"title":"The incentive effects of the overlapping project structure in credit markets","authors":"J.-P. Niinimäki","doi":"10.1016/j.jeconbus.2024.106159","DOIUrl":"10.1016/j.jeconbus.2024.106159","url":null,"abstract":"<div><p>In this theoretical paper, we examine the risk-shifting problem between lenders and a firm running projects in two different environments. In a synchronous environment, the firm introduces two new 2-period projects that both begin and end on the same date and hence have a new start date in odd-numbered periods. In an asynchronous environment, the firm introduces one new 2-period project in every period: This process creates an overlapping structure for the projects. We show that the set of parameters that allow for reputation-supported lending is larger if projects are asynchronous rather than synchronous. The findings can be generalized to other forms of moral hazard.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"128 ","pages":"Article 106159"},"PeriodicalIF":3.8,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619524000018/pdfft?md5=a3263de2b791d7066e6ac7c1ea867502&pid=1-s2.0-S0148619524000018-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Board structure in emerging markets: A simultaneous equation modeling 新兴市场的董事会结构：同步方程模型
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-01-01 DOI: 10.1016/j.jeconbus.2024.106160
Ichiro Iwasaki , Xinxin Ma , Satoshi Mizobata
{"title":"Board structure in emerging markets: A simultaneous equation modeling","authors":"Ichiro Iwasaki ,&nbsp;Xinxin Ma ,&nbsp;Satoshi Mizobata","doi":"10.1016/j.jeconbus.2024.106160","DOIUrl":"10.1016/j.jeconbus.2024.106160","url":null,"abstract":"<div><p>This paper unravels the board structure of 42,146 firms in China and 21 European emerging markets and empirically examines its determinants. Structural estimation of simultaneous equation models that endogenize board size, outside board chairmanship, and board independence produced evidence supporting our predictions about potential factors that determine these three variables, which are based on previous studies of developed economies. However, we found striking differences in the combination of factors that strongly affect board structure between China and European emerging markets and between public and private companies. Furthermore, the empirical results in this paper suggest that the close interdependence among board components requires analytical consideration.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"128 ","pages":"Article 106160"},"PeriodicalIF":3.8,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S014861952400002X/pdfft?md5=8c8cfd042412bc4a6f0d55f34464a578&pid=1-s2.0-S014861952400002X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139887132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
SMEs and patents: Is it worth it? A longitudinal analysis of the patent-performance relationship 中小企业与专利：值得吗？专利与绩效关系的纵向分析
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-01-01 DOI: 10.1016/j.jeconbus.2023.106147
Jonathan Taglialatela , Roberto Barontini
{"title":"SMEs and patents: Is it worth it? A longitudinal analysis of the patent-performance relationship","authors":"Jonathan Taglialatela ,&nbsp;Roberto Barontini","doi":"10.1016/j.jeconbus.2023.106147","DOIUrl":"10.1016/j.jeconbus.2023.106147","url":null,"abstract":"<div><p>In response to scepticism about the benefits of patenting in small firms, this paper provides new evidence on the relationship between financial performance in SMEs and patents, distinguishing between applications and granted patents. Empirical analyses show that firms with a patent application still pending five years after the filing date report higher sales than comparable firms who have not filed. Yet, we also find that the monopoly rights attached to granted patents do not result in higher sales than simply filing for a patent. This analysis leads us to infer that the activities performed during the patent application process improve firm knowledge stocks and absorptive capacity, in turn promoting performance above and beyond the status quo. SME managers should find in this study solid empirical evidence supporting well-informed decision-making over patenting.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"128 ","pages":"Article 106147"},"PeriodicalIF":3.8,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619523000401/pdfft?md5=3a36b3461907d3b34fd222f1a4720364&pid=1-s2.0-S0148619523000401-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136093276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
R&D grants and medical innovation 研发补助金和医疗创新
IF 3.8
JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-01-01 DOI: 10.1016/j.jeconbus.2023.106148
Omer Unsal , Reza Houston
{"title":"R&D grants and medical innovation","authors":"Omer Unsal ,&nbsp;Reza Houston","doi":"10.1016/j.jeconbus.2023.106148","DOIUrl":"10.1016/j.jeconbus.2023.106148","url":null,"abstract":"<div><p>This paper examines the relationship between government-funded R&amp;D grants in the US and pharmaceutical firm innovation. We find a positive and robust relationship between grant receipt, future patents, and medical innovations. The strength of the relationship between R&amp;D grants and pharmaceutical innovation is attenuated by firm lobbying but strengthened by industry competition, geographic dispersion, and leverage. Investors recognize the unequal value added by grant receipt. R&amp;D grant receipt also impacts future financial performance and sales growth. Our results indicate that the relationship between R&amp;D and innovation is more nuanced than previously identified.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"128 ","pages":"Article 106148"},"PeriodicalIF":3.8,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136167269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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