This paper develops a general equilibrium model of both taste-based and statistical discrimination in credit markets. We find that both types of discrimination have similar predictions for intergroup differences in loan terms. The commonly held view has been that if there exists taste-based...

A large literature has examined factors leading to filing for personal bankruptcy, but little is known about household borrowing after bankruptcy. Using data from the Survey of Consumer Finances, we find that relative to comparable nonfilers, bankruptcy filers generally have more limited access...

We estimate the nondefault component of corporate bond yield spreads and examine its relationship with bond liquidity. We measure bond liquidity using intraday transactions data and estimate the default component using the term structure of credit default swaps (CDS) spreads. With swap rate as...

We test the widely held assumption that longer restructurings are more costly. In contrast to earlier studies, we use instrumental variables to control for the endogeneity of restructuring time and creditor return. Instrumenting proves critical to our finding that creditor recovery rates...

The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. The primary justification for the discharge policy is to preserve human capital by maintaining incentives for work. In this paper, we test this fresh start argument by...

Using a general equilibrium model of credit market discrimination, I find that both taste-based discrimination and statistical discrimination have similar predictions for the intergroup differences in loan terms. The commonly held view has been that if taste-based discrimination exists, loans...

I study the implications of creditor learning on the estimated racial disparity in the loan approval rate and derive testable hypotheses for detecting discrimination in lending. Utilizing the data used by Munnell et al. (1996), I find that the magnitude (in absolute value) of the racial...

A dynamic model of a regional energy system has been developed to support sustainable waste treatment with greenhouse gases (GHG) mitigation, addressing the possibility for development towards a regional fossil fuel-free society between 2011 and 2030. The model is based on conventional mixed...

One of the by-products from bioethanol production using woody materials is lignin solids, which can be utilized as feedstock for combined heat and power (CHP) production. In this paper, the influence of integrating a drying process into a biomass-based polygeneration system is studied, where the...

A regional model for sustainable biogas electricity production was formulated and tested for a Finnish province, North-Savo. By using the model the aim was to support decision making for reducing greenhouse gas (GHG) emissions and increasing renewable energy (RE) production in the studied region...