Using variation in payday lending restrictions over time and across states, we study competition in the market for small, short-term consumer loans. We find that banks and credit unions reduce overdraft credit limits and prices when payday credit, a possible substitute, is prohibited. These findings suggest that depositories respond to payday loan bans by taking less risk, bouncing checks that they would have otherwise covered. The decline in overdraft prices is surprising when viewed in isolation, but sensible given that depositories incur lower credit losses as they limit overdraft coverage. We find some evidence that credit unions’ overdraft activities are more profitable when payday loans are prohibited, consistent with decreased competition. In addition to characterizing the impact of prohibiting payday lending, a common state policy change in recent years, our findings illuminate competition in the small-dollar loan market by highlighting the importance of non-price adjustments to credit offers.

Structural reforms of a fundamental nature now under way in Wall Street have been proclaimed so often of late as to become commonplace. The fact that many of these changes are not welcomed by established and influential persons who make their living in or around Wall Street is not news. What may be news, however, is that neither of these facts is particularly new.

Donald G. Simonson, Comment: The Predictive Content of some Leading Economic Indicators for Future Stock Prices, The Journal of Financial and Quantitative Analysis, Vol. 9, No. 2 (Mar., 1974), pp. 259-261

The FTC reported 22, 517 corporate acquisitions during the 1960s compared with 7200 for the period, 1940–1959. The increased employment of this method of corporate growth has generated a number of studies explaining certain segments of the merger movement. Attempts have been made to explain why firms merge, how firms merge, and how mergers have affected subsequent performance of firms. Mergers have been described as consummated to avoid bankruptcy (for the acquired firm), to capitalize upon managerial inefficiencies, to gain from valuation discrepancies, to achieve portfolio diversification, and for synergistic purposes and many other reasons.

Weeden & Co.'s business is that of making markets. We do it in many different types of securities and we take considerable inventory risk in the process. As market makers we learn to be direct in our dealings. “My market is 62 bid; offered at 62½.” “I can offer 5,000 at 62½ net.” The pace and the pressures of the marketplace tend to make us impatient with those who speak in vague terms, who mask their intentions, or who do not know the facts.

Journal Article Algorithms for Social Choice Functions Get access Donald E. Campbell Donald E. Campbell Ontario Economic Council and University of Toronto Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 3, April 1980, Pages 617–627, https://doi.org/10.2307/2297312 Published: 01 April 1980 Article history Received: 01 June 1977 Accepted: 01 April 1979 Published: 01 April 1980

Journal Article A General Equilibrium Analysis of Trade Creating Customs Unions Get access Donald M. Chaffee, Jr Donald M. Chaffee, Jr San Francisco State University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 42, Issue 2, April 1975, Pages 279–284, https://doi.org/10.2307/2296535 Published: 01 April 1975

A growing body of evidence indicates that liquidity constraints could affect a substantial proportion of U. S. consumers, but little is known about why these constraints might exist. An important, but little-explored, issue is the relationship between inter vivos intergenerational transfers and liquidity constraints. These transfers can ease borrowing constraints. Empirical transfer patterns match those predicted from a model in which transfers are allocated to liquidity-constrained consumers. In particular, the distinction between current and permanent incomes of potential recipients is a key aspect of private-transfer behavior. The findings have important implications for our understanding of consumer behavior.

Donald R. Chambers, Willard T. Carleton, Donald W. Waldman, A New Approach to Estimation of the Term Structure of Interest Rates, The Journal of Financial and Quantitative Analysis, Vol. 19, No. 3 (Sep., 1984), pp. 233-252