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Full-Text Articles in Law
The Community Reinvestment Act: Its Impact On Lending In Low-Income Communities In The United States, Michael S. Barr, Lynda Y. De La Vina, Valerie A. Personick, Melissa A. Schroder
The Community Reinvestment Act: Its Impact On Lending In Low-Income Communities In The United States, Michael S. Barr, Lynda Y. De La Vina, Valerie A. Personick, Melissa A. Schroder
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This paper reviews data and research studies that demonstrate that CRA has helped to increase lending to low-income borrowers and in low-income neighborhoods, and that expanded CRA lending has been accomplished while maintaining sound lending practices and bank profitability. The paper also discusses literature that draws alternative conclusions, as well as studies that find, despite increases in lending and banking services to low- and moderate-income areas and to minority borrowers, that disparities still exist between the services afforded to these communities and those offered to the market as a whole.
A Property Theory Perspective On Russian Enterprise Reform, Michael Heller
A Property Theory Perspective On Russian Enterprise Reform, Michael Heller
Book Chapters
Why have Russian enterprises performed so poorly since privatization? This is a problem with many answers, each independently sufficient: the bleak mix includes vacillating macroeconomic policy, endemic corruption, a corrosive tax structure, poor human capital, and so forth. Even well-performing companies must hide good results because visible profits or dividends provoke confiscatory taxation and mafia visits. In such a difficult environment, the rule of law generally, and corporate governance in particular, may seem not to count. Macroeconomic implosions dwarf subtle distinctions in corporate dividend rules or minority voting rights.