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Working Paper
Payday loan pricing
We estimate the pricing determinants for 35,098 payday loans originated in Colorado between 2000 and 2006, and generate a number of results with implications for public policy. We find evidence consistent with classical price competition early in the sample, but as time passed these competitive effects faded and the data become more consistent with a variety of strategic pricing practices. On average, loan prices moved upward toward the legislated price ceiling over time, consistent with implicit collusion facilitated by price focal points. Large multi-store payday firms tended to charge ...
Journal Article
Small business lending by commercial banks in Colorado : 1994 to 1996
The structure of Colorado's banking industry has recently undergone significant change and, therefore, provides a good case study with which to gauge the impact of consolidation on sources of loans and access to credit for small business. We find that between 1994 and 1996, lending to small businesses in Colorado by small to medium size banking organizations grew much faster than lending by large organizations. This lending pattern was similar across in-state and out-of-state banking organizations. Thus, the difference is largely driven by size rather than by the location of the ...
Conference Paper
Strategic pricing of payday loans: evidence from Colorado, 2000-2005