6,857 research outputs found

    Double Down-and-Out: The Connection Between Payday Loans and Bankruptcy

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    This Article reviews the literature on the debate regarding the causal relationship between filing for bankruptcy and the use of payday loans but does not weigh in on the subject. Rather, it uses these studies, as well as a general discussion of bankruptcy filing and payday loans, as a backdrop for analyzing new data regarding the correlation between bankruptcy filing and the use of payday loans. This Article reports on an empirical study conducted in the state of New Mexico that measures rates of payday loan use among bankruptcy debtors from a large sample of publicly available bankruptcy data. Part I of this Article discusses the payday loan industry, its business model, how the loans work, and who the likely payday lending customer is. Part II reviews the current literature regarding the connection between payday loans and bankruptcy, and suggests some ways in which the existing literature falls short of fully answering the question of whether payday lending causes bankruptcy filing. Part III describes the new empirical study from New Mexico. This Article describes the method used to conduct this study as well as its results. In summary, our data show that from 2007 to 2009, 18.9 percent of bankruptcy debtors in New Mexico reported using payday loans. Compared to the use of payday loans reported in other studies among the general population, as well as past studies on payday loan use among bankruptcy debtors, this rate of usage is extremely high. Moreover, the correlation between bankruptcy and payday loans seems to be getting stronger, as the use of these loan products appears to be growing. We find that almost double the percentage of bankruptcy debtors reported using payday loans from 2007 to 2009, than from 2000 to 2002. Part IV of this Article concludes that while one cannot be certain that there is a causal connection between filing for bankruptcy and using payday or other short-term loans, there is a strong correlation between bankruptcy filing and payday loan use. If the increasing use of payday loans is seen as a problem, we conclude that the problem appears to be growing, despite efforts by states to cut down on the use of these loans and to curb the use of multiple loans at one time. In fact, the usage of multiple payday loans at one time also has increased drastically, as recent bankruptcy debtors, whether individuals or families, report using far more of these types of loans simultaneously than in the past. All of this indicates that the use of multiple loans at one time is increasing, a problem states are grappling with but apparently are not solving

    Comparing COP Optimization with Maximizing the Coefficient of System Performance for Refrigeration Systems in Supermarkets

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    In recent years the energy usage of supermarkets, in particular that of their refrigeration systems, has been investigated using a variety of approaches, such as floating pressure set points and integrating the heating and refrigeration systems. Something which has not yet attracted much attention is the energy consumption of the dry condenser fans in refrigeration systems. This is surprising as it has been shown for comparable installations that including the energy consumption of these fans when optimizing the system efficiency was beneficial. To address this deficit, _COP_ maximization has been compared to optimizing the Coefficient of System Performance (_COSP_). The simple refrigeration system used for this investigation was based on a commercially available R404A/CO2 system comprising the basic components, with the condenser having extractor fans. The results show that, when the outdoor temperature is below about 15°C, there is no observable difference between these two approaches. However, when the ambient temperature increases beyond this threshold, the control method which optimizes _COSP_ is significantly better for part load conditions. This indicates that maximizing the _COP_ can lead to a sub-optimal system in terms of energy consumption under part load conditions. When the refrigeration system is at its full load point, however, both approaches produce similar results again

    InGaN nano-ring structures for high-efficiency light emitting diodes

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    A technique based on the Fresnel diffraction effect for the fabrication of nano-scale site-controlled ring structures in InGaN/GaN multi-quantum well structures has been demonstrated. The ring structures have an internal diameter of 500 nm and a wall width of 300 nm. A 1 cm-1 Raman shift has been measured, signifying substantial strain relaxation from the fabricated structure. The 9 nm blueshift observed in the cathodoluminescence spectra can be attributed to band filling and/or screening of the piezoelectric field. A light emitting diode based on this geometry has been demonstrated. © 2005 American Institute of Physics.published_or_final_versio

    The nature of the SDSS galaxies in various classes based on morphology, colour and spectral features -- I. Optical properties

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    We present a comprehensive study of the nature of the SDSS galaxies divided into various classes based on their morphology, colour, and spectral features. The SDSS galaxies are classified into early-type and late-type; red and blue; passive, HII, Seyfert, and LINER, returning a total of 16 fine classes of galaxies. We examine the luminosity dependence of seven physical parameters of galaxies in each class. We find that more than half of red early-type galaxies (REGs) have star formation or AGN activity, and that these active REGs have smaller axis ratio and bluer outside compared to the passive REGs. Blue early-type galaxies (BEGs) show structural features similar to those of REGs, but their centres are bluer than REGs. HII BEGs are found to have bluer centres than passive BEGs, but HII REGs have bluer outside than passive REGs. Bulge-dominated late-type galaxies have red colours. Passive red late-types are similar to REGs in several aspects. Most blue late-type galaxies (BLGs) have forming stars, but a small fraction of BLGs do not show evidence for current star formation activity. Differences of other physical parameters among different classes are inspected, and their implication on galaxy evolution is discussed.Comment: 16 pages, 10 tables, 16 figures; accepted for publication in MNRA
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