The Frontiers of Peer-to-Peer Lending: Thinking About a New Regulatory Approach

The growth of online alternative lending presents several advantages for both those seeking credit and those with excess capital to lend. Over the past decade, several different models of peer-to-peer lending have emerged in the US and U.K. Each of these models has developed in response to the different regulatory system it faces, which has led to the models’ different risk and reward profiles. However, the current regulatory framework for regulating peer-to-peer lending, especially in the U.S., leaves much to be desired. The inadequate regulatory regime not only hampers the potential for growth and further innovation in the industry, but also creates risks for consumers, lenders, and, as the sector grows, entire markets. There is no clear or easy answer as to the optimal regulatory regime, but regulators should at least consider the basic functions of peer-to-peer lending and how to address risks with a more comprehensive and sensible model for regulation

Crawling Water Beetles of Wisconsin (Coleoptera: Haliplidae)

(excerpt) Haliplidae are smail water beetles, less than 5 mm long, that frequently occur in abundance in ponds, marshes, sloughs, and swamps and also along the margins of slow streams or lakes where there is not severe wave action. Adults are readily recognized by their yelloa- to orange ground color with black maculations on the elytra and sometimes on the head and pronotum (Figs. 1,3,4). They have a distinctive shape, being broadest at the basss of the elytra and tapered toward the posterior end. The metacoxae are covered by dis~ctive plates that are unique among water beetles (Fig. 2). The tarsi and tibiae of the adults are modified for swimming, and the beetles can swim quite well, although they mostly crawl among the vegetation. Adults and larvae are found among vegetation upon which they feed, filamentous algae being the primary source of food for most species, but detrims and animal material may form a portion of the diet in some species. In Wisconsin most species probably have a one-year life cycle and overwinter as adults. Eggs are laid during spring and early summer, usually in or upon algae. There are three larval instars, and pupation takes place in moist soil above the water line. Larvae have been derrihd for only a few species, so identification is based upon adult characteristics

A Perspective on the Use of Storable Propellants for Future Space Vehicle Propulsion

Propulsion system configurations for future NASA and DOD space initiatives are driven by the continually emerging new mission requirements. These initiatives cover an extremely wide range of mission scenarios, from unmanned planetary programs, to manned lunar and planetary programs, to earth-oriented (Mission to Planet Earth) programs, and they are in addition to existing and future requirements for near-earth missions such as to geosynchronous earth orbit (GEO). Increasing space transportation costs, and anticipated high costs associated with space-basing of future vehicles, necessitate consideration of cost-effective and easily maintainable configurations which maximize the use of existing technologies and assets, and use budgetary resources effectively. System design considerations associated with the use of storable propellants to fill these needs are presented. Comparisons in areas such as complexity, performance, flexibility, maintainability, and technology status are made for earth and space storable propellants, including nitrogen tetroxide/monomethylhydrazine and LOX/monomethylhydrazine

Constructing two-sided simultaneous confidence intervals for multinomial proportions for small counts in a large number of cells

Confidence intervals for multinomial proportions are often constructed using large-sample methods that rely on expected cell counts of 5 or greater. In situations that give rise to a large number of categories, the cell counts may not be of adequate size to ensure the appropriate overall coverage probability and alternative methods of construction have been proposed. Sison and Glaz (1995) developed a method of constructing two-sided confidence intervals for multinomial proportions that is based on the doubly truncated Poisson distribution and their method performs well when the cell counts are fairly equally dispersed over a large number of categories. In fact, the Sison and Glaz (1995) intervals appear to outperform other methods of simultaneous construction in terms of coverage probabilities and interval length in these situations. To make the method available to researchers, we have developed a SAS macro to construct the intervals proposed by Sison and Glaz (1995).