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UC Davis News: General Interest

Reckless Spending, Not Illness or Job Loss, Causes Most Bankruptcy
Fri, 29 Aug 2008 00:00:00 -0700
Simple overspending has driven most personal bankruptcies in recent years, a change from previous decades when illness and unemployment were major factors, concludes a new study from the University of California, Davis, Graduate School of Management. "The reasons people file for personal bankruptcy indeed have shifted during the past couple of decades," says Ning Zhu, the study's author and an associate professor of management at UC Davis. "Although our research supports the notion that adverse life events, like losing one's health or job, contribute to personal bankruptcy filings, excessive consumption contributes more to the recent increase in personal bankruptcy filing." According to the American Bankruptcy Institute, 2,039,214 personal bankruptcies were filed in 2005, up nearly five-fold from the 412,510 bankruptcies filed in 1985. Indeed, personal bankruptcies jumped from 0.3 percent to 1.8 percent of all U.S. households during the same period. The UC Davis study looked at all personal bankruptcy filings in Delaware in 2003, because the state was among the first to make its bankruptcy filings available through the Public Access to Court Electronic Record system and its demographics closely resemble those nationwide. The year 2003 was chosen because it allowed the study to follow cases to their conclusion, and permitted observation of filing patterns before 2005. (Filings may have been accelerated in the months leading up to October 2005, when the federal Bankruptcy Abuse Prevention and Consumer Protection Act took effect, by households wanting to avoid the new act's stricter requirements.) So that he could compare bankrupt households with solvent ones, Zhu also collected information from the Federal Reserve Board's national Survey of Consumer Finance about households that had never declared bankruptcy. Overall, Zhu concluded that debt accounted for more than 50 percent of recent bankruptcies, while medical problems caused just 5 percent and unemployment led to only 13 percent. Zhu found that bankrupt households have bigger mortgages, car loans and credit card balances than solvent ones, but make less than half as much money. Among bankrupt homeowners, mortgages were 3.21 times higher than annual household income, versus 1.73 times for solvent households. Auto loans were double the annual income for bankrupt households, versus 0.4 times for solvent households. And bankrupt households carried credit card balances that almost equaled their annual household income, while the average credit card balance for solvent households was 6 percent of annual income. In addition, bankrupt households had a median annual income of $25,738, versus $43,341 for solvent ones. (The median is the midpoint in a set of values; a median income of $25,738 for bankrupt households means that half of the bankrupt households in the study made higher salaries and half made less). Interestingly, more than 5 percent of bankrupt households owned at least one luxury automobile (average age of the car was 7 years), compared with 8 percent of solvent households (average age was 8 years). The study also suggests that some Americans deliberately spend beyond their means with the intention of using the bankruptcy system to erase some or all of their debt, and recommends reforms to discourage such abuse. "Our results emphasize that bankruptcy law reform should aim to address the issue," Zhu writes. "Current means test focusing on income, rather than consumption patterns or adverse events, may not set the best criteria for sorting out the households who truly need bankruptcy protection from those that consume beyond their means to take advantage of the system." The research has been presented at Boston College, the Massachusetts Institute of Technology, UCLA and Yale, and will be published in an upcoming issue of the Journal of Legal Studies, a publication of the University of Chicago Law School. The working paper is online at: http://www.gsm.ucdavis.edu/Faculty/Zhu/PersonalBankruptcy. Zhu earned his doctorate in finance from Yale in 2003. He specializes in individual behavior in financial markets, bankruptcy and distress, and investments.
"Strip-down" Could Ease Subprime Mortgage Crisis
Fri, 29 Aug 2008 00:00:00 -0700
Nearly all debtors who file for bankruptcy under Chapter 13 are homeowners, according to researchers at the University of California, Davis, Graduate School of Management and UC San Diego. Ning Zhu, an associate professor of management at UC Davis, and Michelle White, a professor of economics at UC San Diego, report their findings in a working paper, "Saving Your Home in Chapter 13 Bankruptcy," available online at http://www.gsm.ucdavis.edu/Faculty/Zhu/Chapter13. The researchers argue that even more debtors would save their homes rather than default if Chapter 13 permitted filers who owe more on their homes than the homes are worth to "strip-down" their mortgage obligation using a formula tied to the home's current fair market value and mortgage principal. The study examined all bankruptcies filed in Delaware in 2006. The authors argue that even more debtors would save their homes rather than default if Chapter 13 permitted filers who owe more on their homes than the homes are worth to "strip-down" the mortgage obligation using a formula tied to the home's current fair market value and mortgage principal. "Overall, introducing strip-down could save an addition 109,000 homes from default each year," Zhu says. "While that's a small number relative to the volume of foreclosures that may occur in the next year or two, introducing strip-down nonetheless could make an important contribution to solving the subprime mortgage crisis by providing a mechanism for saving homes from foreclosure when debtors wish to save their homes, even when lenders are unwilling to renegotiate or to consent to a refinancing." Zhu notes that foreclosures are costly not just to borrowers and lenders but to neighborhoods, because foreclosed homes tend to deteriorate and cause blight that pushes down housing prices and makes it difficult for other homeowners to refinance. This in turn leads to additional defaults by homeowners whose mortgages are "underwater" -- where the amount owed is higher than the value of the house. And as housing values drop, property tax revenues shrink, squeezing local government budgets.
How Temporary Help Agencies Impact the Labor Market
Fri, 29 Aug 2008 00:00:00 -0700
Temporary help agencies place nearly 3 million Americans in jobs each day -- but the temp industry's very success may embolden some managers to view all workers as impermanent, jobs scholar Vicki Smith argues in her latest book, "The Good Temp." "Labor Day is an opportunity to remind ourselves that we have a long way to go to address the risks and vulnerabilities that workers face in today's global economy," says Smith, a professor and chair of sociology at the University of California, Davis. In the "The Good Temp," Smith and her co-author, Esther B. Neuwirth, trace how temporary employment relationships have become mainstream in recent decades, and in some ways have contributed to the unraveling of the worker-employer contract. At the same time, the authors argue that temporary help agencies have also had positive impacts, including providing training to temps and offering opportunities that may lead to permanent jobs. "The Good Temp" is based on field work carried out in a temporary help agency in Silicon Valley. Understanding the temporary help industry, its rise and the "good temp" worker it produces is important to understanding today's economy, according to Smith. She notes that only about 30 percent of American workers today have one permanent, Monday-through-Friday, 40-hour-a-week job, and that the underemployment rate -- the proportion of workers who are over-qualified for their jobs or are working fewer hours than they prefer -- has reached nearly 10 percent. "Compared with the World War II era, when it was a marginal labor practice, temporary employment is today an entrenched feature of jobs and labor markets," Smith says. Smith's previous book is "Crossing the Great Divide: Worker Risk and Opportunity in the New Economy." She is a past chair of the American Sociological Association's Organizations, Occupations and Work Section and of the Society for the Study of Social Problems' Labor Studies Division. She earned her doctorate in sociology at UC Berkeley.

 

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1,000-Year-Old Sculpture Found - From New Inda Press, research team of Kongu Naadu Vellalar Trust has found a 1,000-year-old sculpture at Athanur Amman Temple near Rasipuram, highlighting the importance of trade activities of Tamils.

1,100-year-old Chola Stone Inscription Found - From the Hindu, inscription of the Parantaka Chola period has been discovered at a Siva temple at Ezhuchur, near Padappai, in Sriperumbudur taluk of Kancheepuram District.

1000-year-old, Long Tamil Inscription Found - From the Hindu, a long inscription in Tamil, running to 28 lines and about 1,000 years old, has been discovered at a temple in Ennayiram village, 18 km from Villupuram town in Tamil Nadu.

A Puzzling Wreck - From Archaeology, India's first ancient shipwreck, discovered recently in the coastal town of Kadakkarapally, has archaeologists stumped.

A Unique Memorial to a Learned Lady - Recent discovery of a stone portrait of a woman scholar of the 10th century.
Meta Description: [ The Women of India - Unique Memorial to a Learned Lady ]

Archaeobotanical and Settlement Survey, South Indian Neolithic - Fieldwork has involved Reinvestigation of known archaeological sites through test excavations together with Professor Ravi Korisettar of Karnatak University and Dr. P. C. Venkatasubbaiah.
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Archaeobotany of Early Historic sites in Southern Tamil Nadu - Sites sampled included two that were under excavation by the Tamil State Government Department of Archaeology and one which Dr. Rajan has had excavations on in the past.
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Archaeobotany of the Vindhyan Neolithic, Gangetic India, Uttar Pradesh - This study, in collaboration with Professor J. N. Pal hopes to assess the evidence for early rice cultivation, as well as other crops, from the Mesolithic to Neolithic archaeological sequence provided by the sites of Chopani-Mando, Koldihwa and Mahagara.
Meta Description: [ * ]

Archaeology in the Third World - Review by D. P. Agrawal of Dilip K. Chakrabarti's 2003 volume.

Archaic Indian Punch Marked Coins - An article by Shailendra Bhandare on approaches to the classification of Archaic Indian punch marked coins.

Artifacts or Geofacts? - An alternative explanation of alleged artifacts from the Gulf of Cambay, western India.

Asoka Statues Unearthed in India - An article from the BBC reporting the discovery of two statues of King Asoka.
Meta Description: [ Indian archaeologists discover two ancient statues of the king Asoka as a recent Bollywood epic is released about the warrior ruler's life. ]

Bhimbetka [Archaeological Site in India] - Features an illustrated article about mesolithic artists who loved to paint animals.
Meta Description: [ Naggar Castle, Nicholas Roerich, Jagatsukh, Old Manali, Tourist Office, Solang Nulah, Rohtang Pass, Dhoongri Temple, Vashisht, Lahaul, Keylong, Kulu, Kulu Valley, Rajput kingdom, Beas River, Kulanthapitha, Rotang Pass, Bhuntar, Shivaratri festival, Beas Valley, Himachal cap, Dussehra festival, Ra... ]

Buddhist Archaeological Sites - A survey of Buddhist archaeological sites with links to photographs of surviving stupas and museum sculpture collections.
Meta Description: [ Decorative Elements in Indian Architecture - Buddhist Period, Indian monuments of the Buddhist Era such as cave temples, monasteries and stupas ]

Concern Over Distortions - An article in Frontline reporting that participants at the Kolkata session of the Indian History Congress express concern over attempts to distort history in school textbooks and thus subvert secular education.

Excavations to Resolve Temple Row - From Guardian Unlimited, a court in India ordered archaeologists to excavate the site of the demolished Ayodhya mosque to determine whether a Hindu temple ever existed there.

Government to Dig up the Path of the Mythical Saraswati River - From New India Press, Indian government has decided to take up excavation along the entire stretch of what was once the route of the long dried Saraswati river from Haryana to Gujarat.

Gupta Era Statue Found in Patna - From the Times of India reporting that a statue belonging to the Gupta period was unearthed while digging for construction of a temple near Rani Ghat on the outskirts of Patna district.

Hindutva and History - An editorial article in Frontline discussing history as projected by Hindutva ideologues, which is being introduced to children through textbooks and is being imposed upon research institutes.

Historical Sites in Gujrat Crumbling - From Daily Times, historical sites in Gujrat are crumbling and the district government has made no arrangements to preserve and protect the rich heritage for future generations.
Meta Description: [ DailyTimes delivers the latest breaking news and information on the latest top stories, entertainment, business, cricket, politics, and more. For comprehensive coverage, DailyTImes provides special reports, video, audio, photo galleries, and interactive content. ]

India and Southern Asia Chronology - Articles and images.

Indian 'Jews' resist DNA tests to prove they are a lost tribe - From the Telegraph, members of a remote community of Indians who claim to be descendants of one of the 10 lost tribes of Israel are resisting plans to carry out genetic tests to prove their Jewishness.
Meta Description: [ Daily news from the UK, business news, countryside news, UK technology news, obituaries and UK education news - telegraph.co.uk, UK online newspaper. ]

404 Kadakkarappally Excavations 2003 - A brief report on the excavation of a sailboat at Kadakkarappally, Alapuzha dit, Kerala.

Man and Man-Lion: the Philadelphia Narasimha - Article by Dr. Michael W. Meister discussing a red sandstone attached sculpture of Narasimha (Vishnu as the Man-Lion or Killer of Demons).

Megalithic Pochampad: The Skeletal Biology and Archaeological Context of an Iron Age Site in Andhra Pradesh, India - Asian Perspectives 41(1). Human skeletal remains from a burial site in southern India excavated in the 1960s by the Department of Archaeology and Museums of the Government of Andhra Pradesh, Hyderabad, have been analyzed. (PDF)

Monk Mummy Found in Mountains - From phayul, a mummy of a Tibetan Buddhist monk, believed to be about 500 years old, has been found in India's northern Himalayan state of Himachal Pradesh

Mother Goddess Figurines Found in Tamil Nadu - From the Hindu, terracotta figurines of the Mother Goddess have been found at Andipatti in Tiruvannamalai district and Modur in Dharmapuri district of Tamil Nadu during excavations conducted by the State Archaeology Department.

Mystery of Delhi's Iron Pillar Unraveled - Metallurgists at Kanpur IIT have discovered that a thin layer of misawite, a compound of iron, oxygen and hydrogen, has protected the 1,600-year-old cast iron pillar from rust.
Meta Description: [ Metallurgists at Kanpur IIT have discovered that a thin layer of ]

Orality to literacy: Transition in Early Tamil Society - Brahmi script reached Upper South India and the Tamil country at about the same time during the 3rd century B.C.E. in the wake of the southern spread of Jainism and Buddhism.

Peopling of India - An article discussing research into mDNA base sequences, combined with archaeological and linguistic data as applied to the question of the peopling of India.

Prehistoric Rock Paintings in India - Examples of cave art dating back over 20,000 years.
Meta Description: [ Prehistoric Rock Paintings of Central India ]

404 Queen’s Remains Are Still Elusive - From the Deccan Herald, Archaeological Survey of India’s 20-year search for the relics of Queen Ketevan in Old Goa has ended in disappointment; but the excavations offer an intriguing and significant insight into 16th century Goa.

Ritual and Presentation in Early Buddhist Religious Architecture - Asian Perspectives 43(1). The physical organization and layout of Buddhist reliquary mounds, stupas, provides a window into the forms of ritual practiced by Buddhists in the first few centuries B.C. through the end of the second century A.D. (PDF)

Ropar, India - Article by Upinder Singh describes the history of this site inhabited from about 2100 B.C. to 1700 A.D. and finds made in excavations.
Meta Description: [ Naggar Castle, Nicholas Roerich, Jagatsukh, Old Manali, Tourist Office, Solang Nulah, Rohtang Pass, Dhoongri Temple, Vashisht, Lahaul, Keylong, Kulu, Kulu Valley, Rajput kingdom, Beas River, Kulanthapitha, Rotang Pass, Bhuntar, Shivaratri festival, Beas Valley, Himachal cap, Dussehra festival, Ra... ]

Saraswati Project May be Buried - From the Times of India, a pet project of the then culture minister Jagmohan, officials now indicate that it would be certainly axed.

Sea Trade Between Romans and India Rivaled Silk Road - From Deseret News, on how spices, gems and other exotic cargo excavated from an ancient port on Egypt's Red Sea show that the sea trade between the Roman Empire and India was more extensive than previously thought.
Meta Description: [ Deseretnews.com - Salt Lake City news and Utah news, sports, entertainment, weather, breaking news, movies, real estate from the online home of the Deseret Morning News. ]

Search for Lost River Throws Up 300 AD Site in Haryana - Extensive excavation in the last seven months at Adi Badri site, 40 km north of the Yamunanagar district in Haryana, has yielded a 300 AD Kushan site, and speculation that this may be the spot where the river had originated.

Social Life in Medieval Deccan : Status of Women - Status of Women in 14th Century South India.
Meta Description: [ Status of Women in 14th Century South India ]

Temple and Village: Patterns and Prints of India - A special exhibition at the Frank H. McClung Museum in 1998. Includes a short description of textiles in ancient India.
Meta Description: [ TEMPLE AND VILLAGE: Patterns and Prints of India - a special exhibition at the Frank H. McClung Museum ]

404 The Bellary District Archaeology Projet - Investigating Neolithic and Iron Age South India. Images, links, descussion, and contact information.

The Origins of Iron-working in India - Recent excavations in Uttar Pradesh have turned up iron artefacts, furnaces, tuyeres and slag in layers radiocarbon dated between c. BCE 1800 and 1000.

The Tell-tale Pallava Stamp - From the Hindu, a newly revealed Tamil inscription confirms the origins of an unearthed Mamallapuram temple.

Unprotected, Prehistoric Rock Art Withering Away - From the Times of India, the 12 prehistoric rock paintings found scattered along state's eastern tribal belt are perhaps the only indicators that man also inhabited Gujarat in the Mesolithic period

Visvarupa - Treats the beginning of Brahmanical figures in Northern India which are seen as visual images of cosmogonic theory. Their anthropomorphic figures are emanatory, issuing from a central figure and represent, not a group of figures, but a process of cosmic becoming in its continuity. Form 'multiple icons' as phases of the process of creation, and is shown as an ongoing, uninterrupted whole.