HCC: Digital Tribal Government: The Tribal Finance Information Clearinghouse (TFIC)

HCC：数字部落政府：部落财务信息交换所 (TFIC)

• 批准号: 0712941
• 负责人: Gavin Clarkson
• 金额: --
• 依托单位: Regents of the University of Michigan - Ann Arbor
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 2007
• 资助国家: 美国
• 起止时间: 2007-09-15 至 2009-03-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0712941&HistoricalAwards=false
• 关键词: HCC; Digital; Tribal; Government; Finance

As separate sovereign governments, Indian tribes, just like state and local governments, have an obligation to improve the lives of their citizens. However, tribal governments are much more limited in their ability to access capital. Many tribal communities are often burdened with extremely low socio-economic factors, including low educational achievement, high unemployment, high poverty, and low per capita income. Upwards of $50 billion of unmet capital needs go unfunded each year in Indian Country, in large part due to impediments to tribal access to the capital markets. There are numerous reasons tribes are at a disadvantage, but one little studied is information asymmetry. Relatively poor market awareness is both a cause of tribal underdevelopment and an impediment to any solution. Because most tribes confront information asymmetries for any debt financing strategy they might consider, an empirical study of successful information sharing and integration strategies for tax-exempt bonds will help identify suitable strategies to induce sharing in other domains where tribes operate at an informational disadvantage.Based on preliminary work (IIS 0534905), this Tribal Finance Information Clearinghouse (TFIC) project will make three unique contributions to information science. First it will collect, aggregate, analyze, and disseminate new digital content consisting of access to market-actionable data on tribal tax-exempt bonds that is not currently available. Second, it will generate data about the factors that impede or induce contributions of private information to a collective information good. (Broadly, insight into how to design information systems that resolve the social dilemmas of information collaboration is an increasingly important.) Finally, the TFIC will be an exercise in informational empowerment. By presenting original financial data as part of a larger infrastructure that includes updated content regarding regulatory, legal, and legislative changes, industry news, and a forum to contribute lessons learned, the TFIC will add significant informational value to transactional data. The TFIC will also support multidisciplinary research on the design and use of information technologies and the resulting impact on government institutions and citizens.Broader ImpactWithout empirical data about tribal interactions with capital markets, many research questions remain unanswerable. With this project, for the first time, these may be answerable as the TFIC will offer researchers and policy-makers an unparalleled opportunity to analyze a complete data set related to a significant minority group and to determine whether information asymmetries, legal regulations, or other variables impact capital markets access for tribes. Not only will the outcomes directly impact Native Americans, but the results may be generalizable to other minority enterprises that also face impeded market access. The relatively small number of actors (i.e., 88 tribal issuers since 2001) with durable presence in the data makes study of capital access questions more manageable than might be the case with non-tribal entities.The TFIC may also impact the marketplace itself, given that a recent study of non-tribal tax-exempt bonds found that the "most critical consequence" of information asymmetry is higher borrowing costs, but that "alleviating information asymmetry" reliably eliminates the risk premium and reduces borrowing costs, particularly for new or infrequent issuers such as tribes.

作为独立的主权政府，印第安部落，就像州和地方政府一样，有义务改善其公民的生活。然而，部落政府获得资本的能力要有限得多。许多部落社区往往背负着极低的社会经济因素，包括教育成就低、失业率高、贫困率高和人均收入低。在印度，每年有超过500亿美元的未满足资本需求得不到满足，这在很大程度上是由于部落进入资本市场的障碍。部落处于不利地位的原因有很多，但很少有人研究的是信息不对称。市场意识相对薄弱既是部落发展不足的原因，也是任何解决办法的障碍。由于大多数部落面临信息不对称的任何债务融资战略，他们可能会考虑，成功的信息共享和免税债券的整合战略的实证研究将有助于确定合适的战略，以诱导在其他领域的部落在信息劣势下运作的共享。（IIS 0534905），这个部落金融信息交换所（TFIC）项目将对信息科学做出三个独特的贡献。首先，它将收集、汇总、分析和传播新的数字内容，包括目前无法获得的关于部落免税债券的市场可操作数据。第二，它将生成关于阻碍或诱导私人信息对集体信息商品的贡献的因素的数据。（从广义上讲，深入了解如何设计信息系统，解决信息协作的社会困境越来越重要。最后，TFIC将是信息赋权的一项实践。通过将原始财务数据作为更大的基础设施的一部分呈现，包括有关监管、法律的和立法变化的更新内容、行业新闻和提供经验教训的论坛，TFIC将为交易数据增加重要的信息价值。TFIC还将支持信息技术的设计和使用及其对政府机构和公民的影响的多学科研究。更广泛的影响由于没有关于部落与资本市场互动的经验数据，许多研究问题仍然无法回答。有了这个项目，第一次，这些可能是负责的，因为TFIC将提供研究人员和政策制定者一个无与伦比的机会，分析一个完整的数据集有关的一个重要的少数群体，并确定是否信息不对称，法律的规定，或其他变量影响资本市场准入的部落。结果不仅会直接影响美洲原住民，而且结果可能会推广到其他也面临市场准入障碍的少数民族企业。相对较少的参与者（即，88部落发行人自2001年以来）的持久存在的数据，使研究的资本准入问题更容易管理的情况下，与非部落实体。TFIC也可能影响市场本身，鉴于最近的一项研究非部落免税债券发现，“最关键的后果”的信息不对称是更高的借贷成本，但“缓解信息不对称”确实消除了风险溢价，降低了借贷成本，特别是对于tribes等新的或不经常出现的发行人。