Distance. The distance between the place of use and the place of storage should not exceed 100 metres along the nearest road.
Distance. Recent theoretical papers highlight the importance of distance in explaining the availability and pricing of bank loans. Lending conditions may depend on the distance between the borrower and the lender and the distance between the borrower and the closest competing bank (Table 1 summarizes the theoretical predictions). In location differentiation models (Hotelling (1929), Salop (1979)), borrowers incur distance-related transportation costs visiting their bank branch.4 Banks price uniformly if they cannot observe borrower location or are prevented from charging different prices to different borrowers. Borrowers pay the same interest rate, but the total transportation costs incurred differ, depending on the firm’s location vis-à-vis the lending bank. However, if banks observe the borrowers' location and offer interest rates based on that information, they may engage in spatial price discrimination. Banks are often informed about the borrower’s address before even granting or pricing a loan. If borrowers pay for their own transportation, as is mostly likely to be the case, a bank will charge a higher interest rate to those borrowers that are located closest to its bank branch (Xxxxxxx and Xxxxxx (1986)). Closer borrowers face higher total transportation costs when visiting competing banks (which are located further away than the lending bank), resulting in some market power for the lender. Similarly, a monopolist bank optimally charges a higher loan rate to close borrowers, as these borrowers incur lower total transportation costs. Consequently, discriminatory pricing based on location (and associated transportation costs) implies, for a given number of banks, a negative relationship between the loan rate and the borrower-lender distance and a similar, positive relationship between the loan rate and the distance between the borrower and the closest competing bank. Further underlining its importance, Thisse and Xxxxx (1988) actually show that spatial price discrimination arises endogenously, even when firms can simultaneously choose between uniform and discriminatory pricing.
Distance. We now turn to a detailed discussion of the coefficients on the distance variables to identify which theoretical predictions can be rejected by the data. We take for each of our distance measures the log of (one plus) the distance, as we conjecture the marginal impact on the loan rate to decrease with distance.54 We will use a robustness exercise to investigate the impact of this choice of functional form. The negative and significant coefficients on ln(1+Distance to Lender) in Models I to IV suggest that borrowers located farther away from the lender pay a lower loan rate at the lending bank. These results are consistent with spatial price discrimination, as the lending bank charges a higher loan rate to borrowers with greater proximity. In addition, the lender’s market power increases with the distance between the borrower and the closest competitors, as indicated by the positive and significant coefficient on the variable ln(1+Distance to Closest Competitors). Our proxy for the distance between the borrower and the closest competitor may identify strategic behavior between banks that our other competition variables did not (or only partly) pick up. Indeed, even after controlling for the number of competitors, branch concentration, postal zone, and bank branch effects, the lending bank seems to enjoy substantial market power, which increases with the distance to the closest competitors. These results thus reject uniform pricing and monitoring cost theories without discriminatory pricing.55 The price discrimination models based on linear transportation costs and/or monitoring costs discussed in section 2 further provide precise theoretical predictions concerning the sum of the coefficients on both distance measures (this prediction is not present in the asymmetric information models we discussed). In particular, given the location of bank branches, a marginal shift in the location of the borrower implies that the sum of the coefficients on both distance measures should equal zero. Therefore, in line with this theoretical prediction emanating from simple location models, we restrict the sum of the coefficients on both distance measures to equal zero in Model II (these coefficients are mostly easily interpretable). We test the restriction and report the results in Model V. The F-statistic equals 8.6; hence, we cannot reject the equality restriction. Both distance effects are not only statistically but also economically relevant (obviously, our distance meas...
Distance. The site should be within one half (½) mile radius of the residents to be served;
Distance. With regard to hauling distance, the base price per tonne of ore has been computed for a mean three-month distance of 2,300.00 (two thousand three hundred) meters. Any mean quarterly distance in excess of 2,300.00 meters originates certain expenses to CONTRACTOR that CLIENT should cover through and adjustment to the ton of material base price per additional meter of haulage. Should any haulage excess occur of 2,300.00 meters, the base price per tonne of material would be increased by US$0.00025 per additional tonne/meter, applicable to all invoiced tonnage during the said quarterly period of time. This factor of $0.00025 USD shall be subject to semester reviewing, like the ton of material base price.
Distance. No teacher shall be transferred outside a forty (40) kilometre radius from the teacher’s “home school”, except by mutual agreement. “
Distance. In the event of the death of a spouse, child, father or mother an employee may request leave without pay in addition to the days provided for in this article. The Company shall grant such leave without pay for a period not exceeding five (5) calendar days on the condition that the employee must attend the funeral and provide the Company with acceptable proof of his or her attendance at the funeral.
Distance. In the event of the death of a spouse, child, parent, same-sex partner, sibling, step-parents, step-child or step sibling an employee may request leave without pay in addition to the days provided for in this article. The Company shall grant such leave without pay for a period not exceeding five (5) calendar days on the condition that the employee must attend the funeral and provide the Company with acceptable proof of their attendance at the funeral. The Company agrees to extend bereavement entitlement to employees who are on vacation and will allow for applicable vacation days to be rescheduled at a later date which is mutually agreeable to the employee and the Company. Bereavement pay is not applicable if death occurs while the employee is absent from work due to sickness, accident, leave of absence, etc.
Distance. 8.1 Minimum chargeable distance allowed will be 200 Kms.
Distance. 2. Unusual relationship of the deceased to the employee.
