| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12235 |
| DP12235 P2P Lending: Information Externalities, Social Networks and Loans Substitution | |
| Ester Faia; Michaela Pagel | |
| 发表日期 | 2017-08-23 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Despite the lack of delegated monitor and of collateral guarantees P2P lending platforms exhibit relatively low loan and delinquency rates. The adverse selection is indeed mitigated by a new screening technology (information processing through machine learning) that provides costless public signals. Using data from Prosper and Lending Club we show that loans' spreads, proxing asymmetric information, decline with credit scores or hard information indicators and with indications from "group ties" (soft information from social networks). Also an increase in the risk of bank run in the traditional banking sector increases participation in the P2P markets and reduces their rates (substitution effect). We rationalize this evidence with a dynamic general equilibrium model where lenders and borrowers choose between traditional bank services (subject to the risk of bank runs and early liquidation) and P2P markets (which clear at a pooling price due to asymmetric information, but where public signals facilitate screening). |
| 主题 | Financial Economics |
| 关键词 | Peer-to-peer lending Pooling equilibria Signals Value of information Liquidity shocks |
| URL | https://cepr.org/publications/dp12235 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541046 |
| 推荐引用方式 GB/T 7714 | Ester Faia,Michaela Pagel. DP12235 P2P Lending: Information Externalities, Social Networks and Loans Substitution. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Ester Faia]的文章 |
| [Michaela Pagel]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Ester Faia]的文章 |
| [Michaela Pagel]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Ester Faia]的文章 |
| [Michaela Pagel]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
