| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15242 |
| 来源ID | Working Paper 15242 |
| Screening Peers Softly: Inferring the Quality of Small Borrowers | |
| Rajkamal Iyer; Asim Ijaz Khwaja; Erzo F.P. Luttmer; Kelly Shue | |
| 发表日期 | 2009-08-13 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The recent banking crisis highlights the challenges faced in credit intermediation. New online peer-to-peer lending markets offer opportunities to examine lending models that primarily cater to small borrowers and that generate more types of information on which to screen. This paper evaluates screening in a peer-to-peer market where lenders observe both standard financial information and soft, or nonstandard, information about borrower quality. Our methodology takes advantage of the fact that while lenders do not observe a borrower's exact credit score, we do. We find that lenders are able to predict default with 45% greater accuracy than what is achievable based on just the borrower's credit score, the traditional measure of creditworthiness used by banks. We further find that lenders effectively use nonstandard or soft information and that such information is relatively more important when screening borrowers of lower credit quality. In addition to estimating the overall inference of creditworthiness, we also find that lenders infer a third of the variation in the dimension of creditworthiness that is captured by the credit score. This credit-score inference relies primarily upon standard hard information, but still draws relatively more from softer or less standard information when screening lower-quality borrowers. Our results highlight the importance of screening mechanisms that rely on soft information, especially in settings targeted at smaller borrowers. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Financial Economics ; Financial Institutions ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w15242 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572918 |
| 推荐引用方式 GB/T 7714 | Rajkamal Iyer,Asim Ijaz Khwaja,Erzo F.P. Luttmer,et al. Screening Peers Softly: Inferring the Quality of Small Borrowers. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15242.pdf（1030KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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