Peer effects in the online peer-to-peer lending market: Ex-ante selection and ex-post learning

被引：2

作者：

Ho, Kung-Cheng ^{[1
,2
]}

Gu, Yan ^{[3
]}

Yan, Cheng ^{[4
]}

Gozgor, Giray ^{[5
]}

机构：

[1] Fuzhou Univ Int Studies & Trade, Fuzhou, Peoples R China

[2] Zhongnan Univ Econ & Law, Innovat & Talent Base Digital Technol & Finance, Wuhan, Peoples R China

[3] Fudan Univ, Fanhai Int Sch Finance, Shanghai 200433, Peoples R China

[4] Univ Essex, Colchester CO4 3SQ, Essex, England

[5] Univ Bradford, Bradford, England

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 92卷

关键词：

P2P lending; Peer effect; Ex -ante selection; Ex -post learning; Information asymmetry; DETERMINANTS; CREDIT;

D O I：

10.1016/j.irfa.2023.103056

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates peer effects in the online peer-to-peer (P2P) lending market using data from a Chinese online lending platform, Renrendai. The empirical results indicate that both the borrowers' success rate in obtaining loans and the default rate after loans are deemed non-coercive among their peers, referred to as the peer effects of lending and peer effects of default, respectively. The peer effect of lending is more pronounced in high-risk cities, whereas the peer effect of defaulting is more pronounced for borrowers with more difficulty obtaining loans, indicating ex-ante selection and ex-post learning mechanisms, respectively. The peer effects of lending promote P2P lending market efficiency, and the peer effects of defaulting inhibit market efficiency. Collectively, our results suggest that both lenders and borrowers follow peer effects to reduce information asymmetry in P2P lending markets.

引用

页数：10

共 50 条

[1] Market Mechanisms in Online Peer-to-Peer Lending
Wei, Zaiyan
Lin, Mingfeng
MANAGEMENT SCIENCE, 2017, 63 (12) : 4236 - 4257
[2] Pricing mechanisms in the online Peer-to-Peer lending market
Ma, Ben-jiang
Zhou, Zheng-long
Hu, Feng-ying
ELECTRONIC COMMERCE RESEARCH AND APPLICATIONS, 2017, 26 : 119 - 130
[3] Effects of Borrower-Defined Conditions in the Online Peer-to-Peer Lending Market
Qiu, Jiaxian
Lin, Zhangxi
Luo, Binjie
E-LIFE: WEB-ENABLED CONVERGENCE OF COMMERCE, WORK, AND SOCIAL LIFE, 2012, 108 : 167 - 179
[4] EX-POST RIGHT, EX-ANTE WRONG
Porat, Ariel
NOTRE DAME LAW REVIEW, 2014, 89 (03) : 1209 - 1236
[5] REDISTRIBUTING INCOMES - EX-ANTE OR EX-POST
ORDOVER, JA
ECONOMIC INQUIRY, 1981, 19 (02) : 333 - 349
[6] Improve Market Efficiency with Topology Configuration: Ex-Ante and Ex-Post
Liu, Jianwei
Chen, Hong
2011 IEEE POWER AND ENERGY SOCIETY GENERAL MEETING, 2011,
[7] The Increasing Role of Online Peer-to-Peer Lending in Chinese Financial Market
Qian, Ying
Wang, Yizhen
2018 3RD INTERNATIONAL CONFERENCE ON MECHANICAL, CONTROL AND COMPUTER ENGINEERING (ICMCCE), 2018, : 678 - 681
[8] Bilateral auction mechanism design in online peer-to-peer lending market
Zhou Z.-L.
Ma B.-J.
Hu F.-Y.
Kongzhi yu Juece/Control and Decision, 2019, 34 (03): : 628 - 636
[9] Moral hazard in online peer-to-peer lending
Alsabah, Humoud
Alibrahim, Abdullah
APPLIED ECONOMICS, 2024,
[10] AN EX-ANTE PERSPECTIVE ON DEREGULATION, VIEWED EX-POST
KAPLOW, L
RESOURCE AND ENERGY ECONOMICS, 1993, 15 (02) : 153 - 173

← 1 2 3 4 5 →