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

被引：5

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 31 条

[1]

Balyuk T, 2018, Rotman school of management working paper (no 2802220

[2] Fintech-based Financial Inclusion and Risk-taking of Microfinance Institutions (MFIs): Evidence from Sub-Saharan Africa [J].

Banna, Hasanul ;

Mia, Md Aslam ;

Nourani, Mohammad ;

Yarovaya, Larisa .

FINANCE RESEARCH LETTERS, 2022, 45

[3] CULTURAL DIFFERENCES AND GEOGRAPHY AS DETERMINANTS OF ONLINE PROSOCIAL LENDING [J].

Burtch, Gordon ;

Ghose, Anindya ;

Wattal, Sunil .

MIS QUARTERLY, 2014, 38 (03) :773-794

[4] Herding behaviour in P2P lending markets [J].

Caglayan, Mustafa ;

Talavera, Oleksandr ;

Zhang, Wei .

JOURNAL OF EMPIRICAL FINANCE, 2021, 63 :27-41

[5] How do lenders evaluate borrowers in peer-to-peer lending in China? [J].

Chen, Shiyi ;

Gu, Yan ;

Liu, Qingfu ;

Tse, Yiuman .

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2020, 69 :651-662

[6] Description-text related soft information in peer-to-peer lending - Evidence from two leading European platforms [J].

Dorfleitner, Gregor ;

Priberny, Christopher ;

Schuster, Stephanie ;

Stoiber, Johannes ;

Weber, Martina ;

de Castro, Ivan ;

Kammler, Julia .

JOURNAL OF BANKING & FINANCE, 2016, 64 :169-187

[7] Trust and Credit: The Role of Appearance in Peer-to-peer Lending [J].

Duarte, Jefferson ;

Siegel, Stephan ;

Young, Lance .

REVIEW OF FINANCIAL STUDIES, 2012, 25 (08) :2455-2483

[8] Participation and investment decisions in a retirement plan: the influence of colleagues' choices [J].

Duflo, E ;

Saez, E .

JOURNAL OF PUBLIC ECONOMICS, 2002, 85 (01) :121-148

[9]

Freedman S.M., 2011, NBER Working Paper No. 16855

[10] Microfinance Decision Making: A Field Study of Prosocial Lending [J].

Galak, Jeff ;

Small, Deborah ;

Stephen, Andrew T. .

JOURNAL OF MARKETING RESEARCH, 2011, 48 :S130-S137

← 1 2 3 4 →