We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction...We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.展开更多
P2P作为传统融资模式的有效补充,对缓解长尾人群的融资约束、实现金融的普惠职能有十分重要的促进作用。不同于国外P rosp e r的利率竞价机制,我国P2P的借款利率是由借款人设定的,在信息不对称和非完全市场化双重因素作用下形成的利率...P2P作为传统融资模式的有效补充,对缓解长尾人群的融资约束、实现金融的普惠职能有十分重要的促进作用。不同于国外P rosp e r的利率竞价机制,我国P2P的借款利率是由借款人设定的,在信息不对称和非完全市场化双重因素作用下形成的利率是否有效?本文借助"人人贷"上的借款订单数据,从订单达成的时间、满标参与人数、订单完成度和参与人数比例四个维度检验其有效性。本文发现借款利率并没有起到明显的违约风险信号的作用,投资者首先注重收益而后才会意识到风险,因此借款人往往设定较高的利率以减少订单达成的时间和提高投资者的参与度。进一步本文发现,借贷双方经过多次利率博弈后建立的声誉可以缓解借款人的融资约束。展开更多
文摘We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.
文摘P2P作为传统融资模式的有效补充,对缓解长尾人群的融资约束、实现金融的普惠职能有十分重要的促进作用。不同于国外P rosp e r的利率竞价机制,我国P2P的借款利率是由借款人设定的,在信息不对称和非完全市场化双重因素作用下形成的利率是否有效?本文借助"人人贷"上的借款订单数据,从订单达成的时间、满标参与人数、订单完成度和参与人数比例四个维度检验其有效性。本文发现借款利率并没有起到明显的违约风险信号的作用,投资者首先注重收益而后才会意识到风险,因此借款人往往设定较高的利率以减少订单达成的时间和提高投资者的参与度。进一步本文发现,借贷双方经过多次利率博弈后建立的声誉可以缓解借款人的融资约束。
