This paper focuses on how to use consortium blockchain to improve the regulation of peer-to-peer(P2 P) lending market. The partial decentralized consortium blockchain with limited pre-set nodes can well improve transp...This paper focuses on how to use consortium blockchain to improve the regulation of peer-to-peer(P2 P) lending market. The partial decentralized consortium blockchain with limited pre-set nodes can well improve transparency and security, which is suitable for financial regulation. Considering irregularities of the P2P lending market, the Hyperledger-based Peer-to-Peer Lending System(HyperP2PLS) is proposed. First elaborate the application scenario and business logic of the system, where a national P2P Lending Trading Center will be established to integrate all transactions and information of P2P lending market. Then construct the system architecture consisting of the blockchain network, HTTP server, and applications. The algorithm of implementation process and the web application for users have been well illustrated. The performance analysis shows that HyperP2PLS can guarantee the reliability, safety, transparency and efficiency.展开更多
As the COVID-19 pandemic adversely affects the financial markets,a better understanding of the lending dynamics of a successful marketplace is necessary under the conditions of financial distress.Using the loan book d...As the COVID-19 pandemic adversely affects the financial markets,a better understanding of the lending dynamics of a successful marketplace is necessary under the conditions of financial distress.Using the loan book database of Mintos(Latvia)and employing logit regression method,we provide evidence of the pandemic-induced exposure to default risk in the marketplace lending market.Our analysis indicates that the probability of default increases from 0.056 in the pre-pandemic period to 0.079 in the post-pandemic period.COVID-19 pandemic has a significant impact on default risk during May and June of 2020.We also find that the magnitude of the impact of COVID-19 risk is higher for borrowers with lower credit ratings and in countries with low levels of FinTech adoption.Our main findings are robust to sample selection bias allowing for a better understanding of and quantifying risks related to FinTech loans during the pandemic and periods of overall economic distress.展开更多
Using a large dataset obtained from ＂Paipaidai,＂ an online peer-to-peer lending platform in China, we examine whether credit officers＇ mood affects the efficiency of credit approval from a perspective of individual...Using a large dataset obtained from ＂Paipaidai,＂ an online peer-to-peer lending platform in China, we examine whether credit officers＇ mood affects the efficiency of credit approval from a perspective of individual decision-making. Refering to studies in psychology and financial economics, we employ season, temperature and weather as mood proxies, and control the variables related to the quality of the loan to study credit approval behavior under different mood conditions. The results suggest that the efficiency of credit approval by individual credit officers is significantly correlated with their mood--a positive mood improves efficiency, while a negative mood reduces it. Specifically, loans examined under better mood conditions （e.g., during spring, comfortable temperatures, and sunny days） have a significantly higher probability of approval, but a lower probability of default if approved; and those examined under poorer mood conditions show a lower probability of approval and a higher probability of default if approved. This effect of mood is even stronger when a loan application is more complex, atypical, or unusual to evaluate. Moreover, investor sentiment, denoted by closed-end fund premiums, has the same effect on credit approval as well.展开更多
This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntar...This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game.We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success.In addition,the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution.Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience.We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default.Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game.Our study provides new insights into the real effects of costless,voluntary and unverifiable disclosures on lending decisions.展开更多
A dramatic surge in online peer-to-peer(P2P)lending emerged in China,where(under conditions of credit deficiency)it took only three years for the size of the P2P lending market in China to reach four times that of the...A dramatic surge in online peer-to-peer(P2P)lending emerged in China,where(under conditions of credit deficiency)it took only three years for the size of the P2P lending market in China to reach four times that of the United States and ten times that of the United Kingdom.The literature indicates that ownership structure is an important factor that influences P2P lending firms’performance,while research on the underlying mechanisms remain insufficient.This study analyzes the data of P2P lending companies between June 2016 and March 2017.The results demonstrate that although ownership structure has minimal direct effect on the turnover volume and number of lenders and borrowers,it moderates the effects of firm age,interest rate,and loan term on firm performance.These results enrich the property theory and shed light on how P2P lending firms with different ownership structures could succeed when there is institutional deficiency.展开更多
基金supported by the National Natural Science Foundation of China under Grant No.71872020 and No.71402008the Corporate Finance and Innovation Development Research Center in BUPT
文摘This paper focuses on how to use consortium blockchain to improve the regulation of peer-to-peer(P2 P) lending market. The partial decentralized consortium blockchain with limited pre-set nodes can well improve transparency and security, which is suitable for financial regulation. Considering irregularities of the P2P lending market, the Hyperledger-based Peer-to-Peer Lending System(HyperP2PLS) is proposed. First elaborate the application scenario and business logic of the system, where a national P2P Lending Trading Center will be established to integrate all transactions and information of P2P lending market. Then construct the system architecture consisting of the blockchain network, HTTP server, and applications. The algorithm of implementation process and the web application for users have been well illustrated. The performance analysis shows that HyperP2PLS can guarantee the reliability, safety, transparency and efficiency.
文摘As the COVID-19 pandemic adversely affects the financial markets,a better understanding of the lending dynamics of a successful marketplace is necessary under the conditions of financial distress.Using the loan book database of Mintos(Latvia)and employing logit regression method,we provide evidence of the pandemic-induced exposure to default risk in the marketplace lending market.Our analysis indicates that the probability of default increases from 0.056 in the pre-pandemic period to 0.079 in the post-pandemic period.COVID-19 pandemic has a significant impact on default risk during May and June of 2020.We also find that the magnitude of the impact of COVID-19 risk is higher for borrowers with lower credit ratings and in countries with low levels of FinTech adoption.Our main findings are robust to sample selection bias allowing for a better understanding of and quantifying risks related to FinTech loans during the pandemic and periods of overall economic distress.
文摘Using a large dataset obtained from ＂Paipaidai,＂ an online peer-to-peer lending platform in China, we examine whether credit officers＇ mood affects the efficiency of credit approval from a perspective of individual decision-making. Refering to studies in psychology and financial economics, we employ season, temperature and weather as mood proxies, and control the variables related to the quality of the loan to study credit approval behavior under different mood conditions. The results suggest that the efficiency of credit approval by individual credit officers is significantly correlated with their mood--a positive mood improves efficiency, while a negative mood reduces it. Specifically, loans examined under better mood conditions （e.g., during spring, comfortable temperatures, and sunny days） have a significantly higher probability of approval, but a lower probability of default if approved; and those examined under poorer mood conditions show a lower probability of approval and a higher probability of default if approved. This effect of mood is even stronger when a loan application is more complex, atypical, or unusual to evaluate. Moreover, investor sentiment, denoted by closed-end fund premiums, has the same effect on credit approval as well.
基金This study is supported by National Natural Science Foundation of China(No.71272150)National Social Science Foundation of China(No.15AZD012)Social Science Research Fund of Inner Mongolia Autonom ous Region in China(2017NDC145).
文摘This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game.We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success.In addition,the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution.Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience.We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default.Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game.Our study provides new insights into the real effects of costless,voluntary and unverifiable disclosures on lending decisions.
文摘A dramatic surge in online peer-to-peer(P2P)lending emerged in China,where(under conditions of credit deficiency)it took only three years for the size of the P2P lending market in China to reach four times that of the United States and ten times that of the United Kingdom.The literature indicates that ownership structure is an important factor that influences P2P lending firms’performance,while research on the underlying mechanisms remain insufficient.This study analyzes the data of P2P lending companies between June 2016 and March 2017.The results demonstrate that although ownership structure has minimal direct effect on the turnover volume and number of lenders and borrowers,it moderates the effects of firm age,interest rate,and loan term on firm performance.These results enrich the property theory and shed light on how P2P lending firms with different ownership structures could succeed when there is institutional deficiency.
