主题：Marketplace Lending:
A New Banking Paradigm?（P2P贷款：一个新的银行范式吗？）
主讲人：曾垚，华盛顿大学福斯特商德州扑克大小
金融学助理教授
日期：2017年12月20日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
One
prominent feature of the burgeoning marketplace lending (i.e., P2P lending) is
that investors conducting tasks traditionally performed by banks. Lending
platforms pre-screen loan applications moderately, while investors,
heterogeneous in their level of sophistication, further screen and decide on
funding the loans. We theoretically argue that the participation of
informationally sophisticated investors improves lending and loan pricing
efficiency but creates an endogenous adverse selection problem. In maximizing
loan volume, the platform trade-off between these two forces. Thus, intermediate levels of platform
pre-screening intensity and information provision to investors are optimal. Using
novel investor-level data, we empirically show that despite facing the same
information set, more sophisticated investors screen loans differently from
less sophisticated ones and significantly outperform. However, the
outperformance shrinks when the platforms reduce the information set available
to investors. These empirical facts are consistent with platforms dynamically
managing adverse selection through platform design and screening intensity.
主讲人简介:
Yao
Zeng is an Assistant Professor of Finance at the Foster School of Business at
the University of Washington. He received his Ph.D. in Economics from Harvard
University and his M.S. and B.A. in Economics from Peking University. His
current research focuses on the risks of non-bank, non-leveraged financial
institutions such as mutual funds, ETFs, venture capital, and marketplace
lending (i.e., P2P lending). Broadly, he asks why these non-bank financial
institutions become more similar to banks. He research has won awards such as the Arthur Warga Award for the Best
Paper in Fixed Income at SFS Finance Cavalcade and the Trefftzs Award for the
Best Student Paper at WFA.
