期刊
MANAGEMENT SCIENCE
卷 59, 期 1, 页码 17-35出版社
INFORMS
DOI: 10.1287/mnsc.1120.1560
关键词
peer-to-peer (P2P) lending; value of social networks; signaling; information asymmetry; credit markets
资金
- Ewing Marion Kauffman Foundation
- Economic Club of Washington
We study the online market for peer-to-peer (P2P) lending, in which individuals bid on unsecured microloans sought by other individual borrowers. Using a large sample of consummated and failed listings from the largest online P2P lending marketplace, Prosper.com, we find that the online friendships of borrowers act as signals of credit quality. Friendships increase the probability of successful funding, lower interest rates on funded loans, and are associated with lower ex post default rates. The economic effects of friendships show a striking gradation based on the roles and identities of the friends. We discuss the implications of our findings for the disintermediation of financial markets and the design of decentralized electronic markets.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据