Seeking excess returns under a posted price mechanism: Evidence from a peer‐to‐peer lending market
Seeking excess returns under a posted price mechanism: Evidence from a peer‐to‐peer lending market
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DOI：
10.1111/manc.12330
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发表时间：
2020-06
期刊：
影响因子：
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通讯作者：
Jing Zhang;Wei Zhang;Yuelei Li;Shuxing Yin
中科院分区：
文献类型：
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作者：
Jing Zhang;Wei Zhang;Yuelei Li;Shuxing Yin
本研究考察了中国一个新的在线P2P借贷平台的表现，该平台依赖非专家个人来筛选贷款。以银行存款利率为基准，在标价机制下存在正的超额收益，这表明P2P市场为贷款人提供了足够的盈利机会来补偿投资风险。此外，我们发现，具有更高超额收益的贷款更有可能获得资金，并且比其他贷款更快地被竞标。最后，上市公司描述中自愿披露的软信息在贷款人的决策过程中起着重要的调节作用。承诺按时还款的借款人更有可能获得资金，并且更快地获得资金，但那些声称经济困难的借款人获得资金的可能性较低。我们的研究结果提供了证据表明，贷款人有能力在P2P贷款市场上寻求超额收益，并强调聚合同行的意见可以提高市场效率。
This study examines the performance of a new online peer‐to‐peer (P2P) lending platform in China that relies on non‐expert individuals to screen for loans. Using the bank deposit rate as a benchmark, positive excess returns exist under the posted price mechanism, which indicates that P2P markets provide lenders with adequate profit opportunities to compensate for investment risks. Moreover, we find that loans with higher excess returns are more likely to be funded and are bid on more quickly than other loans. Finally, voluntarily disclosed soft information in the listing's description plays a significant moderating role in the lenders’ decision‐making process. Borrowers who promise to repay on time are more likely to be funded and to be funded faster, but those who claim economic hardship have a lower probability of being funded. Our results provide evidence that lenders have the ability to seek excess returns in P2P lending markets and highlight that aggregating the views of peers can improve the market efficiency.