[PDF] Financial Innovation and Borrowers: Evidence from Peer-to-Peer Lending | Semantic Scholar (2024)

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@article{Balyuk2016FinancialIA, title={Financial Innovation and Borrowers: Evidence from Peer-to-Peer Lending}, author={Tetyana Balyuk}, journal={University of Toronto - Rotman School of Management Research Paper Series}, year={2016}, url={https://api.semanticscholar.org/CorpusID:168591538}}
  • T. Balyuk
  • Published 15 November 2016
  • Economics
  • University of Toronto - Rotman School of Management Research Paper Series

This paper provides empirical evidence on the impact of financial innovation on credit demand and supply in consumer credit markets. I study the effect of financial innovation on access to credit by looking at borrowers on a peer-to-peer (P2P) lending platform. I document the presence of two effects from credit disintermediation. The first effect is repricing of credit that induces borrowers to shift from banks to P2P lending. I show that creditworthy borrowers reduce utilization of their…

70 Citations

Highly Influential Citations

11

Background Citations

41

Methods Citations

6

Results Citations

5

70 Citations

Loan Loss Signaling Among Banks Competing with FinTech Firms: Evidence from Peer-to-Peer Lending
    Jeffrey NgT. RusticusJanus Jian Zhang

    Economics, Business

  • 2021

Financial technology (FinTech) companies are increasingly important to the financial system. We investigate the effect of peer-to-peer (P2P) lending on traditional banks by examining whether and how…

Peer-to-Peer Lenders Versus Banks: Substitutes or Complements?
    Huan Tang

    Economics

    The Review of Financial Studies

  • 2019

This paper studies whether, in the consumer credit market, peer-to-peer (P2P) lending platforms serve as substitutes for banks or instead as complements. I develop a conceptual framework and derive…

Spillover Effects of Peer-to-Peer Lending on the Loan Losses of Commercial Banks
    Jeffrey NgT. RusticusJanus Jian Zhang

    Economics, Business

    SSRN Electronic Journal

  • 2020

Financial technology (FinTech) companies are increasingly important in the financial system. We investigate the effect of peer-to-peer (P2P) lending on traditional banks’ loan losses by examining…

  • PDF
Online Financial Inclusion and Its Implications for Borrowers: Evidence From Peer-to-Peer Lending
    Nourhan EidJunhong Yang

    Economics, Business

    SSRN Electronic Journal

  • 2022

This paper investigates the extent to which the structure of the local credit market, in terms of the presence and lending capacity of traditional banks, shapes the growth and local outreach of…

  • 1
The Real Effects of FinTech Lending on SMEs: Evidence from Loan Applications
    Afonso EçaMiguel A. FerreiraM. PradoA. Rizzo

    Economics, Business

    SSRN Electronic Journal

  • 2021

We study how alternative sources of financing, Peer to Business (P2B) platforms, affect the financial policy of small and medium-sized enterprises (SMEs). We find that firms obtaining P2B loans are…

  • 11
  • PDF
Peer-to-Peer Lending and Bank Risks: A Closer Look
    E. YeoJooyong Jun

    Economics, Business

    Sustainability

  • 2020

This study examined how the expansion of peer-to-peer (P2P) lending affects bank risks, particularly insolvency and illiquidity risks. We compared a benchmark case wherein banks are the only players…

FinTech Credit: A Critical Review of Empirical Research Literature
    Nicola BranzoliI. Supino

    Economics, Business

    SSRN Electronic Journal

  • 2020

FinTech credit has attracted significant attention from academics and policymakers in recent years. Given its growing importance, in this paper we provide an overview of the empirical research on…

  • 11
Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China
    F. BraggionA. ManconiHaikun Zhu

    Economics

  • 2018

We study whether and to what extent peer-to-peer (P2P) credit helps circumvent loan-to-value (LTV) caps, a key macroprudential tool to contain household leverage. We exploit the tightening of…

  • 30
  • PDF
Impact of Marketplace Lending on Consumers' Future Borrowing Capacities and Borrowing Outcomes

Using comprehensive credit bureau data, we examine the credit dynamics of borrowers on a major marketplace lending platform (MPL). Relative to their neighbors with identical ex-ante credit dynamics,…

  • 40
  • Highly Influenced
  • PDF
The Role of FinTech in Small Business Lending
    P. BeaumontHuan TangEric Vansteenberghe

    Economics, Business

    SSRN Electronic Journal

  • 2022

This paper investigates the role of FinTech lending in credit markets for small-to-medium-size firms (SMEs). Using administrative data from France, we document three main findings. First, we find that…

  • 15
  • PDF

...

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78 References

The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings
    Amir Sufi

    Economics, Business

  • 2006

I examine the introduction of syndicated bank loan ratings by Moody's and Standard & Poor's in 1995 to evaluate whether third-party rating agencies affect firm financial and investment policy. The…

  • 397
  • PDF
Do Banks Pass Through Credit Expansions to Consumers Who Want To Borrow?
    Sumit AgarwalS. ChomsisengphetNeale MahoneyJ. Stroebel

    Economics

  • 2015

We examine the ability of policymakers to stimulate household spending during the Great Recession by reducing banks’ cost of funds. Using panel data on 8.5 million credit cards and 743 credit limit…

  • 157
  • PDF
Do Local Capital Market Conditions Affect Consumers' Borrowing Decisions?
    Alexander W. ButlerJess CornaggiaUmit G. Gurun

    Economics

    Manag. Sci.

  • 2017

It is found that local finance plays a larger role in how consumers seek loans than local economic conditions like per capita income, and good access to local bank finance causes consumers who seek peerto-peer loans to do so at lower interest rates.

  • 89
  • PDF
Peer-to-Peer Crowdfunding: Information and the Potential for Disruption in Consumer Lending
    Adair Morse

    Economics

  • 2015

Can peer-to-peer lending (P2P) disintermediate and mitigate information frictions in lending so that choices and outcomes for at least some borrowers and investors are improved? I offer a framing of…

  • 224
  • PDF
On the Non-Exclusivity of Loan Contracts: An Empirical Investigation
    H. DegryseV. IoannidouE. Schedvin

    Economics

    Manag. Sci.

  • 2016

Using internal information on a creditor’s willingness to lend, it is found that a cred itor reduces its loan supply when a borrower initiates a loan at another creditor.

  • 73
  • PDF
Did Securitization Lead to Lax Screening ? Evidence From Subprime Loans 2001-2006 ∗
    Benjamin J. KeysTanmoy MukherjeeAmit SeruVikrant Vig

    Economics

  • 2008

Theories of financial intermediation suggest that securitization, the act of converting illiquid loans into liquid securities, could reduce the incentives of financial intermediaries to screen…

  • 254
  • Highly Influential
  • PDF
Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information
    Julapa JagtianiCatharine M. Lemieux

    Business, Economics

  • 2017

Fintech has been playing an increasing role in shaping financial and banking landscapes. Banks have been concerned about the uneven playing field because fintech lenders are not subject to the same…

  • 102
  • PDF
Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data
    David B. GrossNicholas S. Souleles

    Economics

  • 2000

This paper utilizes a unique new dataset of credit card accounts to analyze how people respond to changes in credit supply. The data consist of a panel of thousands of individual credit card accounts…

  • 906
  • PDF
Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks
    Greg BuchakGregor MatvosT. PiskorskiAmit Seru

    Economics, Business

    Journal of Financial Economics

  • 2018

Shadow bank market share in residential mortgage origination nearly doubled from 2007 to 2015, with particularly dramatic growth among online “fintech” lenders. We study how two forces, regulatory…

  • 865
  • PDF
Trade Credit and Credit Rationing
    B. BiaisC. Gollier

    Economics

  • 1997

Asymmetric information between banks and firms can preclude financing of valuable projects. Trade credit alleviates this problem by incorporating in the lending relation the private information held…

  • 852

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