Shi Xiaojun,Jin Qi,He Lin——EMERGING MARKETS FINANCE AND TRADE:The Bilateral Effects of Platform-Sponsored Collateral in Peer-To-Peer (P2P) Lending: Eviden...
时间:2020-01-20
Using a unique large dataset collected from one of the oldest and largest P2P lending platforms in China, namely PPDAI, this article tests the bilateral effects of a special type of platform-sponsored collateral on lenders and borrowers. Both theoretically and empirically, we find that smart lenders disaggregate the surety and riskiness-signaling effects of such collateral. Our evidence indicates that lenders in China’s P2P market are smart: they anticipate that platform-collateralized loans a