Journal article
Marketplace lending, information aggregation, and liquidity
- Abstract:
-
Lending marketplaces aimed at directly connecting retail lenders and borrowers retreat from auctions and, instead, set prices and allocate credit on their own, despite evidence that retail investors possess valuable soft and nonstandard information. We investigate this puzzle by analyzing a unique data set of 7,455 auctions and 34 million bids from a leading British peer-to-business platform. We find that the platform was vulnerable to liquidity shocks, resulting in sizable deviations from in...
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- Publication status:
- Published
- Peer review status:
- Peer reviewed
Actions
Authors
Bibliographic Details
- Publisher:
- Oxford University Press Publisher's website
- Journal:
- Review of Financial Studies Journal website
- Volume:
- 34
- Issue:
- 5
- Pages:
- 2318-2361
- Publication date:
- 2020-09-14
- Acceptance date:
- 2020-04-29
- DOI:
- EISSN:
-
1465-7368
- ISSN:
-
0893-9454
Item Description
- Language:
- English
- Keywords:
- Pubs id:
-
1102514
- Local pid:
- pubs:1102514
- Deposit date:
- 2020-04-30
Terms of use
- Copyright holder:
- Franks, J et al.
- Copyright date:
- 2020
- Rights statement:
- © The Author(s) 2020. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model.
- Licence:
- Other
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