基地研究员何恭政副教授合作论文“Peer effects in the online peer-to-peer lending market: Ex-ante selection and ex-post learning”在重要学术期刊International Review of Financial Analysis发表。IRFA系国际金融学领域知名SSCI期刊，JCR一区、ABS三星、中科院经济学一区TOP期刊（2023），影响因子（IF）8.2，在商业金融期刊领域排名4/111。期刊旨在发表财务及金融领域的高质量理论与实证论文。

摘要：This study investigates peer effects in the online peer-to-peer (P2P) lending market using data from a Chinese online lending platform, Renrendai. The empirical results indicate that both the borrowers' success rate in obtaining loans and the default rate after loans are deemed non-coercive among their peers, referred to as the peer effects of lending and peer effects of default, respectively. The peer effect of lending is more pronounced in high-risk cities, whereas the peer effect of defaulting is more pronounced for borrowers with more difficulty obtaining loans, indicating ex-ante selection and ex-post learning mechanisms, respectively. The peer effects of lending promote P2P lending market efficiency, and the peer effects of defaulting inhibit market efficiency. Collectively, our results suggest that both lenders and borrowers follow peer effects to reduce information asymmetry in P2P lending markets.

关键词：P2P lending; Peer effect; Ex-ante selection; Ex-post learning; Information asymmetry

链接：https://www.sciencedirect.com/science/article/abs/pii/S1057521923005720

作者简介

何恭政，台湾元智大学博士，广东财经大学副教授。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance, Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。