Investor Platform Choice: Herding, Platform Attributes, and Regulations

Jiang, Yang; Ho, Yi-Chun; Yan, Xiangbin; Tan, Yong

doi:10.1080/07421222.2018.1440770

Cited by 117 publications

(67 citation statements)

References 33 publications

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“…Jiang et al . () also reveal that government regulatory events dampen the magnitude of the herding effect. In an empirical analysis of peer‐to‐peer (P2P) lending platforms, Xu and Chau () observe that cheap talk may lead to rational herding behaviour among P2P loan funders.…”

Section: Developments In Fintech Researchmentioning

confidence: 89%

“…Analysing unique information on 127 P2P lending platforms via a large Chinese‐language market aggregator's website, Jiang et al . () examine the extent to which P2P lending exhibits patterns that can be explained by rational herding theory. They find that herding exists at the platform level: the previous lending behaviour of other prior investors does indeed influence their choice of platform for subsequent loans.…”

Section: Developments In Fintech Researchmentioning

confidence: 99%

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Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain

Cai

2018

Accounting & Finance

235

139

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Based on a systematic review of influential publications among 402 papers published between 2010 and 2018, this paper identifies gaps in Economics and Finance research regarding two applications of FinTech: crowdfunding and blockchain. Analysing these records shows that (i) current research on FinTech is fragmented with limited theoretical grounding; (ii) crowdfunding and blockchain can be regarded as two innovations that may disrupt traditional financial intermediation but in different ways; (iii) crowdfunding platforms substitute for traditional financial intermediaries and serve as a new intermediary, without eliminating the need for intermediation; (iv) similar to crowdfunding, blockchain also creates new intermediaries; and (v) the trust element inherent in blockchain enables blockchain to eliminate the need for intermediaries in some financial areas but not all.

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Section: Developments In Fintech Researchmentioning

confidence: 89%

Section: Developments In Fintech Researchmentioning

confidence: 99%

Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain

Cai

2018

Accounting & Finance

235

139

View full text Add to dashboard Cite

show abstract

“…Ge R et al(2017) believe that borrowers' choice to self-disclose their social media account and social media presence acts act as signals of borrowers' creditworthiness and predict their default probability [8]. Jiang Y et al(2018) find that government regulatory events restrict the herding effect, suggesting that more information disclosure and stricter operation standards reduce the value of observational learning after studying the herding behaviors of investors when choosing which platform to invest [9]. From the literature above, it's easy to find that the research on information disclosure in P2P online lending mainly focuses on the importance and significance of information disclosure to improve the success rate of borrowing and enhance the trust of the platform from the perspective of borrowers and platforms, while few studies focus on the specific implementation mechanism of information disclosure.…”

Section: Related Literaturementioning

confidence: 99%

Discussions on Information Disclosure and Liquidation Safety of P2P Online Lending Industry

Tong¹,

Yao²,

Li³

2019

Proceedings of the 2019 International Conference on Management, Education Technology and Economics (ICMETE 2019)

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P2P online lending has faced many problems in recent years after explosive growth. The successive collapse of the P2P online lending platforms in 2018 has raised concerns about the prospects of this industry, which has become one of the core problems to be solved in the future development of Chinese P2P online lending industry. This paper discusses how to improve the quality, integrity, independence and credibility of information disclosure, and how to improve the independence and security of fund trust and liquidation services from the perspective of major service providers in the P2P online lending industry, such as P2P online lending platforms, bonding companies, fund trusteeship institutions, industry information platform, and liquidation institutions that may emerge in the future. This provides a feasible way to reduce the risk of bankruptcy of online lending platforms and enhances the credibility of the online lending industry. It has practical value for the main service providers of the online lending industry to improve the quality of service and the regulatory practice of regulatory authorities.

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“…We apply a quantile regression to examine whether such a relationship exhibits a systematic change. Quantile regression is first proposed by Koenker and Bassett [51] and, more recently, is employed to study stock return autocorrelations [52], research the effect of investor sentiment on stock returns [53], and examine the relationship between the magnitude of the herding effect and the number of investors [54]. In this paper, the quantiles including 5%, 10%, 25%, 50%, 75%, and 90% are chosen to conduct the quantile regression analysis.…”

Section: Quantile Regressionmentioning

confidence: 99%

Dynamic Cross‐Correlations between Participants’ Attentions to P2P Lending and Offline Loan in the Private Lending Market

2019

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In this paper, we examine the dynamic cross-correlations between participants' attentions to the P2P lending and o ine loan (lending) with the method of multifractal detrended cross-correlation analysis (MF-DCCA). e empirical result mainly shows that (1) the power-law cross-correlation exists between participants' attentions to the P2P lending and o ine loan and is persistent, (2) the cross-correlation is more stable in the short term, and (3) the relation subjected to a small uctuation is more cross-correlated than that under larger ones. Furthermore, we carry out the robustness test to verify the result. e Granger causality test indicates that participants' attentions to P2P lending and o ine loan Granger cause each other in the short term.

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Investor Platform Choice: Herding, Platform Attributes, and Regulations

Cited by 117 publications

References 33 publications

Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain

Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain

Discussions on Information Disclosure and Liquidation Safety of P2P Online Lending Industry

Dynamic Cross‐Correlations between Participants’ Attentions to P2P Lending and Offline Loan in the Private Lending Market

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