论文标题
对个人投资者重要的是：P2P消费者贷款的在线拍卖中的价格设定
What Matters to Individual Investors: Price Setting in Online Auctions of P2P Consumer Loans
论文作者
论文摘要
We analyze how retail investors price the credit risk of online P"P consumer loans in a reverse auction framework where personal interaction is absent. The explained interest rate variance is considerably larger than in comparable studies using bank loan data. This is unexpected, given the difference in experience and the limited set of information provided to the investor. Factors representing economic status significantly influence lender evaluations of the borrower's credit risk. Previous studies on gender discrimination found mixed results. We show that this is可能是由于简化的规格并找到令人惊讶的结果：男性借款人的利率更高，有条件的是结婚并有孩子，我们的结果表明，零售投资者在在线P2P消费者贷款的弱势市场中表现出强大的可预测性。
We analyze how retail investors price the credit risk of online P"P consumer loans in a reverse auction framework where personal interaction is absent. The explained interest rate variance is considerably larger than in comparable studies using bank loan data. This is unexpected, given the difference in experience and the limited set of information provided to the investor. Factors representing economic status significantly influence lender evaluations of the borrower's credit risk. Previous studies on gender discrimination found mixed results. We show that this is likely due to simplified specifications and find surprising results: male borrowers are charged a higher interest rates, conditional on being married and having children. Overall, our results indicate that retail investors exhibit a strong degree of predictability in this weakly regulated market for online P2P consumer loans.
