个人投资者关注的问题：P2P消费贷款网上拍卖的价格设定
What Matters to Individual Investors: Price Setting in Online Auctions of P2P Consumer Loans
摘要：
我们分析了零售投资者如何在没有个人互动的反向拍卖框架下对在线P“P消费贷款的信用风险定价。所解释的利率差异比使用银行贷款数据的可比研究大得多。考虑到经验的差异和提供给投资者的有限信息，这是出乎意料的。代表经济状况的因素会显著影响贷款人对借款人信用风险的评估。以前关于性别歧视的研究发现了好坏参半的结果。我们发现，这可能是由于简化的规格，并发现令人惊讶的结果：男性借款人被收取更高的利率，条件是已婚和有孩子。总体而言，我们的研究结果表明，散户投资者在这个监管薄弱的在线P2P消费贷款市场中表现出很强的可预测性。
英文摘要：
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 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.
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