P2P Lenders versus Banks: Cream Skimming or Bottom Fishing?
نویسندگان
چکیده
Abstract We derive three testable predictions from a bank-P2P lender model of competition: (a) P2P lending grows when some banks are faced with exogenously higher regulatory costs; (b) loans riskier than bank loans; and (c) the risk-adjusted interest rates on lower those loans. test these against data consumer credit market in Germany find empirical support. Overall, our analysis indicates that lenders bottom fishing, especially shocks create competitive disadvantage for banks. (JEL G21)
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ژورنال
عنوان ژورنال: The Review of Corporate Finance Studies
سال: 2021
ISSN: ['2046-9136', '2046-9128']
DOI: https://doi.org/10.1093/rcfs/cfab026