Do Moral Norms Matter in Peer-to-Peer Lending? Evidence from Local Confucian Culture

简介:

We examine the informational role of moral norms in online lending markets. Using data from one of the largest peer-to-peer lending platforms in China, we show that borrowers from regions with stronger moral norms measured by the strength of local Confucian culture are more likely to be funded and receive more campaign proceeds relative to loan size. Moreover, borrower moral norms result in favorable lending outcomes through the channels of enhancing the creditworthiness and predictability of borrower behaviors. Ex post analysis suggests that borrowers from regions with stronger moral norms have lower loan default probabilities, and their lenders enjoy higher returns. Taken together, our findings reveal the unique role of moral norms in enhancing transaction efficiency by mitigating the adverse selection and moral hazard problems in peer-to-peer lending. 

时间:2022-11-22 (Tuesday) 16:40-18:00
地点:Room N303, Economics Building
会议语言:English
主办单位:厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院
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联系人信息:许老师,电话:0592-2182991,邮箱:ysxu@xmu.edu.cn

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