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Erschienen in:

30.01.2023 | Regular Article

Risks and returns in crowdlending

verfasst von: Saman Adhami, Gianfranco Gianfrate, Sofia Johan

Erschienen in: Eurasian Business Review | Ausgabe 2/2023

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Abstract

Crowdlending has emerged in recent years as an innovative way to fund financially-constrained new ventures and small companies. However, digitalized funding is a new technology itself and as such it is prone to mispricing and inefficiencies. We investigate whether peer-to-peer crowdlending to businesses provides investors with promised returns consistent with the level of risk borne. By studying over 6000 loans mediated on 73 European platforms from 2012 to 2018 we show that the ex-ante returns are inversely related to loans’ riskiness and tenure, suggesting that, on average, crowdfunded loans are mispriced. Our results have important implications for the debate about the role of regulation in FinTech and the access to debt funding for entrepreneurial ventures.

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Fußnoten
1
The examination of the correlation matrix does not raise any collinearity concerns, the largest (in absolute value) correlation being the one between the presence of a project partner and the Hybrid claim feature of the loan (0.39).
 
2
Because of the apparent over-representation of France could cast doubts on our findings, we run our baseline models excluding the French observations and the main results of the paper are confirmed.
 
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Metadaten
Titel
Risks and returns in crowdlending
verfasst von
Saman Adhami
Gianfranco Gianfrate
Sofia Johan
Publikationsdatum
30.01.2023
Verlag
Springer International Publishing
Erschienen in
Eurasian Business Review / Ausgabe 2/2023
Print ISSN: 1309-4297
Elektronische ISSN: 2147-4281
DOI
https://doi.org/10.1007/s40821-022-00236-x

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