Maggio 2021 RFS 金融科技的贷款差异-英

Fintech Borrowers: Lax Screening orCream-Skimming?Marco Di MaggioHarvard Business School and NBERVincent YaoJ. Mack Robinson College of Business, Georgia State UniversityWe study the personal credit market using unique individual-level data covering fintechand traditional lenders. We show that fintech lenders acquire market share by lending firstto higher-risk borrowers and then to safer borrowers, and rely mainly on hard informationto make credit decisions. Fintech borrowers are significantly more likely to default thanneighbor individuals with the same characteristics borrowing from traditional financialinstitutions. Furthermore, they tend to experience a short-lived reduction in the cost ofcredit, because their indebtedness increases more than non-fintech borrowers after loanorigination. However, fintech lenders’ pricing strategies are likely to take this into account.(JEL G21, G23, G51)Received February 13, 2019; editorial decision October 20, 2020 by Editor Itay Goldstein.Financial markets have recently witnessed a disruptive force: the rise of onlineintermediaries and, more generally, fintech companies, that is, firms that applytechnology to improve financial activities. Fintech companies have targetedthe consumer credit market, which is one of the largest credit markets, withoutstanding credit of $3.8 trillion in 2018 (Federal Reserve Bank of NewYork 2018), and their market share was predicted to increase to 20% by 2020(Transunion 2017). Therefore, it is important to understand how these newintermediaries affect households’ borrowing and consumption decisions. Giventheir increasing popularity, there are natural questions to ask: Who borrowsfrom fintech lenders? Do fintech lenders serve individuals underserved by thetraditional banking system, or are they able to attract the most creditworthyborrowers? Do these loans help borrowers build a better credit history?First version: August 2018. We thank the editor, Itay Goldstein, and two anonymous referees for their helpfulcomments that greatly improved the paper. We also thank Lauren Cohen, Theresa Kuchler, Holger Mueller, ScottNelson, Erik Stafford, Johannes Stroebel, Boris Vallee and various seminar and conference participants for theirfeedback. Send correspondence to Marco Di Maggio, mdimaggio@hbs.edu and Vincent Yao wyao2@gsu.eduThe Review of Financial Studies 34 (2021) 4565–4618© The Author(s) 2020. Published by Oxford University Press on behalf of The Society for Financial Studies.All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.doi:10.1093/rfs/hhaa142Advance Access publication December 29, 2020Downloaded from https://academic.oup.com/rfs/article/34/10/4565/6054822 by guest on 23 December 2023The Review of Financial Studies / v 34 n 10 2021Some observers argue that fintech lenders might be able to operate where thebanks do not find it profitable.1 This might be because they face significantlylower fixed costs, for example, they do not have branches, or because theyare less