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Bankruptcy Exemption and Peer-to-Peer Lending
Emerging Markets Finance and Trade ( IF 4.859 ) Pub Date : 2021-05-24 , DOI: 10.1080/1540496x.2021.1926979
Luxiu Zhang 1 , Ruirui Zhao 2 , Bo Wang 3 , Haizhi Wang 3 , Tianyu Zhao 4
Affiliation  

ABSTRACT

The effects of personal bankruptcy law on the activities of traditional credit markets have attracted significant interests in many studies. In this study, we focus on the online Peer-to-Peer (P2P) lending market, and empirically investigate whether and to what extent personal bankruptcy law may affect the borrowing and lending activities in the P2P market. We find that state bankruptcy exemptions are positively associated with the likelihood of loan rejections and loan defaults. In addition, we document that state bankruptcy exmptions are associated with higher interest rates, and this effect is more prominent for wealthier borrowers. We also report that state bankruptcy exemptions are associated with smaller loan amount, and this effect is more prominent for borrowers with lower levels of assets. Our results are consistent with theories that state bankruptcy exemptions redistribute credit to wealthier borrowers.



中文翻译:

破产豁免和 P2P 借贷

摘要

个人破产法对传统信贷市场活动的影响引起了许多研究的极大兴趣。在本研究中,我们关注在线点对点(P2P)借贷市场,并实证研究个人破产法是否以及在多大程度上可能影响 P2P 市场的借贷活动。我们发现,国家破产豁免与贷款拒绝和贷款违约的可能性呈正相关。此外,我们记录了国家破产豁免与更高的利率相关,这种影响对于较富裕的借款人更为突出。我们还报告说,国家破产豁免与较小的贷款金额相关,这种影响对于资产水平较低的借款人更为突出。

更新日期:2021-05-24
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