| Autor: |
Braggion, Fabio, Manconi, Alberto, Zhu, Haikun |
| Předmět: |
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| Zdroj: |
Management Science; Oct2023, Vol. 69 Issue 10, p6271-6292, 22p |
| Abstrakt: |
We study the relationship between new intermediaries and regulatory arbitrage, analyzing marketplace credit around a tightening of mortgage loan-to-value (LTV) caps in several cities in China in 2013. Using novel data covering over 20% of Chinese marketplace credit as well as the universe of loans and loan applications at a leading online lending platform, we provide evidence consistent with home buyers borrowing online to bypass the tighter LTV cap. Our findings point to new, lightly regulated financial intermediaries as a driver of household leverage, suggesting that they can open nonnegligible regulatory arbitrage channels. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: Data and the online appendix are available at https://doi.org/10.1287/mnsc.2022.4592. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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