| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| DM_EduardoBarbosa_MMADE_2022 | 1.26 MB | Adobe PDF |
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Advisor(s)
Abstract(s)
Os mercados de empréstimos Peer to Peer (P2P) oferecem oportunidades de
diversificação de risco para os credores (crowdlenders), normalmente informais. Os
crowdlenders enfrentam assimetrias de informação nas plataformas P2P, geralmente
mitigadas através de modelos de classificação de risco de crédito. Neste estudo,
mesclamos a literatura sobre a classificação de risco de crédito e a literatura sobre
lucratividade para entender de que forma os crowdlenders devem utilizar a informação hard
da campanha de empréstimo para assim maximizarem o seu retorno, de acordo com a sua
propensão ao risco. Com base em 62,081 campanhas de empréstimo, recolhidas no período
de 2010-2018 através da plataforma Lending Club, verificamos que os crowdlenders que
selecionam campanhas de baixo e médio risco de crédito devem optar por: empréstimos de
menores montantes, cujos mutuários possuem rendimentos mais elevados, maior
estabilidade no emprego, menor endividamento, e melhor histórico de crédito em geral, para
aumentar a sua lucratividade excedente por unidade de risco. Estes resultados contribuem
para a literatura sobre o binómio risco-retorno que tem recebido uma atenção limitada nos
mercados de empréstimos entre pares.
Peer-to-Peer (P2P) lending markets offer risk diversification opportunities for the crowd of lenders, usually informal ones. Crowdlenders face information asymmetries in P2P platforms, usually mitigated through credit scoring models. We merge credit scoring and profitability literature to understand how crowdlenders should use debt-crowdfunding campaigns’ hard information to maximize investment return based on risk. Based on 62,081 loans granted on the Lending Club, a US-leading P2P debt crowdfunding platform, between 2010 and 2018, we find that crowdlenders selecting low and medium credit risk campaigns should opt for: smaller loans whose borrowers have higher incomes, longer number of years employed, lower indebtedness, and overall better credit history, to maximize their returns per unit of risk. These results contribute to the literature on the risk-return nexus that has received limited attention in Peer-to-Peer lending markets.
Peer-to-Peer (P2P) lending markets offer risk diversification opportunities for the crowd of lenders, usually informal ones. Crowdlenders face information asymmetries in P2P platforms, usually mitigated through credit scoring models. We merge credit scoring and profitability literature to understand how crowdlenders should use debt-crowdfunding campaigns’ hard information to maximize investment return based on risk. Based on 62,081 loans granted on the Lending Club, a US-leading P2P debt crowdfunding platform, between 2010 and 2018, we find that crowdlenders selecting low and medium credit risk campaigns should opt for: smaller loans whose borrowers have higher incomes, longer number of years employed, lower indebtedness, and overall better credit history, to maximize their returns per unit of risk. These results contribute to the literature on the risk-return nexus that has received limited attention in Peer-to-Peer lending markets.
Description
Keywords
Risco de crédito Score de crédito Lucratividade Crowdfunding Lending Club