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Geographical-Proximity Bias in P2B Crowdlending Strategies

Gresse, Carole; Marin, Hugo (2021), Geographical-Proximity Bias in P2B Crowdlending Strategies, 37th Spring International Conference of the French Finance Association, 2021-05, Nantes / Online, France

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Gresse,Marin2021.pdf (349.4Kb)
Type
Communication / Conférence
Date
2021
Titre du colloque
37th Spring International Conference of the French Finance Association
Date du colloque
2021-05
Ville du colloque
Nantes / Online
Pays du colloque
France
Métadonnées
Afficher la notice complète
Auteur(s)
Gresse, Carole
Dauphine Recherches en Management [DRM]
Marin, Hugo
Dauphine Recherches en Management [DRM]
Résumé (EN)
Using data from a peer-to-business crowdlending platform that exploits an auction-driven system to fund corporate loans, we show that non-professional investors are subject to a geographical-proximity bias. They are more likely to win the auctions of borrowers located close to their place of residence notwithstanding that they are not better informed about their creditworthiness. Unexpectedly, this behavioral bias distorts the loan rate discovery processby increasing the cost of funding for borrowers. This adverse effect results from the greaterability of local investors to submit winning bids at an early stage. This ability is gained from their experience in previous auctions of geographically close borrowers. This suggests that the familiarity feeling stemming from geographical closeness strengthens investor attention,and thereby improves lenders’ knowledge about the dynamics of the order flow in local borrowers’ auctions.
Mots-clés
peer-to-business crowdlending; crowdfunding; behavioral finance; loan performance; price discovery process
JEL
G11 - Portfolio Choice; Investment Decisions
G14 - Information and Market Efficiency; Event Studies; Insider Trading
G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

Publications associées

Affichage des éléments liés par titre et auteur.

  • Vignette de prévisualisation
    Geographical-Proximity Bias in P2B Crowdlending Strategies 
    Gresse, Carole; Marin, Hugo (2021) Communication / Conférence
  • Vignette de prévisualisation
    Geographical-Proximity Bias in P2B Crowdlending Strategies 
    Gresse, Carole; Marin, Hugo (2021) Communication / Conférence
  • Vignette de prévisualisation
    Geographical-Proximity Bias in P2B Crowdlending Strategies 
    Gresse, Carole; Marin, Hugo (2021) Document de travail / Working paper
  • Vignette de prévisualisation
    Geographical Proximity and Enhanced Attention in P2B Crowdlending Strategies 
    Gresse, Carole; Marin, Hugo (2022) Communication / Conférence
  • Vignette de prévisualisation
    Geographical Proximity and Enhanced Attention in P2B Crowdlending Strategies 
    Gresse, Carole; Marin, Hugo (2022) Communication / Conférence
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