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hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorGresse, Carole
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorMarin, Hugo
dc.date.accessioned2021-10-22T10:45:10Z
dc.date.available2021-10-22T10:45:10Z
dc.date.issued2021
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/22082
dc.language.isoenen
dc.subjectpeer-to-business crowdlendingen
dc.subjectcrowdfundingen
dc.subjectbehavioral financeen
dc.subjectloan performanceen
dc.subjectprice discovery processen
dc.subject.ddc658.1en
dc.subject.classificationjelG.G1.G11en
dc.subject.classificationjelG.G1.G14en
dc.subject.classificationjelG.G2.G23en
dc.titleGeographical-Proximity Bias in P2B Crowdlending Strategiesen
dc.typeCommunication / Conférence
dc.description.abstractenUsing 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.en
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.relation.conftitleSéminaire du groupe de recherche en finance de l'Université Jean Moulin Lyon 3en
dc.relation.confdate2021-06
dc.relation.confcityLyonen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2021-10-22T10:43:39Z
dc.subject.classificationjelHALG - Financial Economics::G1 - General Financial Markets::G11 - Portfolio Choice; Investment Decisionsen
dc.subject.classificationjelHALG - Financial Economics::G1 - General Financial Markets::G14 - Information and Market Efficiency; Event Studies; Insider Tradingen
dc.subject.classificationjelHALG - Financial Economics::G2 - Financial Institutions and Services::G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investorsen
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