메뉴 건너뛰기




Volumn 59, Issue 1, 2013, Pages 17-35

Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending

Author keywords

Credit markets; Information asymmetry; Peer to peer (P2P) lending; Signaling; Value of social networks

Indexed keywords

CREDIT MARKETS; CREDIT QUALITY; DEFAULT RATES; ELECTRONIC MARKET; FINANCIAL MARKET; FRIENDSHIP NETWORKS; INFORMATION ASYMMETRY; INTEREST RATES; ONLINE MARKETS; P2P LENDING; PEER TO PEER; PEER-TO-PEER LENDING; PROSPER.COM; SOCIAL NETWORKS;

EID: 84874137168     PISSN: 00251909     EISSN: 15265501     Source Type: Journal    
DOI: 10.1287/mnsc.1120.1560     Document Type: Review
Times cited : (990)

References (74)
  • 3
    • 85005305538 scopus 로고
    • The market for "lemons": Quality uncertainty and the market mechanism
    • Akerlof GA (1970) The market for "lemons": Quality uncertainty and the market mechanism. Quart. J. Econom. 84(3):488-500.
    • (1970) Quart. J. Econom. , vol.84 , Issue.3 , pp. 488-500
    • Akerlof, G.A.1
  • 4
    • 0001242882 scopus 로고    scopus 로고
    • Estimating the labor market impact of voluntary military service using social security data on military applicants
    • Angrist JD (1998) Estimating the labor market impact of voluntary military service using social security data on military applicants. Econometrica 66(2):249-299.
    • (1998) Econometrica , vol.66 , Issue.2 , pp. 249-299
    • Angrist, J.D.1
  • 5
    • 80052775224 scopus 로고    scopus 로고
    • Creating social contagion through viral product design: A randomized trial of peer influence in networks
    • Aral S, Walker D (2011) Creating social contagion through viral product design: A randomized trial of peer influence in networks. Management Sci. 57(9):1623-1639.
    • (2011) Management Sci , vol.57 , Issue.9 , pp. 1623-1639
    • Aral, S.1    Walker, D.2
  • 6
    • 33745601682 scopus 로고    scopus 로고
    • Open source software user communities: A study of participation in Linux user groups
    • Bagozzi RP, Dholakia UM (2006) Open source software user communities: A study of participation in Linux user groups. Management Sci. 52(7):1099-1115.
    • (2006) Management Sci , vol.52 , Issue.7 , pp. 1099-1115
    • Bagozzi, R.P.1    Dholakia, U.M.2
  • 8
    • 0034861146 scopus 로고    scopus 로고
    • Human capital versus signaling models: University access and high school dropouts
    • Bedard K (2001) Human capital versus signaling models: University access and high school dropouts. J. Political Econom. 109(4):749-775.
    • (2001) J. Political Econom. , vol.109 , Issue.4 , pp. 749-775
    • Bedard, K.1
  • 10
    • 38549166359 scopus 로고    scopus 로고
    • The effect of digital sharing technologies on music markets: A survival analysis of albums on ranking charts
    • Bhattacharjee S, Gopal RD, Lertwachara K, Marsden JR, Telang R (2007) The effect of digital sharing technologies on music markets: A survival analysis of albums on ranking charts. Management Sci. 53(9):1359-1374.
    • (2007) Management Sci , vol.53 , Issue.9 , pp. 1359-1374
    • Bhattacharjee, S.1    Gopal, R.D.2    Lertwachara, K.3    Marsden, J.R.4    Telang, R.5
  • 11
    • 9944260468 scopus 로고    scopus 로고
    • How effective are electronic reputation mechanisms? An experimental investigation
    • Bolton GE, Katok E, Ockenfels A (2004) How effective are electronic reputation mechanisms? An experimental investigation. Management Sci. 50(11):1587-1602.
    • (2004) Management Sci , vol.50 , Issue.11 , pp. 1587-1602
    • Bolton, G.E.1    Katok, E.2    Ockenfels, A.3
  • 12
    • 0004023526 scopus 로고
    • (Westview Press, Cambridge, MA)
    • Burt R (1992) Structural Holes (Westview Press, Cambridge, MA).
    • (1992) Structural Holes
    • Burt, R.1
  • 15
    • 84936823500 scopus 로고
    • Social capital in the creation of human capital
    • Coleman JS (1988) Social capital in the creation of human capital. Amer. J. Sociol. 94(Supplement):S95-S120.
    • (1988) Amer. J. Sociol. , vol.94 , Issue.SUPPL.
    • Coleman, J.S.1
  • 17
    • 0242641140 scopus 로고    scopus 로고
    • The digitization of word of mouth: Promise and challenges of online feedback mechanisms
    • Dellarocas C (2003) The digitization of word of mouth: Promise and challenges of online feedback mechanisms. Management Sci. 49(10):1407-1424.
    • (2003) Management Sci , vol.49 , Issue.10 , pp. 1407-1424
    • Dellarocas, C.1
  • 18
    • 0035536115 scopus 로고    scopus 로고
    • Causality in social network analysis
    • Doreian P (2001) Causality in social network analysis. Sociol. Methods Res. 30(1):81-114.
    • (2001) Sociol. Methods Res. , vol.30 , Issue.1 , pp. 81-114
    • Doreian, P.1
  • 20
    • 46549102152 scopus 로고
    • What's different about banks
    • Fama E (1985) What's different about banks. J. Monetary Econom. 15(1):29-39.
    • (1985) J. Monetary Econom. , vol.15 , Issue.1 , pp. 29-39
    • Fama, E.1
  • 21
    • 80051798115 scopus 로고    scopus 로고
    • Estimating the helpfulness and economic impact of product reviews: Mining text and reviewer characteristics
    • Ghose A, Ipeirotis P (2011) Estimating the helpfulness and economic impact of product reviews: Mining text and reviewer characteristics. IEEE Trans. Knowledge Data Engrg. 23(10):1498-1512.
    • (2011) IEEE Trans. Knowledge Data Engrg. , vol.23 , Issue.10 , pp. 1498-1512
    • Ghose, A.1    Ipeirotis, P.2
  • 22
    • 77957370425 scopus 로고    scopus 로고
    • Competitive actions and dynamics in the digital age: An empirical investigation of social networking firms
    • Gnyawali DR, Fan W, Penner J (2010) Competitive actions and dynamics in the digital age: An empirical investigation of social networking firms. Inform. Systems Res. 21(3):594-613.
    • (2010) Inform. Systems Res. , vol.21 , Issue.3 , pp. 594-613
    • Gnyawali, D.R.1    Fan, W.2    Penner, J.3
  • 23
    • 66149172243 scopus 로고    scopus 로고
    • Financial intermediation
    • Constantinides GM, Harris M, Stulz RM, eds Chap. 8 (Elsevier, Amsterdam
    • Gorton G, Winton A (2003) Financial intermediation, Constantinides GM, Harris M, Stulz RM, eds. Handbook of the Economics of Finance, Vol. 1, Part 1, Chap. 8 (Elsevier, Amsterdam), 431-552.
    • (2003) Handbook of the Economics of Finance, Vol. 1, Part 1 , pp. 431-552
    • Gorton, G.1    Winton, A.2
  • 24
    • 34247960076 scopus 로고
    • The strength of weak ties
    • Granovetter M (1972) The strength of weak ties. Amer. J. Sociol. 78(6):1360-1380.
    • (1972) Amer. J. Sociol. , vol.78 , Issue.6 , pp. 1360-1380
    • Granovetter, M.1
  • 25
    • 84936824352 scopus 로고
    • Economic action and social structure: The problem of embeddedness
    • Granovetter M (1985) Economic action and social structure: The problem of embeddedness. Amer. J. Sociol. 91(3):481-510.
    • (1985) Amer. J. Sociol. , vol.91 , Issue.3 , pp. 481-510
    • Granovetter, M.1
  • 26
    • 17044428559 scopus 로고    scopus 로고
    • The impact of social structure on economic outcomes
    • Granovetter M (2005) The impact of social structure on economic outcomes. J. Econom. Perspect. 19(1):33-50.
    • (2005) J. Econom. Perspect. , vol.19 , Issue.1 , pp. 33-50
    • Granovetter, M.1
  • 27
    • 0036112805 scopus 로고    scopus 로고
    • An empirical analysis of personal bankruptcy and delinquency
    • Gross DB, Souleles NS (2002) An empirical analysis of personal bankruptcy and delinquency. Rev. Financial Stud. 15(1):319-347.
    • (2002) Rev. Financial Stud. , vol.15 , Issue.1 , pp. 319-347
    • Gross, D.B.1    Souleles, N.S.2
  • 28
    • 0000465144 scopus 로고
    • The informational role of warranties and private disclosure about product quality
    • Grossman S (1981) The informational role of warranties and private disclosure about product quality. J. Law Econom. 24(3):461-483.
    • (1981) J. Law Econom. , vol.24 , Issue.3 , pp. 461-483
    • Grossman, S.1
  • 29
    • 0031524058 scopus 로고    scopus 로고
    • Empirical evidence on Swanson's tri-core model of information systems innovation
    • Grover V, Fielder K, Teng J (1997) Empirical evidence on Swanson's tri-core model of information systems innovation. Inform. Systems Res. 8(3):273-287.
    • (1997) Inform. Systems Res. , vol.8 , Issue.3 , pp. 273-287
    • Grover, V.1    Fielder, K.2    Teng, J.3
  • 30
    • 4043153533 scopus 로고    scopus 로고
    • Role of social capital in financial development
    • Guiso G, Sapienza P, Zingales L (2004) Role of social capital in financial development. Amer. Econom. Rev. 94(3):526-556.
    • (2004) Amer. Econom. Rev. , vol.94 , Issue.3 , pp. 526-556
    • Guiso, G.1    Sapienza, P.2    Zingales, L.3
  • 33
    • 0042788827 scopus 로고    scopus 로고
    • Information technology and financial services competition
    • Hauswald R, Marquez R (2003) Information technology and financial services competition. Rev. Financial Stud. 16(3):921-948.
    • (2003) Rev. Financial Stud. , vol.16 , Issue.3 , pp. 921-948
    • Hauswald, R.1    Marquez, R.2
  • 34
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman J (1979) Sample selection bias as a specification error. Econometrica 47(1):153-161.
    • (1979) Econometrica , vol.47 , Issue.1 , pp. 153-161
    • Heckman, J.1
  • 36
    • 33748544940 scopus 로고    scopus 로고
    • Network-based marketing: Identifying likely adopters via consumer networks
    • Hill S, Provost F, Volinsky C (2006) Network-based marketing: Identifying likely adopters via consumer networks. Statist. Sci. 21(2):256-276.
    • (2006) Statist. Sci. , vol.21 , Issue.2 , pp. 256-276
    • Hill, S.1    Provost, F.2    Volinsky, C.3
  • 37
    • 33646262580 scopus 로고    scopus 로고
    • Reputation in auctions: Theory and evidence from ebay
    • Houser D, Wooders J (2006) Reputation in auctions: Theory and evidence from ebay. J. Econom. Management Strategy 15(2): 353-369.
    • (2006) J. Econom. Management Strategy , vol.15 , Issue.2 , pp. 353-369
    • Houser, D.1    Wooders, J.2
  • 39
    • 84866106031 scopus 로고    scopus 로고
    • An overview of social networks and economic applications
    • Benhabib J, Bisin A, Jackson MO, eds (Elsevier Press, Amsterdam
    • Jackson MO (2010) An overview of social networks and economic applications. Benhabib J, Bisin A, Jackson MO, eds. Handbook of Social Economics (Elsevier Press, Amsterdam), 511-585.
    • (2010) Handbook of Social Economics , pp. 511-585
    • Jackson, M.O.1
  • 40
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signalling equilibrium
    • John K, Williams J (1985) Dividends, dilution, and taxes: A signalling equilibrium. J. Finance 40(4):1053-1070.
    • (1985) J. Finance , vol.40 , Issue.4 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 42
    • 34249302072 scopus 로고    scopus 로고
    • Social connections and group banking
    • Karlan D (2007) Social connections and group banking. Econom. J. 117(517):52-84.
    • (2007) Econom. J. , vol.117 , Issue.517 , pp. 52-84
    • Karlan, D.1
  • 43
    • 51149107193 scopus 로고    scopus 로고
    • Peer effects and alcohol use among college students
    • Kremer M, Levy D (2008) Peer effects and alcohol use among college students. J. Econom. Perspect. 22(3):189-206.
    • (2008) J. Econom. Perspect. , vol.22 , Issue.3 , pp. 189-206
    • Kremer, M.1    Levy, D.2
  • 44
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland HE, Pyle DH (1977) Informational asymmetries, financial structure, and financial intermediation. J. Finance 32(2): 371-387.
    • (1977) J. Finance , vol.32 , Issue.2 , pp. 371-387
    • Leland, H.E.1    Pyle, D.H.2
  • 46
    • 84960575613 scopus 로고
    • Identification of endogenous social effects: The reflection problem?
    • Manski C (1993) Identification of endogenous social effects: The reflection problem? Rev. Econom. Stud. 60(3):531-542.
    • (1993) Rev. Econom. Stud. , vol.60 , Issue.3 , pp. 531-542
    • Manski, C.1
  • 49
    • 0001696984 scopus 로고
    • An economic model of welfare stigma
    • Moffitt R (1983) An economic model of welfare stigma. Amer. Econom. Rev. 73(5):1023-1035.
    • (1983) Amer. Econom. Rev. , vol.73 , Issue.5 , pp. 1023-1035
    • Moffitt, R.1
  • 50
    • 27544446016 scopus 로고    scopus 로고
    • Structural vs. relational embeddedness: Social capital and managerial performance
    • Moran P (2005) Structural vs. relational embeddedness: Social capital and managerial performance. Strategic Management J. 26(12):1129-1151.
    • (2005) Strategic Management J , vol.26 , Issue.12 , pp. 1129-1151
    • Moran, P.1
  • 51
    • 84870159466 scopus 로고    scopus 로고
    • The visible hand? Demand effects of recommendation networks in electronic markets
    • ePub ahead of print June 15
    • Oestreicher-Singer G, Sundararajan A (2012) The visible hand? Demand effects of recommendation networks in electronic markets. Management Sci., ePub ahead of print June 15, http://dx.doi.org/10.1287/mnsc.1120.1536.
    • (2012) Management Sci.
    • Oestreicher-Singer, G.1    Sundararajan, A.2
  • 52
    • 67651095665 scopus 로고    scopus 로고
    • Electronic and physical market channels: A multiyear investigation in a market for products of uncertain quality
    • Overby E, Jap S (2009) Electronic and physical market channels: A multiyear investigation in a market for products of uncertain quality. Management Sci. 55(6):940-957.
    • (2009) Management Sci. , vol.55 , Issue.6 , pp. 940-957
    • Overby, E.1    Jap, S.2
  • 53
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen M, Rajan R (1994) The benefits of lending relationships: Evidence from small business data. J. Finance 49(1):3-37.
    • (1994) J. Finance , vol.49 , Issue.1 , pp. 3-37
    • Petersen, M.1    Rajan, R.2
  • 54
    • 0012949171 scopus 로고    scopus 로고
    • Does distance still matter? the information revolution in small business lending
    • Petersen M, Rajan R (2002) Does distance still matter? The information revolution in small business lending. J. Finance 57(6):2533-2570.
    • (2002) J. Finance , vol.57 , Issue.6 , pp. 2533-2570
    • Petersen, M.1    Rajan, R.2
  • 55
    • 49749137120 scopus 로고
    • A status-based model of market competition
    • Podolny JM (1993) A status-based model of market competition. Amer. J. Sociol. 98(4):829-872.
    • (1993) Amer. J. Sociol. , vol.98 , Issue.4 , pp. 829-872
    • Podolny, J.M.1
  • 56
    • 0035402977 scopus 로고    scopus 로고
    • Networks as the pipes and prisms of the market
    • Podolny JM (2001) Networks as the pipes and prisms of the market. Amer. J. Sociol. 107(1):33-60.
    • (2001) Amer. J. Sociol. , vol.107 , Issue.1 , pp. 33-60
    • Podolny, J.M.1
  • 57
    • 78650643488 scopus 로고    scopus 로고
    • What's in a picture? Evidence of discrimination from Prosper.com
    • Pope D, Sydnor J (2011) What's in a picture? Evidence of discrimination from Prosper.com. J. Human Resources 46(1):53-92.
    • (2011) J. Human Resources , vol.46 , Issue.1 , pp. 53-92
    • Pope, D.1    Sydnor, J.2
  • 58
    • 0001847683 scopus 로고
    • The prosperous community: Social capital and economic growth
    • Putnam R (1993) The prosperous community: Social capital and economic growth. Amer. Prospect 4(13):35-42.
    • (1993) Amer. Prospect , vol.4 , Issue.13 , pp. 35-42
    • Putnam, R.1
  • 59
    • 77956100318 scopus 로고    scopus 로고
    • Statistical default models and incentives
    • Rajan U, Seru A, Vig V (2010) Statistical default models and incentives. Amer. Econom. Rev. 100(2):506-510.
    • (2010) Amer. Econom. Rev. , vol.100 , Issue.2 , pp. 506-510
    • Rajan, U.1    Seru, A.2    Vig, V.3
  • 62
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive-signalling approach
    • Ross SA (1977) The determination of financial structure: The incentive-signalling approach. Bell J. Econom. 8(1):23-40.
    • (1977) Bell J. Econom. , vol.8 , Issue.1 , pp. 23-40
    • Ross, S.A.1
  • 64
    • 33746848145 scopus 로고    scopus 로고
    • How do i love thee? Let me count the words: The social effects of expressive writing
    • Slatcher RB, Pennebaker JW (2006) How do I love thee? Let me count the words: The social effects of expressive writing. Psych. Sci. 17(8):660-664.
    • (2006) Psych. Sci. , vol.17 , Issue.8 , pp. 660-664
    • Slatcher, R.B.1    Pennebaker, J.W.2
  • 65
    • 85008736512 scopus 로고
    • Job market signaling
    • Spence M (1973) Job Market Signaling. Quart. J. Econom. 87(3):355-374.
    • (1973) Quart. J. Econom. , vol.87 , Issue.3 , pp. 355-374
    • Spence, M.1
  • 66
    • 0037893445 scopus 로고    scopus 로고
    • Signaling in retrospect and the informational structure of markets
    • Spence M (2002) Signaling in retrospect and the informational structure of markets. Amer. Econom. Rev. 92(3):434-459.
    • (2002) Amer. Econom. Rev. , vol.92 , Issue.3 , pp. 434-459
    • Spence, M.1
  • 67
    • 0346307687 scopus 로고    scopus 로고
    • Instrumental variables regression with weak instruments
    • Staiger D, Stock JH (1997) Instrumental variables regression with weak instruments. Econometrica 65(3):557-586.
    • (1997) Econometrica , vol.65 , Issue.3 , pp. 557-586
    • Staiger, D.1    Stock, J.H.2
  • 68
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz JE, Weiss A (1981) Credit rationing in markets with imperfect information. Amer. Econom. Rev. 71(3):393-410.
    • (1981) Amer. Econom. Rev. , vol.71 , Issue.3 , pp. 393-410
    • Stiglitz, J.E.1    Weiss, A.2
  • 69
    • 84865095183 scopus 로고    scopus 로고
    • Social networks and the diffusion of user-generated content: Evidence from YouTube
    • Susarla A, Oh J-H, Tan Y (2012) Social networks and the diffusion of user-generated content: Evidence from YouTube. Inform. Systems Res. 23(1):23-41.
    • (2012) Inform. Systems Res. , vol.23 , Issue.1 , pp. 23-41
    • Susarla, A.1    Oh, J.-H.2    Tan, Y.3
  • 70
    • 34248193914 scopus 로고    scopus 로고
    • Giving content to investor sentiment: The role of media in the stock market
    • Tetlock P (2007) Giving content to investor sentiment: The role of media in the stock market. J. Finance 62(3):1139-1168.
    • (2007) J. Finance , vol.62 , Issue.3 , pp. 1139-1168
    • Tetlock, P.1
  • 71
    • 57149119365 scopus 로고    scopus 로고
    • Managing the stigma of personal bankruptcy
    • Thorne D, Anderson L (2006) Managing the stigma of personal bankruptcy. Sociol. Focus 39(2):77-97.
    • (2006) Sociol. Focus , vol.39 , Issue.2 , pp. 77-97
    • Thorne, D.1    Anderson, L.2
  • 72
    • 0032728349 scopus 로고    scopus 로고
    • Embeddedness in the making of financial capital: How social relations and networks benefit firms seeking financing
    • Uzzi B (1999) Embeddedness in the making of financial capital: How social relations and networks benefit firms seeking financing. Amer. Sociol. Rev. 64(4):481-505.
    • (1999) Amer. Sociol. Rev. , vol.64 , Issue.4 , pp. 481-505
    • Uzzi, B.1
  • 73
    • 0041702217 scopus 로고    scopus 로고
    • Relational embeddedness and learning: The case of bank loan managers and their clients
    • Uzzi B, Lancaster R (2003) Relational embeddedness and learning: The case of bank loan managers and their clients. Management Sci. 49(4):383-399.
    • (2003) Management Sci. , vol.49 , Issue.4 , pp. 383-399
    • Uzzi, B.1    Lancaster, R.2
  • 74
    • 0000725077 scopus 로고
    • Human capital vs. signaling explanations of wages
    • Weiss A (1995) Human capital vs. signaling explanations of wages. J. Econom. Perspect. 9(4):133-154.
    • (1995) J. Econom. Perspect. , vol.9 , Issue.4 , pp. 133-154
    • Weiss, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.