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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.accessioned2021-09-08T12:44:47Z
dc.date.available2021-09-08T12:44:47Z
dc.date.issued2021
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/21751
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.typeDocument de travail / Working paper
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.identifier.citationpages43en
dc.relation.ispartofseriestitleSSRN Working Paper Seriesen
dc.identifier.urlsitehttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3864118en
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.identifier.citationdate2021-06
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.date.updated2021-09-08T12:01:25Z
hal.identifierhal-03338244
hal.version1
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
hal.date.transferred2021-09-08T12:44:48Z
hal.author.functionaut
hal.author.functionaut


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