主 题：Monetary Policy and Individual Investors’ Risk-Taking Behavior: Evidence from Peer-to-Peer Lending
日 期： 6月28日（周四）上午10:30-12:00
地 点：浙江大学玉泉校区经济学院236会议室
主讲人：褚勇强 教授（University of North Carolina at Charlotte）
主持人：洪 鑫 浙江大学经济学院副教授
主办方：浙江大学经济学院
浙江大学工程师学院互联网金融分院
协办方：浙江大学金融研究院
浙江大学应用经济研究中心
主讲人简介：
Yongqiang Chu is the Childress Klein Distinguished Professor of Real Estate and Urban Economics, and Professor of Finance in the Belk College of Business at UNC Charlotte. His research focuses on corporate finance, especially the interaction between product market and corporate finance, and real estate. He has published in the Journal of Financial Economics, Review of Financial Studies, and Management Science and has taught undergraduate and graduate level real estate finance and investments courses.
Abstract:
This paper examines whether and how monetary policy affects risk-taking and reaching-for-yield behavior of individual investors in the peer-to-peer lending market. Using data from Prosper.com from 2007 to 2013, we show that easy monetary policy, as measured by lower effective federal funds rates or the quantitative easing programs, induces individual investors to fund riskier loans and to fund loans with higher expected returns. We also find that loans originated during easy monetary policy regimes experience higher ex post default rates.
