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
主持人：洪 鑫 浙江大学经济学院副教授
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.
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.