FRIENDSHIPS IN ONLINE PEER-TO-PEER LENDING: PIPES, PRISMS, AND RELATIONAL HERDING

• 成果类型: Article
• 署名作者: Liu, De; Brass, Daniel J.; Lu, Yong; Chen, Dongyu
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; University of Kentucky; Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Soochow University - China
• 刊物名称: MIS QUARTERLY
• ISSN/ISSBN: 0276-7783
• DOI: 10.25300/MISQ/2015/39.3.11
• 发表日期: 2015
• 页码: 729-+
• 关键词: social-structure; networks; QUALITY; MARKET

摘要

This paper investigates how friendship relationships act as pipes, prisms, and herding signals in a large online, peer-to-peer (P2P) lending site. By analyzing decisions of lenders, we find that friends of the borrower, especially close offline friends, act as financial pipes by lending money to the borrower. On the other hand, the prism effect of friends' endorsements via bidding on a loan negatively affects subsequent bids by third parties. However, when offline friends of a potential lender, especially close friends, place a bid, a relational herding effect occurs as potential lenders are likely to follow their offline friends with a bid.