作者：Burtch, Gordon; Hong, Yili; Liu, De
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Microsoft; Arizona State University; Arizona State University-Tempe; Arizona State University; Arizona State University-Tempe; University of Minnesota System; University of Minnesota Twin Cities; University of Minnesota System; University of Minnesota Twin Cities
摘要：Extending recent work on market mechanisms in new fintech offerings, we explore the implications of a key mechanism in online crowdfunding-the use of a provision point. Under a provision point mechanism (otherwise known as all-or-nothing or fixed fundraising scheme), the fundraiser, typically an entrepreneur, only receives funds pledged toward his or her campaign if a preregistered fundraising target is met, rather than keeping everything that is raised. Provision points may weaken contributor...
作者：Xu, Jennifer J.; Chau, Michael
作者单位：Bentley University; University of Hong Kong
摘要：The limited information provided by peer-to-peer (P2P) lending platforms often is not sufficient for lenders to determine if a borrower is trustworthy and able to repay the loan. Using a unique dataset from a P2P lending platform, which allows lenders to seek information directly from borrowers and borrowers to respond to the questions and comments, we examine the impact of lender-borrower communication on funding outcomes and loan performance. Our results show that not only the amount but als...
