Purpose: This study attempts to identify the cause of the failure of a platform operator in a P2P lending market, from the perspective of the internal credit rating system. Design/methodology/approach: Data from Moneyauction, the first P2P lending platform in Korea, which led the market for a...

Purpose: Previous research on the relationship between a firm’s distress risk and future stock returns produces inconsistent results. This study attempts to explain the conflicting results of earlier studies by showing that systematic distress risk leads to positive rewards, while unsystematic...