We introduce a general approach for analyzing large-scale text-based data, combining the strengths of neural network language processing and generative statistical modeling to create a factor structure of unstructured data for downstream regressions typically used in social sciences. We generate...

We conceptually identify and empirically verify using marketplace lending data the features distinguishing FinTech platforms from non-financial platforms: (i) Long-term contracts introducing default risk at both the individual and platform levels; (ii) Lenders' investment diversification to...

The rise of super-app digital wallets provides not only a conduit to banks but also internal payment options, including Buy-Now-Pay-Later (BNPL). We examine, for the first time, transactions matched with merchant and consumer information, from a leading e-wallet super-app, and complement the...