Online peer to peer lending (P2P) - allows people who want to borrow money to submit their applications on the platform and individual investors can make bids on the loan listings. The quality of information in credit appraisal becomes paramount in this market. The existing research to assess...

We consider the investment timing and financing decisions of financially constrained small and medium-sized enterprises (SMEs) in a dynamic setting with asymmetric information. To alleviate its financing constraints, an SME finances a risky project using equity-for-guarantee swaps (EGS), which...

The rapid development of online lending in the past decade, while providing convenience and efficiency, also generates large hidden credit risk for the financial system. Will removing financial intermediaries really provide more efficiency to the lending market? This paper used a large dataset...

This paper develops a signal game model to investigate the impact of ambiguity aversion on small and medium-sized enterprises (SME) investment in incomplete markets with asymmetric information. Information asymmetry has twofold effects on SMEs' investment decisions. First, in a separating...