We study the role of privacy-insensitive data on device attributes in identifying loan default, under the context of ongoing tension between privacy protection and credit efficiency. Using a unique applicant-level data from a leading Fintech credit institution in China and merging two basic...

Many asset markets are composed of three types of participants: professional investors who possess superior skills or knowledge, uninformed private investors, and liquidity investors. In this paper, we analyze the properties of asset price and trading volume when professional investors are able...