The Role of Marketplace Lending in Credit Markets: Evidence from Bank Mergers

References

• Adrian T, Ashcraft AB (2016) Shadow banking: A review of the literature. Jones G, ed. Banking Crises (Palgrave Macmillan, London), 282–315.Crossref, Google Scholar
• Agarwal S, Hauswald R (2010) Distance and private information in lending. Rev. Financial Stud. 23(7):2757–2788.Crossref, Google Scholar
• Agarwal S, Chomsisengphet S, Liu C, Song C, Souleles N (2018) Benefits of relationship banking: Evidence from consumer credit markets. J. Monetary Econom. 96(C):16–32.Crossref, Google Scholar
• Allen J, Damar HE, Martinez-Miera D (2016) Consumer bankruptcy, bank mergers, and information. Rev. Finance 20(4):1289–1320.Crossref, Google Scholar
• Amel D, Kennickell A, Moore K (2008) Banking market definition: Evidence from the survey of consumer finances. Finance and Economics Discussion Series Working Paper No. 2008-35. Board of Governors of the Federal Reserve System.Google Scholar
• Anenberg E, Chang A, Grundl S, Moore K, Windle R (2018) The branch puzzle: Why are there still bank branches? FEDS notes, Board of Governors of the Federal Reserve System, Washington, DC.Google Scholar
• Ausubel L (1991) The failure of competition in the credit card market. Amer. Econom. Rev. 81(1):50–81.Google Scholar
• Avery R, Bostic R, Calem P, Canner G (1999) Consolidation and depositor services. J. Banking Finance 23(2–4):497–532.Crossref, Google Scholar
• Berger AN, Demsetz RS, Strahan PE (1999) The consolidation of the financial services industry: Causes, consequences, and implications for the future. J. Banking Finance 23(2–4):135–194.Crossref, Google Scholar
• Berger AN, Saunders A, Scalise JM, Udell GF (1998) The effects of bank mergers and acquisitions on small business lending. J. Financial Econom. 50(2):187–229.Crossref, Google Scholar
• Board of Governors of the Federal Reserve System (2007) Report to Congress on credit scoring and its effects on the availability and affordability of credit. (August), Washington, DC.Google Scholar
• Boyd JN, De Nicoló G (2005) The theory of bank risk taking and competition revisited. J. Finance 60(3):1329–1343.Crossref, Google Scholar
• Buchak G, Matvos G, Piskorski T, Seru A (2018) Fintech, regulatory arbitrage, and the rise of shadow banks. J. Financial Econom. 130(3):453–483.Crossref, Google Scholar
• Calem P, Mester L (1995) Consumer behavior and the stickiness of credit card interest rates. Amer. Econom. Rev. 85(5):1327–1336.Google Scholar
• Choi H-S, Loh R (2019) Physical frictions and digital banking adoption. Working paper, KAIST and Singapore Management University.Google Scholar
• Cole RA, Goldberg LG, White LJ (2004) Cookie cutter vs. character: The micro structure of small business lending by large and small banks. J. Financial Quant. Anal. 39(2):227–251.Crossref, Google Scholar
• Cortés K, Demyanyk Y, Li L, Loutskina E, Strahan P (2020) Stress tests and small business lending. J. Financial Econom. 136(1):260–279.Crossref, Google Scholar
• Degryse H, Ongena S (2005) Distance, lending relationships, and competition. J. Finance 60(1):231–266.Crossref, Google Scholar
• Deloitte (2010) Beyond day one: Minimizing customer attrition during bank mergers and acquisitions. Report, Deloitte Center for Banking Solutions. Available at http://oportunidades.deloitte.cl/marketing/Reportes-internos/Financiera/Abril/Fusiones-Adquisiciones.pdf.Google Scholar
• Di Maggio M, Yao V (2020) FinTech borrowers: Lax-screening or cream-skimming? Rev. Financial Stud. https://doi.org/10.1093/rfs/hhaa142.Google Scholar
• Garmaise MJ, Moskowitz TJ (2006) Bank mergers and crime: The real and social effects of credit market competition. J. Finance 61(2):495–538.Crossref, Google Scholar
• Greenbaum M, Thakor A (1987) Bank funding modes. J. Banking Finance 11(3):379–401.Crossref, Google Scholar
• Erel I (2011) The effect of bank mergers on loan prices: Evidence from the United States. Rev. Financial Stud. 24(4):1068–1101.Crossref, Google Scholar
• Han J, Park K, Pennacchi G (2015) Corporate taxes and securitization. J. Finance 70(3):1287–1321.Crossref, Google Scholar
• Iyer R, Khwaja AI, Luttmer EF, Shue K (2015) Screening peers softly: Inferring the quality of small borrowers. Management Sci. 62(6):1554–1577.Link, Google Scholar
• Jagtiani J, Lemieux C (2017) Fintech lending: Financial inclusion, risk pricing, and alternative information. Working Paper No.17-17, Federal Reserve Bank of Philadelphia, Philadelphia.Google Scholar
• James C (1988) The use of loan sales and standby letters of credit by commercial banks. J. Monetary Econom. 22(3):395–422.Crossref, Google Scholar
• Kahn C, Pennacchi G, Sopranzetti B (2005) Bank consolidation and the dynamics of consumer loan interest rates. J. Bus. 78(1):99–134.Crossref, Google Scholar
• Keeton WR (1995) Multi-office bank lending to small businesses: Some new evidence. Federal Reserve Bank Kansas City Econom. Rev. 80(2):45–57.Google Scholar
• Laeven L, Levine R (2007) Is there a diversification discount in financial conglomerates? J. Financial Econom. 85(2):331–367.Crossref, Google Scholar
• Lin M, Prabhala N, Viswanathan S (2012) Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Sci. 59(1):17–35.Link, Google Scholar
• Mester L, Nakamura L, Renault M (2007) Transactions accounts and loan monitoring. Rev. Financial Stud. 20(3):529–556.Crossref, Google Scholar
• Morse A (2015) Peer-to-peer crowdfunding: Information and the potential for disruption in consumer lending. Annual Rev. Financial Econom. 7:463–482.Crossref, Google Scholar
• Norden L, Weber M (2010) Credit line usage, checking account activity, and default risk of bank borrowers. Rev. Financial Stud. 23(10):3665–3699.Crossref, Google Scholar
• Nguyen HLQ (2019) Are credit markets still local? Evidence from bank branch closings. Amer. Econom. J. Appl. Econom. 11(1):1–32.Crossref, Google Scholar
• Park K, Pennacchi G (2009) Harming depositors and helping borrowers: The disparate impact of bank consolidation. Rev. Financial Stud. 22(1):1–40.Crossref, Google Scholar
• Peek J, Rosengren E (1995) Small business credit availability: How important is size of lender? Working Paper No. 95-5, Federal Reserve Bank of Boston, Boston.Google Scholar
• Peek J, Rosengren ES (1998) Bank consolidation and small business lending: It’s not just bank size that matters. J. Banking Finance 22(6–8):799–819.Crossref, Google Scholar
• Petersen M, Rajan R (1994) The benefits of lending relationships: Evidence from small business data. J. Finance 49(1):3–37.Crossref, Google Scholar
• Pope DG, Sydnor JR (2011) What’s in a picture? Evidence of discrimination from Prosper.com. J. Human Resources 46(1):53–92.Crossref, Google Scholar
• Puri M, Rocholl J, Steffen S (2017) What do a million observations have to say about loan defaults? Opening the black box of relationships. J. Financial Intermediation 31(1):1–15.Crossref, Google Scholar
• Salop SC (1979) Monopolistic competition with outside goods. Bell J. Econom. 10(1):141–156.Crossref, Google Scholar
• Schmid M, Walter I (2009) Do financial conglomerates create or destroy economic value? J. Financial Intermediation 18(2):193–216.Crossref, Google Scholar
• Strahan PE, Weston JP (1998) Small business lending and the changing structure of the banking industry. J. Banking Finance 22(6–8):821–845.Crossref, Google Scholar
• Stango V (2002) Pricing with consumer switching costs: Evidence from the credit card market. J. Indust. Econom. 50(4):475–492.Crossref, Google Scholar
• Tang H (2019) Peer-to-peer lenders vs. banks: Substitutes or complements? Rev. Financial Stud. 32(5):1900–1938.Crossref, Google Scholar
• Tian X, Zhang H (2017) Impact of FAS 166/167 on the securitization of credit card loans. Georgetown University. Available at https://ssrn.com/abstract=2779147.Google Scholar