暨南大学经济学院建院40周年系列活动之学术讲座第61期
经济学院金融学系列 Seminar 第69期
主题: The Promises and Pitfalls of WealthTech: Evidence from Online Marketplace Lending
主讲人：李霄阳 博士
主持人：蒋海 教授
地点: 暨南大学经济学院102会议室
会议时间：2020年12月17日15:30-17:00
摘要
WealthTech (WT) holds the promise to “democratize financial services” by providing underserved markets with affordable, quality, and transparent wealth management services. This paper assesses the competence and integrity of WT using unique, order-level data for WT vis-à-vis human bidders on a Chinese online marketplace-lending platform. We find WT outperforms human investors by a significant margin due to WT’s informational and speed advantages, which allow it to cherry-pick high-quality, mispriced investment opportunities. We also find a misalignment of interest when a platform’s private benefit in loan origination conflicts with WT users’ returns. In a dynamic view, we show that returns for both WT users and non-WT users decline as WT dominates the market. We also discuss the corresponding regulatory strategies.
主讲人简介
李霄阳，香港中文大学经济系2017级博士生，研究方向为金融科技和公司金融。他曾在Finance Research Letters，International Review of Economic and Finance，《国际金融研究》等高水平期刊发表论文，并担任Journal of Corporate Finance，Journal of Financial Stabilities，Emerging Markets Finance and Trade等知名期刊匿名审稿人。金融科技方向工作论文曾在高水平国际会议上进行宣讲，包括RFS-GSU金融科技专题会议、剑桥大学替代性金融（Alternative finance）年会、JCF金融科技专题会议、FMA等。本次宣讲的论文获FMA最佳论文候选（Semifinalist）。
