{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/109614"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/109614","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Essays on peer-to-peer lending","abstract":"This dissertation consists of three chapters on the peer-to-peer (P2P) lending market. All three chapters are based on data from the same U.S.-based P2P lending online platform, LendingClub. In Chapter 1, I study the funding rate of loans in the primary market. I use a large dataset of LendingClub's daily primary market listing combined with its monthly loan progress data to determine what factors affect funding rate to vary across loans and across time. I find that variation in the funding rate within a loan can be explained by its availability. As a loan gets closer to be fully funded, investments are coming at a higher rate for this loan. I also find that a borrower's creditworthiness is significant in explaining the varying funding rates across loans. In Chapter 2, I explore the secondary market of LendingClub using the sellers' perspective. The secondary market is a platform where lenders can buy and sell notes originated from loans issued in LendingClub's primary market. A note is a partial investment of a loan. I use a large dataset of daily secondary market note listing to examine which loans are more likely to have notes listed in the secondary market. I find that notes of grade A and of grade D, which are the least risky and the riskiest assessed grades, are more likely to be listed in the secondary market than loans of grade B or grade C. Lenders are also more likely to list their note in the secondary market at a negative markup when it has a late payment history. I find that the sellers' behavior are consistent with my findings on the buyers' behavior in Chapter 3. In this last chapter, I explore the secondary market of LendingClub using the buyers' perspective. Using the secondary market data listing, I explore the factors that affect a buyer's probability in purchasing a note from the secondary market. I find that across all periods of listing, grade-B and grade-C notes are always less preferred than either a grade-A note or a grade-D note. As the period increases, the preference for grade-A notes goes down while it goes up for grade-D notes. I provide a simple theoretical framework to explain the buyers' belief-updating process before deciding whether to purchase a note or not in the secondary market.","abstract_html":"This dissertation consists of three chapters on the peer-to-peer (P2P) lending market. All three chapters are based on data from the same U.S.-based P2P lending online platform, LendingClub. In Chapter 1, I study the funding rate of loans in the primary market. I use a large dataset of LendingClub's daily primary market listing combined with its monthly loan progress data to determine what factors affect funding rate to vary across loans and across time. I find that variation in the funding rate within a loan can be explained by its availability. As a loan gets closer to be fully funded, investments are coming at a higher rate for this loan. I also find that a borrower's creditworthiness is significant in explaining the varying funding rates across loans. In Chapter 2, I explore the secondary market of LendingClub using the sellers' perspective. The secondary market is a platform where lenders can buy and sell notes originated from loans issued in LendingClub's primary market. A note is a partial investment of a loan. I use a large dataset of daily secondary market note listing to examine which loans are more likely to have notes listed in the secondary market. I find that notes of grade A and of grade D, which are the least risky and the riskiest assessed grades, are more likely to be listed in the secondary market than loans of grade B or grade C. Lenders are also more likely to list their note in the secondary market at a negative markup when it has a late payment history. I find that the sellers' behavior are consistent with my findings on the buyers' behavior in Chapter 3. In this last chapter, I explore the secondary market of LendingClub using the buyers' perspective. Using the secondary market data listing, I explore the factors that affect a buyer's probability in purchasing a note from the secondary market. I find that across all periods of listing, grade-B and grade-C notes are always less preferred than either a grade-A note or a grade-D note. As the period increases, the preference for grade-A notes goes down while it goes up for grade-D notes. I provide a simple theoretical framework to explain the buyers' belief-updating process before deciding whether to purchase a note or not in the secondary market.","abstract_has_math":false,"creators":["Arga, Desak Nyoman Filiadewi"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":["Bernhardt, Dan M","Krasa, Stefan","Hong, Seung-Hyun","Lemus, Jorge"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2021,"date_issued":"2021-03-05T21:45:41Z","date_published":"2021-03-05T21:45:41Z","updated_at":"2026-07-22T22:24:50Z","subjects":["Peer-to-peer","lending"],"languages":["en"],"rights":["Copyright 2020 Desak Nyoman Filiadewi Arga"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/2142/109614","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Bernhardt, Dan M","Krasa, Stefan","Hong, Seung-Hyun","Lemus, Jorge"]},{"key":"dc:creator","label":"Author","values":["Arga, Desak Nyoman Filiadewi"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2021-03-05T21:45:41Z","2023-03-05T21:47:41Z","2020-12-04","2020-12"]},{"key":"dc:type","label":"Dc Type","values":["text","Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Peer-to-peer","lending"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2020 Desak Nyoman Filiadewi Arga"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/109614"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["This dissertation consists of three chapters on the peer-to-peer (P2P) lending market. All three chapters are based on data from the same U.S.-based P2P lending online platform, LendingClub. In Chapter 1, I study the funding rate of loans in the primary market. I use a large dataset of LendingClub's daily primary market listing combined with its monthly loan progress data to determine what factors affect funding rate to vary across loans and across time. I find that variation in the funding rate within a loan can be explained by its availability. As a loan gets closer to be fully funded, investments are coming at a higher rate for this loan. I also find that a borrower's creditworthiness is significant in explaining the varying funding rates across loans. In Chapter 2, I explore the secondary market of LendingClub using the sellers' perspective. The secondary market is a platform where lenders can buy and sell notes originated from loans issued in LendingClub's primary market. A note is a partial investment of a loan. I use a large dataset of daily secondary market note listing to examine which loans are more likely to have notes listed in the secondary market. I find that notes of grade A and of grade D, which are the least risky and the riskiest assessed grades, are more likely to be listed in the secondary market than loans of grade B or grade C. Lenders are also more likely to list their note in the secondary market at a negative markup when it has a late payment history. I find that the sellers' behavior are consistent with my findings on the buyers' behavior in Chapter 3. In this last chapter, I explore the secondary market of LendingClub using the buyers' perspective. Using the secondary market data listing, I explore the factors that affect a buyer's probability in purchasing a note from the secondary market. I find that across all periods of listing, grade-B and grade-C notes are always less preferred than either a grade-A note or a grade-D note. As the period increases, the preference for grade-A notes goes down while it goes up for grade-D notes. I provide a simple theoretical framework to explain the buyers' belief-updating process before deciding whether to purchase a note or not in the secondary market.","Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2022-12-01","The student, Desak Nyoman Filiadewi Arga, accepted the attached license on 2020-12-01 at 10:00.","The student, Desak Nyoman Filiadewi Arga, submitted this Dissertation for approval on 2020-12-01 at 10:06.","This Dissertation was approved for publication on 2020-12-04 at 09:18.","DSpace SAF Submission Ingestion Package generated from Vireo submission #16006 on 2021-03-04 at 16:32:48","Made available in DSpace on 2021-03-05T21:45:41Z (GMT). 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All three chapters are based on data from the same U.S.-based P2P lending online platform, LendingClub. In Chapter 1, I study the funding rate of loans in the primary market. I use a large dataset of LendingClub's daily primary market listing combined with its monthly loan progress data to determine what factors affect funding rate to vary across loans and across time. I find that variation in the funding rate within a loan can be explained by its availability. As a loan gets closer to be fully funded, investments are coming at a higher rate for this loan. I also find that a borrower's creditworthiness is significant in explaining the varying funding rates across loans. In Chapter 2, I explore the secondary market of LendingClub using the sellers' perspective. The secondary market is a platform where lenders can buy and sell notes originated from loans issued in LendingClub's primary market. A note is a partial investment of a loan. I use a large dataset of daily secondary market note listing to examine which loans are more likely to have notes listed in the secondary market. I find that notes of grade A and of grade D, which are the least risky and the riskiest assessed grades, are more likely to be listed in the secondary market than loans of grade B or grade C. Lenders are also more likely to list their note in the secondary market at a negative markup when it has a late payment history. I find that the sellers' behavior are consistent with my findings on the buyers' behavior in Chapter 3. In this last chapter, I explore the secondary market of LendingClub using the buyers' perspective. Using the secondary market data listing, I explore the factors that affect a buyer's probability in purchasing a note from the secondary market. I find that across all periods of listing, grade-B and grade-C notes are always less preferred than either a grade-A note or a grade-D note. As the period increases, the preference for grade-A notes goes down while it goes up for grade-D notes. I provide a simple theoretical framework to explain the buyers' belief-updating process before deciding whether to purchase a note or not in the secondary market.","Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2022-12-01","The student, Desak Nyoman Filiadewi Arga, accepted the attached license on 2020-12-01 at 10:00.","The student, Desak Nyoman Filiadewi Arga, submitted this Dissertation for approval on 2020-12-01 at 10:06.","This Dissertation was approved for publication on 2020-12-04 at 09:18.","DSpace SAF Submission Ingestion Package generated from Vireo submission #16006 on 2021-03-04 at 16:32:48","Made available in DSpace on 2021-03-05T21:45:41Z (GMT). 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