Pub Date : 2023-10-06DOI: 10.3790/ccm.2023.01.hildebrand.stiepelmann
Sebastian Hildebrand, Gero Stiepelmann
{"title":"54th Konstanz Seminar on Monetary Theory and Policy 2023","authors":"Sebastian Hildebrand, Gero Stiepelmann","doi":"10.3790/ccm.2023.01.hildebrand.stiepelmann","DOIUrl":"https://doi.org/10.3790/ccm.2023.01.hildebrand.stiepelmann","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134945517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"German FinTech Companies: A Market Overview and Volume Estimates","authors":"G. Dorfleitner, Julia Kreppmeier, Ralf Laschinger","doi":"10.3790/ccm.56.1.103","DOIUrl":"https://doi.org/10.3790/ccm.56.1.103","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42999090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Impact of COVID-19 on Demand and Lending Behavior in Prosocial P2P Lending","authors":"Christopher Priberny","doi":"10.3790/ccm.56.1.5","DOIUrl":"https://doi.org/10.3790/ccm.56.1.5","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49634572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sana Hassan Imam, S. Huhn, Lars Hornu, Rolf Drechsler
Marketplace lending has fundamentally changed the relationship between borrowers and lenders in financial markets. As with many other financial products that have emerged in recent years, internet-based investors may be inexperienced in marketplace lending, highlighting the importance of forecasting default rates and evaluating default features such as the loan amount, interest rates, and FICO score. Potential borrowers on marketplace lending platforms may already have been rejected by banks as too risky to lend to, which amplifies the problem of asymmetric information. This paper proposes a holistic data processing flow for the loan status classification of marketplace lending multivariate time series data by using the Bidirectional Long Short-Term Memory model (BiLSTM) to predict “non-default,” “distressed,” and “default” loan status, which outperforms conventional techniques. We adopt the SHapely Additive exPlanations (SHAP) and a four-step ahead model, allowing us to extract the most significant features for default risk assessment. Using our approach, lenders and regulators can identify the most relevant features to enhance the default risk assessment method over time in addition to early risk prediction.
{"title":"A Novel Default Risk Prediction and Feature Importance Analysis Technique for Marketplace Lending using Machine Learning","authors":"Sana Hassan Imam, S. Huhn, Lars Hornu, Rolf Drechsler","doi":"10.3790/ccm.56.1.27","DOIUrl":"https://doi.org/10.3790/ccm.56.1.27","url":null,"abstract":"Marketplace lending has fundamentally changed the relationship between borrowers and lenders in financial markets. As with many other financial products that have emerged in recent years, internet-based investors may be inexperienced in marketplace lending, highlighting the importance of forecasting default rates and evaluating default features such as the loan amount, interest rates, and FICO score. Potential borrowers on marketplace lending platforms may already have been rejected by banks as too risky to lend to, which amplifies the problem of asymmetric information. This paper proposes a holistic data processing flow for the loan status classification of marketplace lending multivariate time series data by using the Bidirectional Long Short-Term Memory model (BiLSTM) to predict “non-default,” “distressed,” and “default” loan status, which outperforms conventional techniques. We adopt the SHapely Additive exPlanations (SHAP) and a four-step ahead model, allowing us to extract the most significant features for default risk assessment. Using our approach, lenders and regulators can identify the most relevant features to enhance the default risk assessment method over time in addition to early risk prediction.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42484732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"FinTech and the Digital Transformation in the Financial Industry","authors":"G. Dorfleitner, Lars Hornuf","doi":"10.3790/ccm.56.1.1","DOIUrl":"https://doi.org/10.3790/ccm.56.1.1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44285113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we analyze the business models of Germany’s biggest lending platforms smava, auxmoney, and Lendico to identify a standard business model as a dominant de-sign in this industry. We use a mixed method approach in which a case study at firm level is conducted to analyze and contrast the business models together with their business model components. This qualitative analysis is complemented with a quantitative test of their total asset annual growth rates to triangulate the qualitative analysis. The re-sults indicate that all three companies started with a similar approach but evolved over time into entirely different business model variants. This seems to contradict the previous theory of the emergence of standard business models and dominant designs. At first glance, an increasing convergence of business models over time into a standard business model in the German lending platform industry was not consistent with our results. However, we suggest to explain this contradiction by taking a closer look at the global context of the industry. The origin of lending platforms was pioneered outside the German market by firms such as Zopa (UK) or later Prosper and Lending Club (USA). We hypothesize based on initial evidence that the German lending platforms have largely adopted the business models of the early movers and later modified them according to their local value network such as local market, regulation, and competition conditions. Thereby we propose that the deficient standard business model as a dominant design or a winner takes all market outcome in the lending platform industry might depend on localized demand and regulative heterogeneity.
在本文中，我们分析了德国最大的贷款平台smava、auxmoney和Lendico的商业模式，以确定标准商业模式是该行业的主导设计。我们使用混合方法，在公司层面进行案例研究，分析和对比商业模型及其商业模型组件。这种定性分析辅以对其总资产年增长率的定量测试，以对定性分析进行三角测量。结果表明，这三家公司一开始都采用了类似的方法，但随着时间的推移，它们演变成了完全不同的商业模式变体。这似乎与之前关于标准商业模式和主导设计出现的理论相矛盾。乍一看，随着时间的推移，德国贷款平台行业的商业模式越来越趋同为标准商业模式，这与我们的结果不一致。然而，我们建议通过更仔细地观察该行业的全球背景来解释这种矛盾。贷款平台的起源是由Zopa（英国）或后来的Prosper and lending Club（美国）等公司在德国市场之外开创的。我们根据初步证据假设，德国贷款平台在很大程度上采用了早期推动者的商业模式，后来根据其当地价值网络（如当地市场、监管和竞争条件）对其进行了修改。因此，我们提出，作为借贷平台行业主导设计或赢家通吃市场结果的标准商业模式的缺陷可能取决于本地化需求和监管异质性。
{"title":"Towards a Theory on Dominant Business Model Emergence of Marketplace Lending in Germany","authors":"Sabine Pur, S. Huesig, Christoph Schmidhammer","doi":"10.3790/ccm.56.1.63","DOIUrl":"https://doi.org/10.3790/ccm.56.1.63","url":null,"abstract":"In this paper, we analyze the business models of Germany’s biggest lending platforms smava, auxmoney, and Lendico to identify a standard business model as a dominant de-sign in this industry. We use a mixed method approach in which a case study at firm level is conducted to analyze and contrast the business models together with their business model components. This qualitative analysis is complemented with a quantitative test of their total asset annual growth rates to triangulate the qualitative analysis. The re-sults indicate that all three companies started with a similar approach but evolved over time into entirely different business model variants. This seems to contradict the previous theory of the emergence of standard business models and dominant designs. At first glance, an increasing convergence of business models over time into a standard business model in the German lending platform industry was not consistent with our results. However, we suggest to explain this contradiction by taking a closer look at the global context of the industry. The origin of lending platforms was pioneered outside the German market by firms such as Zopa (UK) or later Prosper and Lending Club (USA). We hypothesize based on initial evidence that the German lending platforms have largely adopted the business models of the early movers and later modified them according to their local value network such as local market, regulation, and competition conditions. Thereby we propose that the deficient standard business model as a dominant design or a winner takes all market outcome in the lending platform industry might depend on localized demand and regulative heterogeneity.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49526938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Central Bank Digital Currency and Cash in the Euro Area: Current Developments and one Specific Proposal","authors":"Gerhard Rösl, F. Seitz","doi":"10.3790/ccm.55.4.523","DOIUrl":"https://doi.org/10.3790/ccm.55.4.523","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42163363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Modern Monetary Theory, Fiscal Dominance and the European Central Bank","authors":"A. Prinz, H. Beck","doi":"10.3790/ccm.55.4.431","DOIUrl":"https://doi.org/10.3790/ccm.55.4.431","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44120799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Taking Money Seriously and Putting it Back into the Feldstein-Horioka Saving-Investment Nexus","authors":"Kam Hon Chu","doi":"10.3790/ccm.55.4.489","DOIUrl":"https://doi.org/10.3790/ccm.55.4.489","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46310434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The EFA Annual Meeting 2022 in Barcelona, Spain, and the Ascension of New Topics from a European and a German View","authors":"Wolfgang Breuer","doi":"10.3790/ccm.55.4.553","DOIUrl":"https://doi.org/10.3790/ccm.55.4.553","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48601114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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