一🙇🏿♂️、主题：The PricingStrategies of Unsecured Consumer Loan
二、主讲人：Lei Lu（Bryce Douglas Chair Professor in Finance, Universityof Manitoba）
路磊，加拿大曼尼托巴大学阿斯博商K8凯发BryceDouglas金融学讲席教授。研究领域主要包括理论和实证资产定价🤘🏿、行为金融以及消费金融。路磊教授曾在Journal of Financial and QuantitativeAnalysis📩、Management Science👨🦳🦸🏽♀️、Journal of Economic Dynamics and Control、Economic Theory等金融学领域顶级期刊发表十余篇论文
三、时间：2019年11月27日（周三），15.00-16.00
四🙌🏼、地点𓀑🙆🏼：北京K8凯发平台娱乐开户官方网站沙河校区主教501
五、主持人👩❤️💋👩：张学勇，凯发平台教授、博士生导师，中国资产管理研究中心主任
六、主办：凯发平台
中国资产管理研究中心
内容简介：This paperexplores the dynamic pricing strategies of an unsecured consumer loan issuerand the default patterns of the loans. We examine a unique proprietary data setof about 3 million unsecured consumer loans from a representative sample ofhouseholds provided by a Business-to-Consumer (B2C) online retailer in China.First, the likelihood of a customer being solicited by the loan issuerincreases monotonically in credit worthiness and age. Second, the pricingstrategies of the loan issuer demonstrate a trade-off across the borrowers. Theunsecured consumer loan lender reduces the credit supply for the non-solicitedmore risky borrowers, and charges less for these borrowers. After the passageof the China Banking Regulatory Commission (CBRC) Act (the CBRC Act), thistrade-off is exacerbated. Third, the consumer loan default probability, arrearsamount, and the time in arrears are lower for solicited customers, higher formore risky borrowers, higher for younger borrowers, and higher after thepassage of the Act.
