RT Journal Article
T1 COVID‑19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks
A1 Cumming, Douglas J.
A1 Martínez Salgueiro, Andrea
A1 Reardon, Robert S.
K1 Equity Crowdfunding
K1 P2P Lending
K1 Fintech
K1 COVID-19
K1 Bank Consumer Lending
AB Traditional intermediaries have the ability and the incentive to intertemporarily smoothoutcomes. Fintechs, such as peer-to-peer (P2P) lending platforms and equity crowdfunding (ECF) platforms, enable riskier projects without regard to intertemporal smoothing.U.S. data from May 2016 to June 2020 show that COVID-19 had an adverse impact onbank consumer lending. However, counter to our expectations, ECF and P2P are muchmore stable, timely, and resilient in the COVID-19 crisis compared to bank consumer lending. Moreover, the data indicate that P2P lending is a leading indicator for bank consumerlending and that bank consumer lending substitutes ECF. The policy response—CARESAct—caused: (1) a signifcant increase in ECF volumes, (2) a substantial rebound to bankconsumer lending, and iii) at best, neutralized an already-stabilized level of P2P lending.
PB Springer
YR 2022
FD 2022
LK http://hdl.handle.net/10347/32182
UL http://hdl.handle.net/10347/32182
LA eng
NO Cumming, D.J., Martinez-Salgueiro, A., Reardon, R.S. et al. COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks. J Technol Transf 47, 1825–1846 (2022). https://doi.org/10.1007/s10961-021-09899-6
NO This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: http://dx.doi.org/10.1007/s10961-021-09899-6
DS Minerva
RD 22 abr 2026