We study the effects of technological change on financial intermediation, distinguishing
between innovations in information (data collection and processing) and communication …

This paper is a review of the literature on fintech and its interaction with banking. Included in
fintech are innovations in payment systems (including cryptocurrencies), credit markets …

We review the literature on financial intermediation in the process by which new medical
therapeutics are financed, developed, and delivered. We discuss the contributing factors that …

We derive three testable predictions from a bank-P2P lender model of competition:(a) P2P
lending grows when some banks are faced with exogenously higher regulatory costs;(b) …

We develop a theory of trust in lending that distinguishes between reputation and trust.
Banks emerge as more trusted lenders than non-banks. We show that trust severs the link …

We study the benefits and costs of collateral requirements in bank lending markets with
asymmetric information. We estimate a structural model of firms' credit demand for secured …

We study the valuation of collateral by comparing spreads on loans by the same bank, to the
same borrower, at the same origination date, but backed by different types of collateral …

This paper provides survey evidence on higher purpose for individuals and organizations
and develops a theoretical model consistent with the evidence. The survey of 1,019 …

This paper provides a prospective look at the most exciting open research questions for
future finance research in three important areas:(1) banking stability;(2) the intersection of …

Social relationship and business connections create implicit benefits between borrowers
and lenders. We model how implicit benefits and repayment enforcement costs influence …