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| 1 | Consumer lending efficiency:commercial banks versus a fintech lender显示文摘Fintechs are believed to help expand credit access to underserved consumers without taking on additional risk.We compare the performance efficiency of LendingClub’s unsecured personal loans with similar loans originated by banks.Using stochastic frontier estimation,we decompose the observed nonperforming loan(NPL)ratio into three components:the best-practice minimum NPL ratio,the excess NPL ratio,and a statistical noise,the former two of which reflect the lender’s inherent credit risk and lending inefficiency,respectively.As of 2013 and 2016,we find that the higher NPL ratios at the largest banks are driven by inherent credit risk,rather than lending inefficiency.Smaller banks are less efficient.In addition,as of 2013,LendingClub’s observed NPL ratio and lending efficiency were in line with banks with similar lending volume.However,its lending efficiency improved significantly from 2013 to 2016.As of 2016,LendingClub’s performance resembled the largest banks–consistent with an argument that its increased use of alternative data and AI/ML may have improved its credit risk assessment capacity above and beyond its peers using traditional approaches.Furthermore,we also investigate capital market incentives for lenders to take credit risk.Market value regression using the NPL ratio suggests that market discipline provides incentives to make less risky consumer loans.However,the regression using two decomposed components(inherent credit risk and lending inefficiency)tells a deeper underlying story:market value is significantly positively related to inherent credit risk at most banks,whereas it is significantly negatively related to lending inefficiency at most banks.Market discipline appears to reward exposure to inherent credit risk and punish inefficient lending. | Joseph P.Hughes Julapa Jagtiani Choon-Geol Moon | 2022 | Financial Innovation2022，8，1： | 2 |
| 2 | The Risk Effects of Combining Banking,Securities, and Insurance Activities 显示文摘 | Linda Allen and Julapa Jagtiani | 2000 | Journal of Economics and Business2000，，52： | 1 |
| 3 | The effect of bank capital requirements on bank off-balance sheet financial innovations显示文摘 | Julapa Jagtiani Anthony Saunders Gregory Udell | 1995 | Journal of Banking & Finance1995，19，： | 1 |
| 4 | The effect of bank capital requirements on bank off-balance sheet financial innovations显示文摘 | Julapa Jagtiani Anthony Saunders Gregory Udell | 1995 | Journal of Banking and Finance1995，19，3： | 1 |
| 5 | The Role of Bank Advisors in Mergers and Acquisitions显示文摘 | Allen Linda Jagtiani Julapa Peristiani Stavros Saunders Anthony | | 0，，02： | 1 |
| 6 | Foreign ownership restrictions and stock prices in the Thai capital market显示文摘 | Bailey Warren Jagtiani Julapa | 1994 | Journal of Financial Economics1994，，36： | 1 |
| 7 | The risk effects of combining banking, securities, and insurance activities显示文摘 | Linda Allen Julapa Jagtiani | 2000 | Journal of Economics and Business2000，，6： | 1 |
| 8 | The Risk Effects of Combining Banking,Securities,and Insurance Activities显示文摘 | Linda Allen Julapa Jagtiani | 2000 | Journal of Economics and Business2000，52，： | 1 |
| 9 | The Effect of Bank Capital Requirements on Bank Off - Balance -Sheet Financial Innovations 显示文摘 | Julapa Jagtiani Anthony Saunders and Gregory Udell | 1995 | Journal of Banking &Finance1995，，7： | 1 |
| 10 | 哈佛法学院 独董助力并购收益显示文摘没有比兼并收购更能揭示公司资产负债的市场价值了。而公司治理和管控机制,诸如独立董事、独立大股东、管理层股权,通常对兼并收购交易产生的财富增量有着重大影响,是预测财富增值规模与分布的重要因素。 | Elijah Brewer Ⅲ William E. Jackson Ⅲ Julapa A. Jagtiani 王梦菲 | 2010 | 董事会2010，，12： | 0 |
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