Douglas J Cumming, Andrea Martinez-Salgueiro, Robert S Reardon, Ahmed Sewaid
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COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks.
Traditional intermediaries have the ability and the incentive to intertemporarily smooth outcomes. 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 on bank consumer lending. However, counter to our expectations, ECF and P2P are much more 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 consumer lending and that bank consumer lending substitutes ECF. The policy response-CARES Act-caused: (1) a significant increase in ECF volumes, (2) a substantial rebound to bank consumer lending, and iii) at best, neutralized an already-stabilized level of P2P lending.
期刊介绍：
The Journal of Technology Transfer provides an international forum for research on the economic, managerial and policy implication of technology transfer, entrepreneurship, and innovation. The Journal is especially interested in articles that focus on the relationship between the external environment and organizations (governments, public agencies, firms, universities) and their innovation process. The Journal welcomes alternative modes of presentation ranging from broad empirical analyses, to theoretical models, to case studies based on theoretical foundations. Officially cited as: J Technol Transf
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