The Influence of Investor Experience on Investment Intensity and Risk Assumption in Crowdlending: An Empirical Study
DOI:
https://doi.org/10.21678/jb.2025.2413Keywords:
Peer-to-Peer (P2P) lending, Peer-to-business (P2B) lending, Investor experience, Degree of risk, Investment intensity, Partial Least Squares (PLS)Abstract
This study explores the dynamics of investor behavior in the context of Peer-to-Business (P2B) crowdlending, focusing on how investor experience influences their investment intensity and risk assumption. Utilizing data from the Spanish P2B lending platform MytripleA, the research analyzes the investment patterns of 1340 private investors across 798 loans. The study investigates the relationship between the length of investors' experience and their propensity to fund a larger number of projects and to undertake higher risk investments. It addresses key hypotheses that posit a positive correlation between investor experience and the decision to increase investment intensity and risk level. The methodology integrates a robust Partial Least Squares (PLS) structural equation modeling to validate the proposed relationships. Results indicate that experienced investors tend to diversify their investment portfolios by engaging in riskier projects, confirming the hypothesized positive relationships. These findings contribute to the understanding of investor behavior in crowdlending, offering insights for platform operators and potential investors regarding investment strategies and risk management. The study also highlights the importance of investor experience in influencing investment decisions, underlining its role in the dynamic and evolving landscape of crowdlending.
Downloads
Download data is not yet available.
References
Albort-Morant, G., Sanchís-Pedregosa, C., & Paredes Paredes, J. R. (2022). Online banking adoption in Spanish cities and towns. Finding differences through TAM application. Economic Research-Ekonomska Istraživanja, 35(1), 854-872. https://doi.org/10.1080/1331677X.2021.1945477
Altman E, Rotblut C (2016) American Association of Individual Investors Journal. Retrieved April 27, 2018, from American Association of Individual Investors: http://www.aaii.com/journal/article/using-the-z-score-to-assessthe-risk-of- bankruptcy.touch
Assenova V, Best J, Cagney M, Ellenoff D, Karas K, Moon J, … Sorenson O (2016) The present and future of crowdfunding. California Manag Rev 58(2):125–135. https://doi.org/10.1525/cmr.2016.58.2.125
Belleflamme P, Lambert T, Schwienbacher A (2014) Crowdfunding: tapping the right crowd. J Bus Ventur 29(5):585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Belleflamme P, Omrani N, Pei Belleflamme P, Omrani N, Peitz N (2015) The economics of crowdfunding platforms. Inf Econ Policy 33:11-28. https://doi.org/10.1016/j.infoecopol.2015.08.003
Bodie Z, Alex K, Alan JM (2012) Essentials of Investments, ninth ed. McGraw-Hill, New York.
Brennan PJ (2009) Peer-to-peer lending lures investors with 12% return (update 2). Bloomberg, July 16, 2009.
Bruton G, Khavul S, Siegel D, Wright M (2015) New financial alternatives in seeding entrepreneurship: microfinance, crowdfunding, and peer-to-peer innovations. Entrep Theory Pract 39(1):9–26. Https://doi.org/10.1111/etap.12143
Cai S, Lin X, Xu D, Fu X (2016) Judging online peer-to-peer lending behavior: a comparison of first-time and repeated borrowing requests. Inf Manag 53(7):857-867. https://doi.org/10.1016/j.im.2016.07.006
Chen D, Lai F, Lin Z (2014) A trust model for online peer-to-peer lending: a lender’s perspective. Inform Tech and Manag 15(4):239-254. https://doi.org/10.1007/s10799-014-0187-z Chen X, Huang B, Shaban M (2020) Naïve or sophisticated? Information disclosure and investment decisions in peer to peer lending. J Corp Fin 101805. https://doi.org/10.1016/j.jcorpfin.2020.101805
Chin WW (2010) How to write up and report PLS analyses. In V. Esposito Vinzi, W. W. Chin, J. Henseler, & H. Wang (Eds.), Handbook of partial least squares. Berlin, Heidelberg: Springer-Verlag, 655– 690. https://doi.org/10.1007/978-3-540-32827-8_29
Cicchiello AF, Pietronudo MC, Leone D, Caporuscio A (2020) Entrepreneurial dynamics and investor-oriented approaches for regulating the equity-based crowdfunding. J Entrep Public Policy 10(2):235-260. https://doi.org/10.1108/JEPP-03-2019-0010
Culkin N, Murzacheva E, Davis A (2016) Critical innovations in the UK peer-to-peer (P2P) and equity alternative finance markets for small firm growth. The Intern J of Entrep and Innov 17(3):194–202. https://doi.org/10.1177/1465750316655906
Dietrich A, Wernli R (2020) Determinants of Interest Rates in the P2P Consumer Lending Market: How Rational are Investors? arXiv preprint arXiv:2003.11347.
Emekter R, Tu Y, Jirasakuldech B, Lu M (2015) Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending. Applied Eco 47(1):54-70.https://doi.org/10.1080/00036846.2014.962222
Falk R, Miller NB (1992) A Primer for Soft Modeling. Open J Bus Manag.
Feng Y, Fan X, Yoon Y (2015) Lenders and borrowers' strategies in online peer-to-peer lending market: an empirical analysis of PPDAI.com. J Electron Commer Res 16(3):242-260. Corpus ID: 31186147
Fornell C, Larcker D (1981) Evaluating structural equation models with unobservable variables and measurement error. J Mark Res 18(1):39–50. https://doi.org/10.1177/002224378101800104
Freedman S, Jin G (2017) The information value of online social networks: lessons from peer-to-peer lending. Int J Ind Organ 51:185-222. https://doi.org/10.1016/j.ijindorg.2016.09.002
Gjesvik JT, Hestmann O (2018) Facing the crowd: an assessment of credit quality in crowdlending platform portfolios (Master thesis).
Goethner M, Luettig S, Regner T (2020) Crowdinvesting in entrepreneurial projects: disentangling patterns of investor behavior. Small Bus Eco 57(2), 905-926. https://doi.org/10.1007/s11187-020-00332-0
Goethner M, Hornuf L and Regner T, (2021) Protecting investors in equity crowdfunding: An empirical analysis of the small investor protection act,
Technological Forecasting and Social Change, Volume 162, 2021, 120352.
Greiner M, Wang H (2010) Building consumer-to-consumer trust in E-finance marketplaces: an empirical analysis. Int J Electron Commer 15(2):105-136. https://doi.org/10.2753/JEC1086-4415150204
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modelling (PLS-SEM) (2nd ed.). Thousand Oaks: Sage Publications.
Hair JF, Ringle CM, Sarstedt M (2011) PLS-SEM: indeed a silver bullet. Journal of Marketing Theory and Practice 19(2):139-152. https://doi.org/10.2753/MTP1069-6679190202
Hair J, Jr Sarstedt M, Hopkins L, Kuppelwieser V (2014) Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. Eur Bus Rev 26:106–121. https://doi.org/10.1108/EBR-10-2013-0128
Henseler J, Ringle CM, Sarstedt M (2015) A new criterion for assessing discriminant validity in variance based structural equation modeling. J Acad Mark Sci 43(1):115–135. https://doi.org/10.1007/s11747-014-0403-8
Hernandez R, Altham R, Touhey M, Ricko A, Chan J, Schleicher C (2015) PWC. Retrieved April 24, 2018, from Assets: https://www.pwc.com/us/en/consumer-finance/publications/assets/peer-to-peer- lending.pdf
Hoegen A, Steininger DM, Veit D (2018) How do investors decide? An interdisciplinary review of decision-making in crowdfunding. Electro Markets 28(3):339–365. https://doi.org/10.1007/s12525-017-0269-y
Hu LT, Bentler PM (1995) Evaluating model fit.
Hulland J, Ryan MJ, Rayner RK (2010) Modeling customer satisfaction: A comparative performance evaluation of covariance structure analysis versus partial least squares. In Handbook of partial least squares (pp. 307-325). Springer, Berlin, Heidelberg.
Jiang J, Liu YJ, Lu R (2020) Social heterogeneity and local bias in peer-to-peer lending–evidence from China. J Compar Eco 48(2):302-324.
https://doi.org/10.1016/j.jce.2019.11.001
Keliuotytė-Staniulėnienė G, Kukarėnaitė M (2020) Financial Innovation Management: Loan Price in the Crowdfunding and Peer-To-Peer Lending Platforms. Mark Manag Innov 2:256-274. http://doi.org/10.21272/mmi.2020.2-19
Kim, K., & Viswanathan, S. (2019). The Experts in the Crowd: The Role of Experienced Investors in a Crowdfunding Market. MIS Quarterly, 43(2), 347-372.
Klafft M (2008) Online peer-to-peer lending: a lenders' perspective. In Proceedings of the international conference on E-learning, E-business, enterprise information systems, and E-government, EEE (pp. 371-375). http://dx.doi.org/10.2139/ssrn.1352352
Kline P (2015) A Handbook of Test Construction (Psychology Revivals): Introduction to Psychometric Design, Routledge. https://doi.org/10.4324/9781315695990
Kline RB (2015) Principles and practice of structural equation modeling. Guilford publications.
Li Z, Ge R, Guo X, Cai L (2021) Can individual investors learn from experience in online P2P lending? Evidence from China. The North American J Eco Fin 58:101524. https://doi.org/10.1016/j.najef.2021.101524
Light J (2012) Is ‘Peer-to-peer’ lending worth the risk? Wall Street Journal, Available at topics.wsj.com/subject/J/jordan/3065.
Markowitz HM (1952) Portfolio Selection. J Fin 7(77-91).
Martínez-Climent C, Guijarro-García M, Carrilero-Castillo A (2020) The motivations of crowdlending investors in Spain. International J Entrepre Behav Res 27(2), 452-469. https://doi.org/10.1108/IJEBR-05-2020-0304
Moreno Moreno AM, Berenguer E, Sanchís Pedregosa C (2018) A model proposal to determine a crowd-credit-scoring. Eco Socio 11(4):69-79. https://doi.org/10.14254/2071-789X.2018/11-4/4
Nguyen LTP, Kalabeki W, Muthaiyah S, Yu CM, Hui KJ, Mohamed H (2021) P2P lending platforms in Malaysia: What do we know?. F1000Research, 10(1088): 1088. https://doi.org/10.12688/f1000research.73410.2
Nitzl C, Chin WW (2017) The case of partial least squares (PLS) path modelling in managerial accounting research. J Manag Control 28(2):137–156. https://doi.org/10.1007/s00187-017-0249-6
Pang S, Yang J (2020) Social reputation loss model and application to lost-linking borrowers in a internet financial platform. Peer-to-Peer Netw Appl 13(4):1193–1203 https://doi.org/10.1007/s12083-019-00848-7
Pierrakis Y (2019) Peer-to-peer lending to businesses: investors’ characteristics, investment criteria and motivation. International J Entrepre Innov 20(4):239-251. https://doi.org/10.1177/1465750319842528
Puro, L., Teich, J. E., Wallenius, H., & Wallenius, J. (2011). Bidding strategies for real-life small loan auctions. Decision Support Systems, 51(1), 31-41.
Pope D, Sydnor J (2011) What’s in a picture? Evidence of discrimination from Prosper.com. J Hum Resour 46(1):53-92. Available at http://jhr.uwpress.org/cgi/reprint/46/1/53
Ringle CM, Sarstedt M (2016) Gain more insight from your PLS-SEM results: The importance-performance map analysis. Indust Manag Data Systems 116(9):1865–1886. https://doi.org/10.1108/IMDS-10-2015-0449
Ringle CM, Wende S, Becker J (2015) SmartPLS 3. Bo ̈nningstedt: Smart- PLS.
Roldán JL, Sánchez-Franco MJ (2012) Variance-based structural equation modeling: Guidelines for using partial least squares in information systems research. In M. Mora, O. Gelman, A. Steenkamp, & M.
Sanchís-Pedregosa C, Berenguer E, Albort-Morant G, Sanz JA (2020) Guaranteed Crowdlending Loans: A Tool for Entrepreneurial Finance Ecosystem Sustainability. Amfiteatru Eco 22(55):775-791. https://doi.org/10.24818/EA/2020/55/775
Seru A, Shumway T, Stoffman N (2010) Learning by trading. The Rev Fin Studies 23(2):705–739. https://doi.org/10.1093/rfs/hhp060
Slimane FB, Rousseau A (2020) Crowdlending campaigns for renewable energy: Success factors. J Clean Product 249:119330. Available at https://hal.archives-ouvertes.fr/hal-02371926
Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668.
Vázquez-Martínez UJ, Morales-Mediano J, Leal-Rodríguez AL (2021) The impact of the COVID-19 crisis on consumer purchasing motivation and behavior. European Res Manag Bus Eco 27(3):100166. https://doi.org/10.1016/j.iedeen.2021.100166
Wang H, Greiner ME (2011) Prosper: the eBay for money in lending 2.0. Commun Assoc for Informat Systems 29(1)13. https://doi.org/10.17705/1CAIS.02913
Wasiuzzaman S, Chong LL, Ong HB (2021) Influence of perceived risks on the decision to invest in equity crowdfunding: a study of Malaysian investors. J Entrepre Emerg Eco 14(2):1-23. https://doi.org/10.1108/JEEE-11-2020-0431
Weiss, G. N., Pelger, K., & Horsch, A. (2010). Mitigating adverse selection in p2p lending–Empirical evidence from prosper. com. Available at SSRN 1650774.
Winterberg M (2020) Peer-to-Peer-Lending through Crowdlending Platforms: An Analysis of New
Investment Opportunities for Private Investors. https://urn.fi/URN:NBN:fi:amk-2020122329922
Yum H, Lee B, Chae M (2012) From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms. Electron Commer Res Appl 11(5):469-483. https://doi.org/10.1016/j.elerap.2012.05.003
Ziegler T, Zhang B, Carvajal A, Barton E (2020) The Global Covid-19 Fintech Market Rapid Assessment Study. Cambridge Center for Alternative Finance and the World Bank Group. Available at: https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/2020-global-covid-19-fintech-market-rapid-assessment-study/
Altman E, Rotblut C (2016) American Association of Individual Investors Journal. Retrieved April 27, 2018, from American Association of Individual Investors: http://www.aaii.com/journal/article/using-the-z-score-to-assessthe-risk-of- bankruptcy.touch
Assenova V, Best J, Cagney M, Ellenoff D, Karas K, Moon J, … Sorenson O (2016) The present and future of crowdfunding. California Manag Rev 58(2):125–135. https://doi.org/10.1525/cmr.2016.58.2.125
Belleflamme P, Lambert T, Schwienbacher A (2014) Crowdfunding: tapping the right crowd. J Bus Ventur 29(5):585-609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Belleflamme P, Omrani N, Pei Belleflamme P, Omrani N, Peitz N (2015) The economics of crowdfunding platforms. Inf Econ Policy 33:11-28. https://doi.org/10.1016/j.infoecopol.2015.08.003
Bodie Z, Alex K, Alan JM (2012) Essentials of Investments, ninth ed. McGraw-Hill, New York.
Brennan PJ (2009) Peer-to-peer lending lures investors with 12% return (update 2). Bloomberg, July 16, 2009.
Bruton G, Khavul S, Siegel D, Wright M (2015) New financial alternatives in seeding entrepreneurship: microfinance, crowdfunding, and peer-to-peer innovations. Entrep Theory Pract 39(1):9–26. Https://doi.org/10.1111/etap.12143
Cai S, Lin X, Xu D, Fu X (2016) Judging online peer-to-peer lending behavior: a comparison of first-time and repeated borrowing requests. Inf Manag 53(7):857-867. https://doi.org/10.1016/j.im.2016.07.006
Chen D, Lai F, Lin Z (2014) A trust model for online peer-to-peer lending: a lender’s perspective. Inform Tech and Manag 15(4):239-254. https://doi.org/10.1007/s10799-014-0187-z Chen X, Huang B, Shaban M (2020) Naïve or sophisticated? Information disclosure and investment decisions in peer to peer lending. J Corp Fin 101805. https://doi.org/10.1016/j.jcorpfin.2020.101805
Chin WW (2010) How to write up and report PLS analyses. In V. Esposito Vinzi, W. W. Chin, J. Henseler, & H. Wang (Eds.), Handbook of partial least squares. Berlin, Heidelberg: Springer-Verlag, 655– 690. https://doi.org/10.1007/978-3-540-32827-8_29
Cicchiello AF, Pietronudo MC, Leone D, Caporuscio A (2020) Entrepreneurial dynamics and investor-oriented approaches for regulating the equity-based crowdfunding. J Entrep Public Policy 10(2):235-260. https://doi.org/10.1108/JEPP-03-2019-0010
Culkin N, Murzacheva E, Davis A (2016) Critical innovations in the UK peer-to-peer (P2P) and equity alternative finance markets for small firm growth. The Intern J of Entrep and Innov 17(3):194–202. https://doi.org/10.1177/1465750316655906
Dietrich A, Wernli R (2020) Determinants of Interest Rates in the P2P Consumer Lending Market: How Rational are Investors? arXiv preprint arXiv:2003.11347.
Emekter R, Tu Y, Jirasakuldech B, Lu M (2015) Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending. Applied Eco 47(1):54-70.https://doi.org/10.1080/00036846.2014.962222
Falk R, Miller NB (1992) A Primer for Soft Modeling. Open J Bus Manag.
Feng Y, Fan X, Yoon Y (2015) Lenders and borrowers' strategies in online peer-to-peer lending market: an empirical analysis of PPDAI.com. J Electron Commer Res 16(3):242-260. Corpus ID: 31186147
Fornell C, Larcker D (1981) Evaluating structural equation models with unobservable variables and measurement error. J Mark Res 18(1):39–50. https://doi.org/10.1177/002224378101800104
Freedman S, Jin G (2017) The information value of online social networks: lessons from peer-to-peer lending. Int J Ind Organ 51:185-222. https://doi.org/10.1016/j.ijindorg.2016.09.002
Gjesvik JT, Hestmann O (2018) Facing the crowd: an assessment of credit quality in crowdlending platform portfolios (Master thesis).
Goethner M, Luettig S, Regner T (2020) Crowdinvesting in entrepreneurial projects: disentangling patterns of investor behavior. Small Bus Eco 57(2), 905-926. https://doi.org/10.1007/s11187-020-00332-0
Goethner M, Hornuf L and Regner T, (2021) Protecting investors in equity crowdfunding: An empirical analysis of the small investor protection act,
Technological Forecasting and Social Change, Volume 162, 2021, 120352.
Greiner M, Wang H (2010) Building consumer-to-consumer trust in E-finance marketplaces: an empirical analysis. Int J Electron Commer 15(2):105-136. https://doi.org/10.2753/JEC1086-4415150204
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modelling (PLS-SEM) (2nd ed.). Thousand Oaks: Sage Publications.
Hair JF, Ringle CM, Sarstedt M (2011) PLS-SEM: indeed a silver bullet. Journal of Marketing Theory and Practice 19(2):139-152. https://doi.org/10.2753/MTP1069-6679190202
Hair J, Jr Sarstedt M, Hopkins L, Kuppelwieser V (2014) Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. Eur Bus Rev 26:106–121. https://doi.org/10.1108/EBR-10-2013-0128
Henseler J, Ringle CM, Sarstedt M (2015) A new criterion for assessing discriminant validity in variance based structural equation modeling. J Acad Mark Sci 43(1):115–135. https://doi.org/10.1007/s11747-014-0403-8
Hernandez R, Altham R, Touhey M, Ricko A, Chan J, Schleicher C (2015) PWC. Retrieved April 24, 2018, from Assets: https://www.pwc.com/us/en/consumer-finance/publications/assets/peer-to-peer- lending.pdf
Hoegen A, Steininger DM, Veit D (2018) How do investors decide? An interdisciplinary review of decision-making in crowdfunding. Electro Markets 28(3):339–365. https://doi.org/10.1007/s12525-017-0269-y
Hu LT, Bentler PM (1995) Evaluating model fit.
Hulland J, Ryan MJ, Rayner RK (2010) Modeling customer satisfaction: A comparative performance evaluation of covariance structure analysis versus partial least squares. In Handbook of partial least squares (pp. 307-325). Springer, Berlin, Heidelberg.
Jiang J, Liu YJ, Lu R (2020) Social heterogeneity and local bias in peer-to-peer lending–evidence from China. J Compar Eco 48(2):302-324.
https://doi.org/10.1016/j.jce.2019.11.001
Keliuotytė-Staniulėnienė G, Kukarėnaitė M (2020) Financial Innovation Management: Loan Price in the Crowdfunding and Peer-To-Peer Lending Platforms. Mark Manag Innov 2:256-274. http://doi.org/10.21272/mmi.2020.2-19
Kim, K., & Viswanathan, S. (2019). The Experts in the Crowd: The Role of Experienced Investors in a Crowdfunding Market. MIS Quarterly, 43(2), 347-372.
Klafft M (2008) Online peer-to-peer lending: a lenders' perspective. In Proceedings of the international conference on E-learning, E-business, enterprise information systems, and E-government, EEE (pp. 371-375). http://dx.doi.org/10.2139/ssrn.1352352
Kline P (2015) A Handbook of Test Construction (Psychology Revivals): Introduction to Psychometric Design, Routledge. https://doi.org/10.4324/9781315695990
Kline RB (2015) Principles and practice of structural equation modeling. Guilford publications.
Li Z, Ge R, Guo X, Cai L (2021) Can individual investors learn from experience in online P2P lending? Evidence from China. The North American J Eco Fin 58:101524. https://doi.org/10.1016/j.najef.2021.101524
Light J (2012) Is ‘Peer-to-peer’ lending worth the risk? Wall Street Journal, Available at topics.wsj.com/subject/J/jordan/3065.
Markowitz HM (1952) Portfolio Selection. J Fin 7(77-91).
Martínez-Climent C, Guijarro-García M, Carrilero-Castillo A (2020) The motivations of crowdlending investors in Spain. International J Entrepre Behav Res 27(2), 452-469. https://doi.org/10.1108/IJEBR-05-2020-0304
Moreno Moreno AM, Berenguer E, Sanchís Pedregosa C (2018) A model proposal to determine a crowd-credit-scoring. Eco Socio 11(4):69-79. https://doi.org/10.14254/2071-789X.2018/11-4/4
Nguyen LTP, Kalabeki W, Muthaiyah S, Yu CM, Hui KJ, Mohamed H (2021) P2P lending platforms in Malaysia: What do we know?. F1000Research, 10(1088): 1088. https://doi.org/10.12688/f1000research.73410.2
Nitzl C, Chin WW (2017) The case of partial least squares (PLS) path modelling in managerial accounting research. J Manag Control 28(2):137–156. https://doi.org/10.1007/s00187-017-0249-6
Pang S, Yang J (2020) Social reputation loss model and application to lost-linking borrowers in a internet financial platform. Peer-to-Peer Netw Appl 13(4):1193–1203 https://doi.org/10.1007/s12083-019-00848-7
Pierrakis Y (2019) Peer-to-peer lending to businesses: investors’ characteristics, investment criteria and motivation. International J Entrepre Innov 20(4):239-251. https://doi.org/10.1177/1465750319842528
Puro, L., Teich, J. E., Wallenius, H., & Wallenius, J. (2011). Bidding strategies for real-life small loan auctions. Decision Support Systems, 51(1), 31-41.
Pope D, Sydnor J (2011) What’s in a picture? Evidence of discrimination from Prosper.com. J Hum Resour 46(1):53-92. Available at http://jhr.uwpress.org/cgi/reprint/46/1/53
Ringle CM, Sarstedt M (2016) Gain more insight from your PLS-SEM results: The importance-performance map analysis. Indust Manag Data Systems 116(9):1865–1886. https://doi.org/10.1108/IMDS-10-2015-0449
Ringle CM, Wende S, Becker J (2015) SmartPLS 3. Bo ̈nningstedt: Smart- PLS.
Roldán JL, Sánchez-Franco MJ (2012) Variance-based structural equation modeling: Guidelines for using partial least squares in information systems research. In M. Mora, O. Gelman, A. Steenkamp, & M.
Sanchís-Pedregosa C, Berenguer E, Albort-Morant G, Sanz JA (2020) Guaranteed Crowdlending Loans: A Tool for Entrepreneurial Finance Ecosystem Sustainability. Amfiteatru Eco 22(55):775-791. https://doi.org/10.24818/EA/2020/55/775
Seru A, Shumway T, Stoffman N (2010) Learning by trading. The Rev Fin Studies 23(2):705–739. https://doi.org/10.1093/rfs/hhp060
Slimane FB, Rousseau A (2020) Crowdlending campaigns for renewable energy: Success factors. J Clean Product 249:119330. Available at https://hal.archives-ouvertes.fr/hal-02371926
Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668.
Vázquez-Martínez UJ, Morales-Mediano J, Leal-Rodríguez AL (2021) The impact of the COVID-19 crisis on consumer purchasing motivation and behavior. European Res Manag Bus Eco 27(3):100166. https://doi.org/10.1016/j.iedeen.2021.100166
Wang H, Greiner ME (2011) Prosper: the eBay for money in lending 2.0. Commun Assoc for Informat Systems 29(1)13. https://doi.org/10.17705/1CAIS.02913
Wasiuzzaman S, Chong LL, Ong HB (2021) Influence of perceived risks on the decision to invest in equity crowdfunding: a study of Malaysian investors. J Entrepre Emerg Eco 14(2):1-23. https://doi.org/10.1108/JEEE-11-2020-0431
Weiss, G. N., Pelger, K., & Horsch, A. (2010). Mitigating adverse selection in p2p lending–Empirical evidence from prosper. com. Available at SSRN 1650774.
Winterberg M (2020) Peer-to-Peer-Lending through Crowdlending Platforms: An Analysis of New
Investment Opportunities for Private Investors. https://urn.fi/URN:NBN:fi:amk-2020122329922
Yum H, Lee B, Chae M (2012) From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms. Electron Commer Res Appl 11(5):469-483. https://doi.org/10.1016/j.elerap.2012.05.003
Ziegler T, Zhang B, Carvajal A, Barton E (2020) The Global Covid-19 Fintech Market Rapid Assessment Study. Cambridge Center for Alternative Finance and the World Bank Group. Available at: https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/2020-global-covid-19-fintech-market-rapid-assessment-study/
Downloads
Published
2025-01-16
How to Cite
Albort-Morant, G., Berenguer, E., Sanchís-Pedregosa, C., & Moreno-Moreno, A. (2025). The Influence of Investor Experience on Investment Intensity and Risk Assumption in Crowdlending: An Empirical Study. Journal of Business, Universidad Del Pacífico (Lima, Peru), 16(1). https://doi.org/10.21678/jb.2025.2413
Issue
Section
Articles
License
Journal of Business publishes all its articles and reviews under a Creative Commons Attribution (CC BY 4.0) license with the objective of promoting academic exchange worldwide. Therefore, articles and book reviews can be distributed, edited, amended, etc., as the author sees fit. The only condition is that the name of the author(s) and Apuntes. Revista de Ciencias Sociales (as the publisher) be cited.
.jpg){kind=logo}
