What does not kill us makes us stronger: the story of repetitive consumer loan applications

References

• Agarwal, S., J. C. Driscoll, X. Gabaix, and D. Laibson. 2009. “The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation.” Brookings Papers on Economic Activity 2009: 51–101.
   Web of Science ®Google Scholar
• Akerlof, G. A. 1970. “The Market for “Lemons”: Quality Uncertainty and the Market Mechanism.” The Quarterly Journal of Economics 84 (3): 488–500.
   Web of Science ®Google Scholar
• Allen, F., A. Demirguc-Kunt, L. Klapper, and M. Martinez Peria. 2016. “The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts.” Journal of Financial Intermediation 27 (C): 1–30.
   Web of Science ®Google Scholar
• Attanasio, O. P., P. Goldberg, and E. Kyriazidou. 2008. “Credit Constraints in the Market for Consumer Durables: Evidence from Micro Data on Car Loans.” International Economic Review 49 (2): 401–436.
   Web of Science ®Google Scholar
• Bergstresser, D. 2010. “Banking Market Concentration and Consumer Credit Constraints: Evidence from the 1983 Survey of Consumer Finances.” Harvard Business School Working Paper 10-077.
   Google Scholar
• Blanchflower, D. G., P. B. Levine, and D. J. Zimmerman. 2003. “Discrimination in the Small-Business Credit Market.” Review of Economics and Statistics 85 (4): 930–943.
   Web of Science ®Google Scholar
• Brancati, E. 2015. “Innovation Financing and the Role of Relationship Lending for SMEs.” Small Business Economics 44 (2): 449–473.
   Web of Science ®Google Scholar
• Brown, M., S. Ongena, A. Popov, and P. Yeşin. 2011. “Who Needs Credit and Who Gets Credit in Eastern Europe?” Economic Policy 26 (65): 93–130.
   Web of Science ®Google Scholar
• Bruhn, M., and I. Love. 2014. “The Real Impact of Improved Access to Finance: Evidence from Mexico.” The Journal of Finance 69 (3): 1347–1376.
   Web of Science ®Google Scholar
• Caglayan, M., A. Filiztekin, and M. T. Rauh. 2008. “Inflation, Price Dispersion, and Market Structure.” European Economic Review 52 (7): 1187–1208.
   Web of Science ®Google Scholar
• Caglayan, M., O. Talavera, and W. Zhang. 2019. “Herding Behaviour in P2P Lending Markets.” BOFIT Discussion Paper 22/2019.
   Google Scholar
• Chakravarty, S., and M. Xiang. 2013. “The International Evidence on Discouraged Small Businesses.” Journal of Empirical Finance 20 (1): 63–82.
   Web of Science ®Google Scholar
• Chen, X., B. Huang, and D. Ye. 2020. “Gender Gap in Peer-To-Peer Lending: Evidence from China.” Journal of Banking & Finance 112.
   Web of Science ®Google Scholar
• Chen, J., J. Jiang, and Y. J. Liu. 2018. “Financial Literacy and Gender Difference in Loan Performance.” Journal of Empirical Finance 48: 307–320.
   Web of Science ®Google Scholar
• Chen, J., W. S. Leung, and M. Goergen. 2017. “The Impact of Board Gender Composition on Dividend Payouts.” Journal of Corporate Finance 43: 86–105.
   Web of Science ®Google Scholar
• Cole, R., and T. Sokolyk. 2016. “Who Needs Credit and Who Gets Credit? Evidence from the Surveys of Small Business Finances.” Journal of Financial Stability 24: 40–60.
   Web of Science ®Google Scholar
• Colombo, M. G., and L. Grilli. 2007. “Funding Gaps? Access to Bank Loans by High-Tech Start-Ups.” Small Business Economics 29 (2): 25–46.
   Web of Science ®Google Scholar
• Crook, J. 1999. “Who is Discouraged from Applying for Credit?” Economics Letters 65 (2): 165–172.
   Web of Science ®Google Scholar
• De Roure, C., L. Pelizzon, and P. Tasca. 2016. “How Does P2P Lending Fit Into the Consumer Credit Market?” Discussion Paper Deutsche Bundesbank No 30/2016.
   Google Scholar
• Diagne, A. 1999. “Determinants of Household Access to and Participation in Formal and Informal Credit Markets in Malawi.” FCND Discussion Paper 67.
   Google Scholar
• Dohmen, T., A. Falk, B. Golsteyn, D. Huffman, and U. Sunde. 2017. “Risk Attitudes Across the Life Course.” The Economic Journal 127 (605): F95–F116.
   Web of Science ®Google Scholar
• Dupas, P., and J. Robinson. 2013. “Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya.” American Economic Journal: Applied Economics 5 (1): 163–192.
   Web of Science ®Google Scholar
• Ferrando, A., and K. Mulier. 2015. “The Real Effects of Credit Constraints: Evidence from Discouraged Borrowers in the Euro Area.” Working Paper Series 1842, European Central Bank.
   Google Scholar
• Freel, M., S. Carter, S. Tagg, and C. Mason. 2012. “The Latent Demand for Bank Debt: Characterizing “Discouraged Borrowers”.” Small Business Economics 38 (4): 399–418.
   Web of Science ®Google Scholar
• Gao, G., M. Caglayan, Y. Li, and O. Talavera. 2020. “Expert Imitation in P2P Markets.” Department of Economics Working Paper 20-10, University of Birmingham.
   Google Scholar
• Han, L., S. Fraser, and D. J. Storey. 2009. “Are Good or Bad Borrowers Discouraged from Applying for Loans? Evidence from US Small Business Credit Markets.” Journal of Banking and Finance 33 (2): 415–424.
   Web of Science ®Google Scholar
• Hawley, C. B., and E. T. Fujii. 1990. “Discouraged Applicants for Consumer Credit: Empirical Evidence and Implications for Public Policy.” Economics Letters 33 (1): 83–86.
   Web of Science ®Google Scholar
• Herzenstein, M., R. L. Andrews, U. M. Dholakia, and E. Lyandres. 2008. “The Democratization of Personal Consumer Loans? Determinants of Success in Online Peer-To-Peer Lending Communities.” Boston University School of Management Research Paper 146.
   Google Scholar
• Iyer, R., A. I. Khwaja, E. F. Luttmer, and K. Shue. 2015. “Screening Peers Softly: Inferring the Quality of Small Borrowers.” Management Science 62 (6): 1554–1577.
   Web of Science ®Google Scholar
• Jappelli, T. 1990. “Who is Credit Constrained in the U.S. Economy?” The Quarterly Journal of Economics 105 (1): 219–234.
   Web of Science ®Google Scholar
• Johnson, K. W., and G. Li. 2010. “The Debt-Payment-to-Income Ratio as an Indicator of Borrowing Constraints: Evidence from Two Household Surveys.” Journal of Money, Credit and Banking 42 (7): 1373–1390.
   Web of Science ®Google Scholar
• Kempson, E., A. Atkinson, and O. Pilley. 2004. “Policy Level Response to Financial Exclusion in Developed Economies: Lessons for Developing Countries.” Report of Personal Finance Research Centre, University of Bristol.
   Google Scholar
• Kim, H., and L. Moor. 2017. “The Case of Crowdfunding in Financial Inclusion: A Survey.” Strategic Change 26 (2): 193–212.
   Google Scholar
• Kon, Y., and D. J. Storey. 2003. “A Theory of Discouraged Borrowers.” Small Business Economics 21 (1): 37–49.
   Web of Science ®Google Scholar
• Korniotis, G. M., and A. Kumar. 2011. “Do Older Investors Make Better Investment Decisions?” Review of Economics and Statistics 93 (1): 244–265.
   Web of Science ®Google Scholar
• Lee, S. W., and D. J. Mullineaux. 2004. “Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates.” Financial Management 33 (3): 107–130.
   Web of Science ®Google Scholar
• Lin, M., N. R. Prabhala, and S. Viswanathan. 2013. “Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-To-Peer Lending.” Management Science 59 (1): 17–35.
   Web of Science ®Google Scholar
• Lusardi, A., and O. S. Mitchelli. 2007. “Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education.” Business Economics 42 (1): 35–44.
   Google Scholar
• Lyons, A. C. 2003. “How Credit Access Has Changed Over Time for US Households.” Journal of Consumer Affairs 37 (2): 231–255.
   Web of Science ®Google Scholar
• Mac an Bhaird, C., J. S. Vidal, and B. Lucey. 2016. “Discouraged Borrowers: Evidence for Eurozone SMEs.” Journal of International Financial Markets, Institutions and Money 44: 46–55.
   Web of Science ®Google Scholar
• Muravyev, A., O. Talavera, and D. Schäfer. 2009. “Entrepreneurs’ Gender and Financial Constraints: Evidence from International Data.” Journal of Comparative Economics 37 (2): 270–286.
   Web of Science ®Google Scholar
• Pham, T., and O. Talavera. 2018. “Discrimination, Social Capital, and Financial Constraints: The Case of Viet Nam.” World Development 102: 228–242.
   Web of Science ®Google Scholar
• Pham, T., O. Talavera, and M. Zhang. 2018. “Self-Employment, Financial Development, and Well-Being: Evidence from China, Russia, and Ukraine.” Journal of Comparative Economics 46 (3): 754–769.
   Web of Science ®Google Scholar
• Rosenbaum, Paul. 2001. Observational Studies: Overview.
   Google Scholar
• Rosenbaum, P. R., and D. B. Rubin. 1983. “The Central Role of the Propensity Score in Observational Studies for Causal Effects.” Biometrika 70 (1): 41–55.
   Web of Science ®Google Scholar
• Rostamkalaei, A., M. Nitani, and A. Riding. 2018. “Borrower Discouragement: The Role of Informal Turndowns.” Small Business Economics 54 (1): 173–188.
   Web of Science ®Google Scholar
• Sarma, M., and J. Pais. 2011. “Financial Inclusion and Development.” Journal of International Development 23 (5): 613–628.
   Web of Science ®Google Scholar
• Storey, D. J. 2004. “Racial and Gender Discrimination in the Micro Firms Credit Market?: Evidence from Trinidad and Tobago.” Small Business Economics 23 (5): 401–422.
   Web of Science ®Google Scholar
• Talavera, O., L. Xiong, and X. Xiong. 2012. “Social Capital and Access to Bank Financing: The Case of Chinese Entrepreneurs.” Emerging Markets Finance and Trade 48 (1): 55–69.
   Web of Science ®Google Scholar
• Tang, Y., C. Deng, and A. Moro. 2017. “Firm-Bank Trusting Relationship and Discouraged Borrowers.” Review of Managerial Science 11 (3): 519–541.
   Web of Science ®Google Scholar
• Tao, Q., Y. Dong, and Z. Lin. 2017. “Who Can Get Money? Evidence from the Chinese Peer-To-Peer Lending Platform.” Information Systems Frontiers 19 (3): 425–441.
   Web of Science ®Google Scholar
• Treichel, M. Z., and J. A. Scott. 2006. “Women-Owned Businesses and Access to Bank Credit: Evidence from Three Surveys Since 1987.” Venture Capital 8 (1): 51–67.
   Google Scholar