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——学术报告第51期
题目：Personal Communication in a Fintech World：Evidence from Loan Payments
报告人：Stephan Siegel （美）University of Washington
时间：2018年6月19日下午1: 30 -3: 30
地点：博萃楼4楼阳光房
We examine the effect of personal, two-way communication on the behavior of borrowers who have fallen behind on their consumer loan payments. While the lender has informed all borrowers about the delinquency through an automatically generated letter, some borrowers also receive a phone call from a randomly assigned bank agent. We find that borrowers, who speak with a bank agent typically for only a few minutes, are significantly more likely to make timely payments and significantly less likely to default. This finding obtains in a subset of hard-to-reach borrowers as well as when we instrument for the call with exogenous variation in borrowers’ reachability. The effect of the call is also persistent; borrowers, who receive a call, are significantly less likely to become delinquent again. Personal aspects of the call, such as the likeability of the agent’s voice, significantly affect payment behavior, while the surprise element of the call does not. Our results suggest that the form of communication significantly affects borrowers’ payment behavior.
报告人简介
Stephan Siegel is Professor at University of Washington. He obtained his MPhil and Ph.D. from Columbia University. Stephan’s research interests are mainly in individual investor behavior, household finance as well as international finance. His research has been published on several leading financial journals, such as Journal of Finance, Journal of Financial Economics, and Review of Financial Studies.
