This paper investigates whether ETF returns lead the returns of underlying bonds and similar style bond funds. Bond prices are often stale due to their lack of liquidity, and price discovery may occur in ETFs and then in underlying bonds. As predicted, we find that ETF returns predict its own...

Purpose: This study attempts to identify the cause of the failure of a platform operator in a P2P lending market, from the perspective of the internal credit rating system. Design/methodology/approach: Data from Moneyauction, the first P2P lending platform in Korea, which led the market for a...