We investigate the performance of loans funded by the automated system and manually by clicking using data from a peer-to-peer lending platform in China. We find that manually invested loans default more frequently than automatically invested loans. When manually picking the loans, lenders are...

Using data from a lending platform that switched from a human-based to a machine learning-based system, we find that fintech may increase gender discrimination. The rationale is that machine learning algorithms allow the platform to better decipher differences in borrower preferences between...

This paper considers a consumption-based asset pricing model where housing is explicitly modeled both as an asset and consumption good. As consumption good, housing introduces housing expenditure share as a novel risk factor. As an asset, it is the major component of wealth with financial asset....