二、主講人：Lei Lu（Bryce Douglas Chair Professor in Finance, Universityof Manitoba）

路磊，加拿大曼尼托巴大學阿斯博商學院BryceDouglas金融學講席教授。研究領域主要包括理論和實證資産定價、行為金融以及消費金融。路磊教授曾在Journal of Financial and QuantitativeAnalysis、Management Science、Journal of Economic Dynamics and Control、Economic Theory等金融學領域頂級期刊發表十餘篇論文

三、時間：2019年11月27日（周三），15.00-16.00

四、地點：bevictor伟德官网沙河校區主教501

五、主持人：張學勇，bevictor伟德官网教授、博士生導師，中國資産管理研究中心主任

六、主辦：bevictor伟德官网

               中國資産管理研究中心

内容簡介：This paperexplores the dynamic pricing strategies of an unsecured consumer loan issuerand the default patterns of the loans. We examine a unique proprietary data setof about 3 million unsecured consumer loans from a representative sample ofhouseholds provided by a Business-to-Consumer (B2C) online retailer in China.First, the likelihood of a customer being solicited by the loan issuerincreases monotonically in credit worthiness and age. Second, the pricingstrategies of the loan issuer demonstrate a trade-off across the borrowers. Theunsecured consumer loan lender reduces the credit supply for the non-solicitedmore risky borrowers, and charges less for these borrowers. After the passageof the China Banking Regulatory Commission (CBRC) Act (the CBRC Act), thistrade-off is exacerbated. Third, the consumer loan default probability, arrearsamount, and the time in arrears are lower for solicited customers, higher formore risky borrowers, higher for younger borrowers, and higher after thepassage of the Act.