The Experts below are selected from a list of 3846 Experts worldwide ranked by ideXlab platform
Feng Zhu - One of the best experts on this subject based on the ideXlab platform.
-
trust and Disintermediation evidence from an online freelance marketplace
Management Science, 2021Co-Authors: Feng ZhuAbstract:As a platform improves trust between the two sides of its market to facilitate matching and transactions, it faces an increased risk of Disintermediation: with sufficient trust, the two sides may c...
-
Trust and Disintermediation: Evidence from an Online Freelance Marketplace
SSRN, 2018Co-Authors: Grace Gu, Feng ZhuAbstract:As an intermediary improves trust between two sides of its market to facilitate matching and transactions, it faces an increased risk of Disintermediation: with sufficient trust, the two sides may circumvent the intermediary to avoid the intermediary’s fees. We investigate the relationship between increased trust and Disintermediation by leveraging a randomized control trial on a major online freelance marketplace. Our results show that enhanced trust increases the chance for high-quality freelancers to be hired. When the trust level is sufficiently high, however, it also increases Disintermediation, which offsets the revenue gains from the increase in the hiring of high-quality freelancers. We also identify heterogeneity across clients and freelancers in their tendencies to disintermediate.
Andreas Hackethal - One of the best experts on this subject based on the ideXlab platform.
-
Disintermediation and the role of banks in europe an international comparison
Journal of Financial Intermediation, 1999Co-Authors: Reinhard H Schmidt, Andreas Hackethal, Marcel TyrellAbstract:The paper presents an empirical analysis of the alleged transformation of the financial systems in the three major European economies, France, Germany and the UK. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of measurement, the following questions are addressed: Is there a general trend toward Disintermediation, with banks losing importance to the markets, that is causing these three financial systems to converge? We find that there is neither a general trend toward Disintermediation, nor toward a transformation from bank-based to capital market-based financial systems, nor toward a loss of importance of banks. Only in the case of France could strong signs of transformation as well as signs of a general decline in the role of banks be found. Thus the three financial systems also do not seem to be converging. However, there is also a common pattern of change: the intermediation chains are lengthening in all three countries. Nonbank financial intermediaries are taking over a more important role as mobilizers of capital from the non-financial sectors. In combination with the trend towards securitization of bank liabilities, this change increases the funding costs of banks and may put banks under pressure. In the case of France, this change is so pronounced that it might even threaten the stability of the financial system.
-
Disintermediation and the role of banks in europe an international comparison
Social Science Research Network, 1999Co-Authors: Reinhard H Schmidt, Andreas Hackethal, Marcel TyrellAbstract:The paper presents an empirical analysis of the alleged transformation of the financial systems in the three major European economies, France, Germany and the UK. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of measurement, the following questions are addressed: Is there a general trend toward Disintermediation, with banks losing importance to the markets, that is causing these three financial systems to converge? We find that there is neither a general trend toward Disintermediation, nor toward a transformation from bank-based to capital market-based financial systems, nor toward a loss of importance of banks. Only in the case of France could strong signs of transformation as well as signs of a general decline in the role of banks be found. Thus the three financial systems also do not seem to be converging. However, there is also a common pattern of change: the intermediation chains are lengthening in all three countries. Nonbank financial intermediaries are taking over a more important role as mobilizers of capital from the non-financial sectors. In combination with the trend towards securitization of bank liabilities, this change increases the funding costs of banks and may put banks under pressure. In the case of France, this change is so pronounced that it might even threaten the stability of the financial system.
-
Disintermediation and the role of banks in europe an international comparison
Journal of Financial Intermediation, 1999Co-Authors: Reinhard H Schmidt, Andreas Hackethal, Marcel TyrellAbstract:Abstract The paper presents an empirical analysis of the alleged transformation of the financial systems in the three major European economies, France, Germany, and the United Kingdom. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of measurement, the following question is addressed: Is there a general trend toward Disintermediation, with banks losing importance to the markets, that is causing these three financial systems to converge? We find that there is neither a general trend toward Disintermediation, nor toward a transformation from bank-based to capital market-based financial systems, nor toward a loss of importance of banks. Only in the case of France could strong signs of transformation as well as signs of a general decline in the role of banks be found. Thus the three financial systems also do not seem to be converging. However, there is also a common pattern of change: the intermediation chains are lengthening in all three countries. Nonbank financial intermediaries are taking over a more important role as mobilizers of capital from the nonfinancial sectors. In combination with the trend toward securitization of bank liabilities, this change increases the funding costs of banks and may put banks under pressure. In the case of France, this change is so pronounced that it might even threaten the stability of the financial system. Journal of Economic Literature Classification Numbers: G21 and G23.
Marcel Tuijn - One of the best experts on this subject based on the ideXlab platform.
-
financial intermediation through financial Disintermediation evidence from the ecb corporate sector purchase programme
Social Science Research Network, 2018Co-Authors: Aytekin Ertan, Anya Kleymenova, Marcel TuijnAbstract:We study the spillover effects of financial Disintermediation on the supply of credit to small and medium enterprises (SMEs). We find direct central bank lending to large corporations induces banks to increase lending to SMEs by 8 to 12 percent. This effect is stronger for liquidity-constrained banks. SMEs with relationship banks affected by Disintermediation borrow approximately €77,750 more relative to SMEs in the same country and industry. SMEs use these funds to invest in real activities and increase employment. We verify that our inferences are not due to changing economic fundamentals, demand from SMEs, or selection in central bank financing. Despite documenting positive effects, we also find that they disappear once new liquidity injections stop and the policy reaches a steady-state. Our findings provide some insights into this macroeconomic policy tool's ability to increase employment during the ongoing COVID-19 pandemic through financial Disintermediation serving as an additional channel to provide access to financing for SMEs.
Jonathan D Linton - One of the best experts on this subject based on the ideXlab platform.
-
open innovation integration versus Disintermediation disintegration
Technovation, 2018Co-Authors: Jonathan D LintonAbstract:Abstract Supply chain disintegration is considered, due to its importance as an enabler for the management of technology innovation. This research is urgent as it is relevant to a wide range of other occurrences outside of technology innovation management, including: major policy or regulatory changes, industrial actions, economic sanctions, trade wars, trade realignment – such as Brexit, natural disasters, civil disorder and conflict, and financial crises. Disintegration is the re-alignment of partners and coordination within a supply chain to enhance customer value. This process is driven by one of more of the following: introduction of new technology or input, elimination of existing technology or input, change in customer requirements, and/or change in other external factors. The interdisciplinary nature and intellectual foundations of disintegration are considered. Finally, areas of research need are offered.
Lily H Fang - One of the best experts on this subject based on the ideXlab platform.
-
the Disintermediation of financial markets direct investing in private equity
Journal of Financial Economics, 2015Co-Authors: Lily H Fang, Victoria Ivashina, Joshua LernerAbstract:Abstract We examine 20 years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however, relative to the corresponding private equity fund benchmarks is limited and concentrated among buyout transactions. Co-investments underperform the corresponding funds with which they co-invest, due to an apparent adverse selection of transactions available to these investors, while solo transactions outperform fund benchmarks. Investors’ ability to resolve information problems appears to be an important driver of solo deal outcomes.
-
the Disintermediation of financial markets direct investing in private equity
Journal of Financial Economics, 2015Co-Authors: Lily H Fang, Victoria Ivashina, Josh LernerAbstract:One of the important issues in corporate finance is the rationale for and role of financial intermediaries. In the private equity setting, institutional investors are increasingly eschewing intermediaries in favor of direct investments. To understand the trade-offs in this setting, we compile a proprietary dataset of direct investments from seven large institutional investors. We find that solo investments by institutions outperform co-investments and a wide range of benchmarks for traditional private equity partnership investments. The outperformance is driven by deals where informational problems are not too severe, such as more proximate transactions to the investor and later-stage deals, and by an ability to avoid the deleterious effects on returns often seen in periods with large inflows into the private equity market. The poor performance of co-investments, on the other hand, appears to result from fund managers' selective offering of large deals to institutions for co-investing.
-
the Disintermediation of financial markets direct investing in private equity
2014Co-Authors: Lily H Fang, Victoria Ivashina, Joshua LernerAbstract:We examine twenty years of direct private equity investments by seven large institutions. These direct investments perform better than public market indices, especially buyout investments and those made in the 1990s. Outperformance by the direct investments, however, relative to the corresponding private equity fund benchmarks is limited and concentrated among buyout transactions. Co-investments underperform the corresponding funds with which they co-invest, due to an apparent adverse selection of transactions available to these investors, while solo transactions outperform fund benchmarks. Investors’ ability to resolve information problems appears to be an important driver of solo deal outcomes.