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세미나 & 포럼

Academic SeminarThe Persuasive and Informative Effects of Information Disclosure: Evidence from an Online Supply Chain Finance Market

  • 일시
  • 2018-06-29
  • 시간
  • 10:00 ~ 17:30
  • 장소
  • 수펙스경영관 5층 최종현A강의실
  • 주관부서
  • 경영공학부 행정팀
  • 전공대상
  • IT경영

IT경영 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.

1. 강사: Prof. Yong Tan (University of Washington)
2. 날짜: 2018년 6월 29일(금)
3. 일정 및 주제

[Seminar]
10:00~12:00, SUPEX 최종현A, The Persuasive and Informative Effects of Information Disclosure: Evidence from an Online Supply Chain Finance Market

[TALK]
16:00~17:30, SUPEX 최종현A,
최근 연구 트렌드 및 연구방법론에 대한 강의

4. 연구분야: IT경영 분야
* Lecture will be delivered in English.

Abstract: This paper examines the influence of information disclosure on individuals' behavioral change in a crowdfunded supply chain finance (SCF) market. In contrast to prior work that takes a static view and focuses on investment incidences at the aggregate level, we jointly model the lenders' browsing and funding dynamics at a more granular, individual level. By leveraging an exogenous information-disclosure policy change, we first identify an instant change in lender behaviors around the day of the shock using a Regression Discontinuity Design. We then develop a two-stage decision-making model to structurally uncover how these behaviors are affected by the implemented policy under imperfect information. In the first stage, we estimate its effect on lenders’ browsing propensity using a logit demand estimation model. In the second stage, we model lenders’ investment decisions under a Bayesian learning framework. The proposed model allows us to disentangle the effect of information disclosure from other confounders. Our results show that the popularity statistics of the platform have a persuasive effect on lenders’ browsing behavior. This effect leads to a higher browsing propensity and the magnitude of the effect is accentuated by the level of information accessibility. Our results also demonstrate the evidence of individual learning in guarantors’ true reliability. Disclosing extra information regarding fundraisers’ credit has an informative effect, which accelerates the learning process and helps lenders make sound investment decisions. Finally, we find that an individual’s perception of a guarantor’s reliability has moderating effects on observable loan attributes: when the individual perceives a guarantor to be more reliable, she tends to care less about the interest rate but pays more attention to the loan duration in making her investment decision. Our findings offer important managerial implications for fundraisers and platform designers in the online SCF market.

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