Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending

We analyze the role of intermediaries in electronic markets using detailed data of more than 14,000 originated loans on an electronic P2P (peer-to-peer) lending platform. In such an electronic credit market, lenders bid to supply a private loan. Screening of potential borrowers and the monitoring of loan repayment can be delegated to designated group leaders. We find that these market participants act as financial intermediaries and significantly improve borrowers' credit conditions by reducing information asymmetries, predominantly for borrowers with less attractive risk characteristics. Our findings may be surprising given the replacement of a bank by an electronic marketplace.

The Future of Ubiquitous Learning

This book explores emerging pedagogical perspectives based on the design of new learning spaces supported by digital technologies and brings together some of the best research in this field. The book is divided into three themes: foundations of emerging pedagogies, learning designs for emerging pedagogies and, adaptive and personalized learning. The chapters provide up-to-date information about new pedagogical proposals, and examples for acquiring the requisite skills to both design and support learning opportunities that improve the potential of available technologies.