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.

Transnational Law for Transnational Communities The Emergence of a Lex Mercatoria (or Lex Informatica) for International Creative Communities

Open Source Communities and content-oriented projects (Creative Commons etc.) have reached a new level of economic and cultural significance in some areas of the Internet ecosystem. These communities have developed their own set of legal rules covering licensing issues, intellectual property management, project governance rules etc. Typical Open Source licenses and project rules are written without any reference to national law. This paper considers the question whether these license contracts and other legal rules are to be qualified as a lex mercatoria (or lex informatica) of these communities.

Emergence and Innovation in Digital Learning: Foundations and Applications

Educational systems worldwide are facing an enormous shift as a result of sociocultural, political, economic, and technological changes. The technologies and practices that have developed over the last decade have been heralded as opportunities to transform both online and traditional education systems. While proponents of these new ideas often postulate that they have the potential to address the educational problems facing both students and institutions and that they could provide an opportunity to rethink the ways that education is organized and enacted, there is little evidence of emerging technologies and practices in use in online education. Because researchers and practitioners interested in these possibilities often reside in various disciplines and academic departments the sharing and dissemination of their work across often rigid boundaries is a formidable task. Contributors to Emergence and Innovation in Digital Learning include individuals who are shaping the future of online learning with their innovative applications and investigations on the impact of issues such as openness, analytics, MOOCs, and social media. Building on work first published in Emerging Technologies in Distance Education, the contributors to this collection harness the dispersed knowledge in online education to provide a one-stop locale for work on emergent approaches in the field. Their conclusions will influence the adoption and success of these approaches to education and will enable researchers and practitioners to conceptualize, critique, and enhance their understanding of the foundations and applications of new technologies.