JOURNALOFFINANCIALANDQUANTITATIVEANALYSIShttps://doi.org/10.1017/S0022109023000789PublishedonlinebyCambridgeUniversityPress©TheAuthor(s),2023.PublishedbyCambridgeUniversityPressonbehalfoftheMichaelG.FosterSchoolofBusiness,UniversityofWashington.ThisisanOpenAccessarticle,distributedunderthetermsoftheCreativeCommonsAttributionlicence(https://creativecommons.org/licenses/by/4.0),whichpermitsunrestrictedre-use,distributionandreproduction,providedtheoriginalarticleisproperlycited.doi:10.1017/S0022109023000789ReintermediationinFinTech:EvidencefromOnlineLendingTetyanaBalyukEmoryUniversityGoizuetaBusinessSchooltetyana.balyuk@emory.edu(correspondingauthor)SergeiDavydenkoUniversityofTorontoRotmanSchoolofManagementdavydenko@rotman.utoronto.caAbstractWedocumenttheuniquestructureofthepeer-to-peerlendingmarket.Originallydesignedasdecentralized,themarkethasbecomehighly,butnotfully,reintermediated.Theplatforms’softwarenowperformsessentiallyalltasksrelatedtoloanevaluation,whereasmostlendersarepassiveandautomaticallyfundmostapplicationsonoffer.Yetunlikebanks,andincontrasttotheoriespredictingfullreintermediation,theplatformsprovidedetailedloaninformation,andsomeactiveloanpickerscoexistwithpassiveinvestors.Wearguethatwhileintermediationattractsunsophisticatedpassiveinvestors,transparencyinthepresenceofactiveinvestorsresolvesth...
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