Words Matter: The Role of Readability, Tone, and Deception Cues in Online Credit Markets
利用债务众筹数据，研究发现借款人写作风格（可读性、积极语气、少欺骗线索）与更积极的放贷行为及更低违约率相关，但投资者未能充分利用这些信息。
Abstract Using debt crowdfunding data, we investigate whether borrowers’ writing style is associated with an online lender and borrower behaviors, whether the information contained in linguistic style can mitigate information asymmetry in peer-to-peer markets, and whether online investors correctly interpret the economic value of written texts. Peer-to-peer lenders bid more aggressively, are more likely to fund, and charge lower rates to online borrowers whose writing is more readable, more positive, and contains fewer deception cues. Moreover, such borrowers are less likely to default. Online investors, however, fail to fully account for the information contained in borrowers’ writing.