How Regulatory Costs Impede Financial Technology Gains
利用美国各州证券登记失效导致的散户参与差异，研究发现监管摩擦提高了P2P借贷的中介成本，使被排除的投资者损失190-235个基点的到期收益率。
ABSTRACT While financial technology innovation lowers intermediation costs, regulatory frictions may prevent these gains from reaching long‐term investors and borrowers. Using variation in retail investor participation driven by state securities registration lapses in peer‐to‐peer lending, we demonstrate that regulatory frictions are associated with intermediation costs. Such frictions to investor participation impose substantial costs on excluded investors, with quote‐based estimates suggesting an average loss in yield‐to‐maturity of 190–235 BPs. Primary‐market interest rates also rise around lapse events, though we cannot distinguish between platform pricing responses and equilibrium capital tightening. Our results illustrate how regulatory fragmentation can generate redistribution costs in marketplace lending.