Research Handbook on Alternative Finance

Edited by Franklin Allen, Professor of Finance and Economics, Business School and Director of the Brevan Howard Centre for Financial Analysis, Imperial College London, UK and Meijun Qian, Professor of Finance and Academic Dean, International Business School, Zhejiang University, China

‘While alternative finance, or finance practices outside of banks and markets, have been around for a long time, the 21st century has seen the rise of new forms of fintech-based alternative finance. This book by Franklin Allen and Meijun Qian provides a comprehensive overview and assessment of a wide range of different forms of alternative finance looking at their development from the lens of theory, practice, over time and across countries. The book is a timely, and informative guide for academics, policymakers, and practitioners.’

• Contents:1 Theories, practices, and prospects of alternative finance 1Franklin Allen and Meijun QianPART I ALTERNATIVE FINANCE IN BUSINESS TRANSACTIONS:TRADE CREDIT2 Production networks and trade credit 31Mariassunta Giannetti3 Trade credit: theory and evidence for emerging economies anddeveloping countries 49Robert Cull, Chorching Goh and L. Colin Xu4 Trade credit supply and usage during normal and crisis times: a recentreview of literature 70Jeffrey Jou, Lei Li and Teng WangPART II ALTERNATIVE FINANCE WITHIN BUSINESS GROUPSAND STAKEHOLDERS5 Internal capital markets of Korean chaebols 85Jieun Im, Woojin Kim and Inmoo Lee6 Executive inside debt compensation 116Shawn Huang and Juan Manuel SanchezPART III ALTERNATIVE FINANCE THROUGH SOCIAL NETWORKS7 Theoretical perspectives on social relationships in informal financing 132Samuel Lee and Petra Persson8 Family loans and family firms 152Charilaos MertzanisPART IV TECHNOLOGICAL TRANSFORMATION ANDREGULATORY CHALLENGES9 The evolution of P2P lending 181Jefferson Duarte, Stephan Siegel and Lance Young10 Alternative financial institutions in China 214Nan Li and Meijun Qian11 Managing, preserving and unlocking wealth through FinTech 251Grace Headinger, Lauren Cohen and Zhaoheng GongPART V COMPARATIVE PERSPECTIVE AND INTRINSICCOMPETITIVENESS12 International comparison of alternative finance 284Franklin Allen, Elena Carletti, Meijun Qian and Patricio Valenzuela13 The impact of culture on finance 304Lee Pinkowitz and Rohan Williamson14 The competitiveness of alternative finance 326Franklin Allen and Meijun Qian