One PhD Position in Economics - Technology and financial (dis)intermediation

University of Paris 1 Pantheon-Sorbonne and Sorbonne Center of Economics are pleased to announce a call for applications for one PhD in Economics. The PhD is financed by the French National Research Agency (ANR) within the research project “Technology and financial (dis)intermediation”.

We are inviting PhD candidates interested in the emergence of new business models of financial intermediation, in particular lending-based crowdfunding platforms (also called marketplace and P2P lending platforms). Theoretically, it is crucial to understand whether platform-based financial intermediation could lead in the future to a more efficient and stable financial intermediation. Importantly, these new players are entering a market dominated by large banks and it is important to explore which barriers to entry they are facing. What kind of borrowers seek credit from platforms and do loan-based platforms face severe adverse selection problems? What is the value-added of lending-based crowdfunding platforms and what kind of design (e.g. interest setting mechanism) allows the best allocation of funds? What should be the regulatory stance towards this innovation?

To address these questions, the PhD student will conduct empirical analysis with confidential transaction-level data from one of the largest French platforms as well as will use loan-level data from the French credit registry. The student will also contribute to the data collection from French platforms (including survey data) to create a comprehensive database of the French lending-based crowdfunding industry. The student will also have the opportunity to work on theoretical models supporting the data analysis. In particular, the student could participate to the elaboration of theories of explaining the emergence of platforms in financial markets.

Required skills: Master 2 in economics and finance or in mathematics applied to economics and finance. Strong econometric and theoretical modeling skills are essential. Willingness to learn big data skills.

Location : Paris, France (University of Paris 1 Pantheon-Sorbonne and Sorbonne Center of Economics).

PhD supervisors : Olena Havrylchyk, Professor of Economics at the University of Paris 1 Pantheon-Sorbonne and Marianne Verdier, Professor of Economics at the University of Paris 2 Pantheon-Assas

To apply, please, send the following documents to Olena Havrylchyk (olena.havrylchyk@univ-paris1.fr) : motivation letter (max 2 pages), grades from bachelor and master studies, copies of relevant academic degree certificates, CV, your master thesis, recommendation letter from the director of your master thesis.