(SSRN)
Abstract: We study how data ownership affects lending markets when data production is endogenous. We distinguish portable data, which borrowers can transfer across lenders, from non-portable data, which remains proprietary to incumbent lenders. In our model, an incumbent bank chooses portable data production before a technologically advanced fintech decides whether to enter. Shifting ownership to borrowers weakens incentives to produce portable data and can lower allocative efficiency despite greater competition. Borrower ownership can jointly expand credit availability and improve allocative efficiency in some cases. Portable data production varies non-monotonically and exhibits discrete jumps as the bank's ability to deter entry changes.
Presentations:
MRS International Risk Conference (2026 ); 8th Future of Financial Information Conference (2026); Finance Theory Group Summer School (2023)
Presentations:
Southwest Finance Association (2026); Eastern Finance Association (2026); AFA PhD Student Poster Session (2026); Finance Theory Group Summer School (2025); UC-Irvine PhD Research Fest (2025)
Presentations: FMA “New Ideas” Session (2025)
Presentations: AREUEA National Conference (2025);
Presentations: UCIrvine, Finance Ph.D. and Ph.D. Alumni Conference (2024);
"How does the aging population affect technology innovation?", The Journal of World Economics, 2017(4), with Dongmin Yao, Jing Ning
"Upgrading? — The empirical study for the migrant worker workplace", Nankai Economics Studies, 2015(1), with Dongmin Yao