"Fair Pricing for All: A Generative Adversarial Pricing Framework for Risk-Commensurate Interest Rates" (with Ram Gopal, Xiao Qiao, and Moris Strub), Job Market Paper, Under Review
AI-generated Podcast based on the paper: Link to the Podcast
Selected conference: UD and Philly Fed Fintech & Financial Institutions Conference, ICIS 2024, WITS 2023
Abstract: We design Generative Adversarial Pricing (GAP), an algorithmic pricing framework for personal loans based on Generative Adversarial Networks, which embeds the loan-level fairness condition of equalized risk-return trade-off across loans. This condition is preserved under aggregation and prevents any group of borrowers from becoming systematically disadvantaged. We analyze nearly two million loans on Prosper and LendingClub from 2013 to 2025 and find that GAP alleviates potential biases against African-American borrowers and borrowers who receive public assistance, while maintaining equity across male and female borrowers. GAP also rectifies interest rate distortions by reducing differences in the cost of credit for borrowers of different creditworthiness. Consistent findings across two platforms suggest a common challenge in the current underwriting system design that our framework helps overcome.
"Gaining a Seat at the Table: Enhancing the Attractiveness of Online Lending for Institutional Investors" (with Ram Gopal, Xiao Qiao, and Moris Strub), Information Systems Research (2025), 36(1), 326-343. [DOI]
AI-generated Podcast based on the paper: Link to the Podcast
Online interactive dashboard with Tableau: Link to Dashboard
"Levelling the Field: Equitable Interest Rates for Unsecured Personal Loans" (with Ram Gopal, Xiao Qiao, and Moris Strub), ICIS 2024 Proceeding [Link to Paper]
4th Hong Kong Conference for Fintech, AI, and Big Data in Business, Hong Kong SAR, China, May 2025 (Discussion)
University of Delaware and Federal Reserve Bank of Philadelphia Fintech & Financial Institutions Conference, Philadelphia, PA, U.S., Apr 2025
POMS-HK International Conference, Hong Kong SAR, China, Jan 2025
International Conference on Information Systems, Bangkok, Thailand, Dec 2024
The 1st Workshop on LLMs and Generative AI for Finance, Brooklyn, NY, U.S. (poster), Nov 2024
INFORMS ISS Paper Development Workshop for Early Career Scholars, Seattle, WA, U.S., Oct 2024
INFORMS Workshop on Data Science, Seattle, WA, U.S., Oct 2024
POMS-HK International Conference, Hong Kong SAR, China, Jan 2024
Workshop on Information Technologies and Systems, Online, Dec 2023
Annual Meeting of Financial Engineering and Financial Risk Management Branch of the OR Society of China, Fuzhou, China, Nov 2023
INFORMS Annual Meeting, Phoenix, AZ, U.S., Oct 2023
Applied Economics Student Workshop, National University of Singapore, Sept 2023
Asia Meeting of Econometric Society in China, Tsinghua University, Beijing, China, Jun 2023
Global AI Finance Research Conference, Singapore, Dec 2022
New Zealand Finance Meeting, University of Auckland, Online, Dec 2022
PhD Student Workshop, City University of Hong Kong, Online, Nov 2022
INFORMS Annual Meeting, Indianapolis, IN, U.S., Oct 2022
Conference on Information Systems and Technology (CIST), Indianapolis, IN, U.S., Oct 2022
Greater China Area Finance Conference, Xiamen University, Online, Jun 2022
ESSEC Business School, Dec 2023
University of Florida, Warrington College of Business, Dec 2023
University of Delaware, Lerner College of Business and Economics, Dec 2023
Bentley University, Dec 2023
University of Science and Technology of China, School of Management, Dec 2023
Stevens Institute of Technology, School of Business, Nov 2023
University of Warwick, Warwick Business School, Oct 2023