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Blockchain-based DeFi lending: A challenge to traditional finance?
Knížek, Ondřej ; Pečená, Magda (advisor) ; Hronec, Martin (referee)
The goal of the thesis is to identify the factors that determine the default rate of the loans, with a particular focus on the pioneering research of blockchain-based decentralised loans. The thesis describes blockchain technology, its development, and functions, introduces decentralised finance (DeFi), and examines its advantages and challenges. The thesis's analytic part compares DeFi loans and peer-to-peer loans as an alternative to the traditional financial system. The blockchain-based DeFi loans realized through lending Compound are analysed by a logit model that predicts liquidation rate and examines if it is possible to perform the prediction without any information about the borrower due to the complete anonymity in DeFi lending. To illustrate the difference, the data from the Czech peer-to-peer lending platform Zonky was used to set up two logit models. While the first model uses all available variables, the second model is based only on loan-related variables to achieve a more precise comparison to DeFi loans. Results revealed several statistically significant determinants of default rate in the case of all three models. While the results of the Compound model cannot be compared with the existing literature, the default rate determinants in the case of peer-to-peer loans confirm the...
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Analysis of investor's portfolio diversification on the Czech peer-to-peer market
Juračková, Martina ; Polák, Petr (advisor) ; Čech, František (referee)
This thesis deals with the topic of peer-to-peer lending. Using the data provided by the Czech platform Zonky, we study the behaviour of investors on the peer-to-peer lending market. This paper aims to determine whether the demographic factors of investor and the structure of his portfolio have a significant impact on portfolio performance. Based on the quantity invested, a sample of "small" investors (with the quantity invested from 10 000 CZK to 50 000 CZK) and "big" investors (with the invested volume exceeding 1 000 000 CZK) was chosen. Those contrasting samples were analysed. It was discovered that several factors affect portfolio performance. In terms of the portfolio's structure, the size of the share invested in loans with very low and medium risk level and to borrowers from Prague was determined as significant. This is a common feature of both samples. On the other hand, compared to "big" investors, in the case of "small" investors, more variables were estimated as significant. This implies that the performance of a portfolio with lower amount invested is probably more sensitive to various loan's characteristics. These findings are partially consistent with the results of similar papers conducted in the Czech Republic or abroad.
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Peer-to-peer lending as a substitute to conventional investment products
Vysušil, Tomáš ; Polák, Petr (advisor) ; Hronec, Martin (referee)
This thesis supplements the investor oriented research on Peer-to-peer(P2P) lending. In particular, P2P lending is examined as a substitute to conventional investment products. Due to the shortage of macrodata to analyse the topic, questionaired survey gathered microdata are used. The data are than used to estimate the effect of a change in annual rate of return on the distribution of portfolio invesntments across assets. The methods used in the analysis are the log-odds ratio transformation of the dependent variables and pooled OLS estimation with heteroskedasticity robust errors due to the results of Breusch-Pagan test. The results suggest that P2P loans are substitutes to Non-Fixed income investments rather than to Fixed income assets as it was expected. Further, it is found that investors in P2P loans undestand this form of investment to be safe as more risk averse investors are found to have higher fraction of their portfolio alocated in P2P loans. All the active P2P lending platforms on the Czech market are theoretically analyzed based on the developed method. 1
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Analysis of Czech P2P lending investors' behaviour drivers
Hudcová, Tereza ; Polák, Petr (advisor) ; Dvořáková Švejdová, Lenka (referee)
This empirical study develops an analysis of peer-to-peer lending market in the Czech Republic by analysing uniquely collected dataset from Czech P2P lending platform Zonky and information obtained directly from its investors. The research question investigates, if there exists correlation between peer-to-peer investors' risk attitude, which is inferred by validated survey method, and their real behaviour on platform. The thesis' results show that investors in online environment behave way riskier than they, from the theoretical point of view, actually should. Results also confirmed that investors' risk attitudes are domain specific. Subsequently, OLS estimation method uncovers that the only factor, that is highly statistically significant, in terms of the impact on lenders' expected return, is the interest rate stated at loan request. This finding further supports lenders' inclination to greater risk, resulting in lack of concern with borrower's characteristics.
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Online fundraising and microfinance in the context of social networks and Web 2.0
Richterová, Daniela ; Kera, Denisa (advisor) ; Očko, Petr (referee)
Identifikační záznam Richterová, Daniela. On line fundraising a mikrofinancování v sociální síti a na Webu 2.0 [Online fundraising and microfinace in the context of social networks and Web 2.0]. Praha, 2011. 102 s. Diplomová práce. Univerzita Karlova v Praze, Filozofická fakulta, Ústav informačních studií a knihovnictví 2011. Vedoucí diplomové práce Mgr. Denisa Kera, Ph.D. Abstract The main focus of this thesis is to characterize online fundraising and microfinance tools in the context of Web 2.0 and social media. The main goal is to analyze and assess the existing philanthropic portals in the Czech Republic and abroad. The thesis includes a theoretical explanation of terminology, principles and technologies of Web 2.0 and social media platforms and their connection to online philanthropy. New phenomena such as crowdfunding, P2P lending and crowdsourcing are clarified. The analytical part focuses on the evaluation of fundraising portals Network for Good and GlobalGiving and microfinace portals Kiva and LoanBack. Czech philanthropic online projects are represented by Šance pro draha, myELEN, Daruj správně and Skutečný dárek. Particular emphasis is given to monitoring and evaluating the extent of Web 2.0 principles and technologies integration. The conclusions contain suggestions for implementing the findings...
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