Research Handbook on Alternative Finance

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Research Handbook on Alternative Finance

9781800370487 Edward Elgar Publishing
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
Publication Date: April 2024 ISBN: 978 1 80037 048 7 Extent: c 366 pp
Promoting a comparative perspective, this comprehensive Research Handbook aids in the understanding of alternative finance and its values in a global setting. Readers are encouraged to view alternative finance through the lens of economic mechanisms rather than terminology.

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Critical Acclaim
Contributors
Contents
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Promoting a comparative perspective, this comprehensive Research Handbook aids in the understanding of alternative finance and its values in a global setting. Readers are encouraged to view alternative finance through the lens of economic mechanisms rather than terminology.

Providing a holistic review of alternative finance, this timely Research Handbook emphasizes the development dynamics between financial practices and industry, financial structures, economic considerations and technology development. Chapters examine each individual type of alternative finance and explain their network advantages, such as their responsiveness to cultural structures and business conditions, bringing to light how significant modern developments such as technological advancements may lead to dramatic changes in financial systems. Ultimately, they expand on the great variation of alternative financial practices worldwide.

Balancing theory, practice and policy considerations, this Research Handbook will be essential for academics and researchers pursuing the study of finance, banking, and international business. It will additionally be highly beneficial for policymakers involved in the development of financial systems and financial regulators.
Critical Acclaim
‘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.’
– Manju Puri, Duke University, US

‘This book is an outstanding collection of essays on alternative forms of finance – sources of finance outside the traditional boundaries of banks and organized financial markets – written by leading scholars. It covers a breathtaking array of topics, including trade credit, internal capital markets, social relationships, family loans, P2P lending and fintech, as well as the role of culture. Allen and Qian are providing the organizing foundation for a whole field of research that brings together seemingly disparate topics under one unifying umbrella. A must-read!’
– Anjan Thakor, Washington University in St. Louis, US
Contributors
Contributors include: Franklin Allen, Elena Carletti, Lauren Cohen, Robert Cull, Jefferson Duarte, Mariassunta Giannetti, Chorching Goh, Zhangheng Gong, Grace Headinger, Shawn Huang, Jieun Im, Jeffrey Jou, Woojin Kim, Inmoo Lee, Samuel Lee, Lei Li, Nan Li, Charilaos Mertzanis, Petra Persson, Lee Pinkowitz, Meijun Qian, Juan Manuel Sanchez, Stephan Siegel, Patricio Valenzuela, Teng Wang, Rohan Williamson, L. Colin Xu, Lance Young
Contents
Contents:

1 Theories, practices, and prospects of alternative finance 1
Franklin Allen and Meijun Qian

PART I ALTERNATIVE FINANCE IN BUSINESS TRANSACTIONS:
TRADE CREDIT
2 Production networks and trade credit 31
Mariassunta Giannetti
3 Trade credit: theory and evidence for emerging economies and
developing countries 49
Robert Cull, Chorching Goh and L. Colin Xu
4 Trade credit supply and usage during normal and crisis times: a recent
review of literature 70
Jeffrey Jou, Lei Li and Teng Wang

PART II ALTERNATIVE FINANCE WITHIN BUSINESS GROUPS
AND STAKEHOLDERS
5 Internal capital markets of Korean chaebols 85
Jieun Im, Woojin Kim and Inmoo Lee
6 Executive inside debt compensation 116
Shawn Huang and Juan Manuel Sanchez

PART III ALTERNATIVE FINANCE THROUGH SOCIAL NETWORKS
7 Theoretical perspectives on social relationships in informal financing 132
Samuel Lee and Petra Persson
8 Family loans and family firms 152
Charilaos Mertzanis

PART IV TECHNOLOGICAL TRANSFORMATION AND
REGULATORY CHALLENGES
9 The evolution of P2P lending 181
Jefferson Duarte, Stephan Siegel and Lance Young
10 Alternative financial institutions in China 214
Nan Li and Meijun Qian
11 Managing, preserving and unlocking wealth through FinTech 251
Grace Headinger, Lauren Cohen and Zhaoheng Gong

PART V COMPARATIVE PERSPECTIVE AND INTRINSIC
COMPETITIVENESS
12 International comparison of alternative finance 284
Franklin Allen, Elena Carletti, Meijun Qian and Patricio Valenzuela
13 The impact of culture on finance 304
Lee Pinkowitz and Rohan Williamson
14 The competitiveness of alternative finance 326
Franklin Allen and Meijun Qian
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