FinTech Adoption and Household Risk-Taking: From Digital Payments to Platform Investments

We benefited from extensive discussions with Jun Liu and are grateful to John Campbell (our discussant at ABFER) for valuable comments and suggestions. We also benefited from discussions with Darrell Duffie, Greg Buchak, Jennifer Carpenter, Bing Han, Yang Sun, Baixiao Liu, Wenlan Qian, Huan Tang, Sabine Bernard, Shangjin Wei, and Haikun Zhu. We thank conference participants at the EFA Annual Meeting 2021, FIRS 2021, CICF 2021, NFA 2021, China FinTech Research Conference 2021, China International Risk Forum 2021, ABFER Annual Meeting 2022, SIF 2022, CFRC 2022, and seminar participants at ABFER Capital Market Development, NYU Stern CGEB China Initiative Research Seminar, Luohan Academy Webinar, Asia-Pacific Corporate Finance Workshop, the Bank of Finland Institute for Emerging Economies, Central Banks of the SEACEN Centre, the Bank of Lithuania, Korean University, Monash University, PBC School of Finance at Tsinghua University, FISF at Fudan University, Shanghai University of Finance and Economics, Shanghai Jiao Tong University, SAIF, Renmin University of China, IFS at Southwestern University of Finance and Economics. We thank Yijian Sun for excellent research assistance, and Ant Group for providing the data used in this article. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• November 4, 2020
• September 28, 2021