题目：The Persuasive and Informative Effects of Information Disclosure: Evidence from an Online Supply Chain Finance Market
Yong Tan is the Michael G. Foster Professor of Information Systems at the Michael G. Foster School of Business, University of Washington, the Chang Jiang Scholar Visiting Chair at the School of Economics and Management, Tsinghua University, a Distinguished Fellow of the INFORMS Information Systems Society, and the Associate Director of the USTC-UW Institute for Global Business and Finance Innovation. He received his Ph.D. in Physics (advised by 2016 Nobel Laureate Professor David J. Thouless) and Ph.D. in Business Administration, both from the University of Washington. He was a postdoctoral fellow at the University of Strathclyde and a visiting scientist at the Laboratoire de Physique Quantique, Université Paul Sabatier. His research interests include electronic, mobile and social commerce, big data, economics of information systems, social and economic networks, and health IT. He has published in Management Science , Information Systems Research , Operations Research , Management Information Systems Quarterly , Journal of Management Information Systems , Production and Operations Management , INFORMS Journal on Computing , IEEE/ACM Transactions on Networking , IEEE Transactions on Software Engineering , IEEE Transactions on Knowledge and Data Engineering , IIE Transactions , European Journal on Operations Research , Decision Support Systems , among others. He served as an associate editor of Information Systems Research and Management Science , and is now a senior editor of Information Systems Research and Journal of Electronic Commerce Research and on the board of editors of Journal of Management Information Systems . He was a co-chair of Conference on Information Systems and Technology (CIST 2010), the cluster chair of 2012 INFORMS Information Systems Cluster, a track co-chair of International Conference on Information Systems (ICIS 2013), and a co-chair of Workshop on Information Technologies and Systems (WITS 2014). He received 2017 Management Science Best Paper Award in Information Systems, Association for Information Systems (AIS) Best Publication of 2012 Award, 2012 Information Systems Research Best Paper Runner-Up Award, Andrew V. Smith Award for Excellence in Research, Pacific Coast Banking School Dean’s Leadership Award, Dean’s Award for Excellence in Research, Dean’s Research Award, Dean’s Junior Research Award, Lex N. Gamble Family Award for Excellence in the Field of E-Commerce, Ph.D. Program Mentoring Award, Faculty Recognition Award for the Master of Science in Information Systems Program, Undergraduate Professor of the Year Award, and Management Science Meritorious Service Award. The doctoral students he advised are now on the faculty of top information systems programs such as Carnegie Mellon University, Purdue University, Indiana University, and Georgia State University.
This paper examines the influence of information disclosure on individuals' behavioral change in a crowdfunded supply chain finance (SCF) market. In contrast to prior work that takes a static view and focuses on investment incidences at the aggregate level, we jointly model the lenders' browsing and funding dynamics at a more granular, individual level. By leveraging an exogenous information-disclosure policy change, we first identify an instant change in lender behaviors around the day of the shock using a Regression Discontinuity Design. We then develop a two-stage decision-making model to structurally uncover how these behaviors are affected by the implemented policy under imperfect information. In the first stage, we estimate its effect on lenders’ browsing propensity using a logit demand estimation model. In the second stage, we model lenders’ investment decisions under a Bayesian learning framework. The proposed model allows us to disentangle the effect of information disclosure from other confounders. Our results show that the popularity statistics of the platform have a persuasive effect on lenders’ browsing behavior. This effect leads to a higher browsing propensity and the magnitude of the effect is accentuated by the level of information accessibility. Our results also demonstrate the evidence of individual learning in guarantors’ true reliability. Disclosing extra information regarding fundraisers’ credit has an informative effect, which accelerates the learning process and helps lenders make sound investment decisions. Finally, we find that an individual’s perception of a guarantor’s reliability has moderating effects on observable loan attributes: when the individual perceives a guarantor to be more reliable, she tends to care less about the interest rate but pays more attention to the loan duration in making her investment decision. Our findings offer important managerial implications for fundraisers and platform designers in the online SCF market.