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On the Rise of Payment Firms

Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. The authors show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. Using three million observations at an online retailer, the authors provide micro-level evidence on the importance of payment firms for E-commerce purchases. When a customer’s preferred payment type is not seamlessly available, approximately a quarter of customers abandon the purchase instead of switching to a different payment type. The authors document this strong clientele effect both for credit cards, PayPal, as well as Buy-Now-Pay-Later (BNPL) products. The authors results suggest that – although E-Commerce firms have access to many payment types – each payment firm has a significant bargaining power vis-à-vis E-Commerce firms.

16
jun
2022
Thursday

Session Chair: Bohui ZHANG

Executive Associate Dean, Presidential Chair Professor; Director of the Center for FinTech and Social Finance, Co-director of MSc in Data Science Programme, Shenzhen Finance Institute; Associate Director of Shenzhen Institute of Data Economy, Chinese University of Hong Kong, Shenzhen

9:55 am (SGT)
Admission of participants
10:00 am
On the Rise of Payment Firms

Tobias BERG, Professor of Finance and Head of Finance Department, Frankfurt School of Finance & Management

Co-authors:
Valentin BURG, Affiliated researcher, Humboldt University of Berlin
Jan KEIL, Research Associate, Humboldt University of Berlin
Manju PURI, J.B. Fuqua Professor of Finance, Duke University
10:25 am
Discussion
Discussant:
Wenlan QIAN, Professor of Finance and Real Estate and Ng Teng Fong Chair Professor of Real Estate, NUS Business School, National University of Singapore
10:50 am
Q&A
11:10 am
Session ends


Updated 23 June 2022

Speakers

  • Tobias BERG

    Tobias BERG

     

    Professor of Finance and Head of Finance Department, Frankfurt School of Finance & Management

    Tobias BERG Tobias Berg is Professor of Finance and Head of the Finance Department at the Frankfurt School of Finance & Management. His research focuses on corporate finance and financial intermediation with a recent focus on financial technology and climate change. Tobias Berg serves as an Associate Editor at the Review of Financial Studies and he has frequently published in leading international journals such as the Journal of Finance, Journal of Financial Economics, or Review of Financial Studies. He has received the Review of Financial Studies Distinguished Referee Award, was ranked among the Top 10 Economists in Germany, and was awarded a European Research Council Consolidator Grant for his work on Banking and Climate Change. Tobias Berg has won a best teaching award for his courses on corporate finance as well as a star lecturer award for his course on financial intermediation.
  • Wenlan QIAN

    Wenlan QIAN

     

    Professor of Finance and Real Estate, Ng Teng Fong Chair Professor of Real Estate, NUS Business School, National University of Singapore

    Wenlan QIAN is Professor of Finance at the HKU Business School. She is also Professor of Finance and Real Estate, and Ng Teng Fong Chair Professor in Real Estate at the NUS Business School (currently on leave). She is fellow of the Asian Bureau of Finance and Economics Research, Luohan Academy at Alibaba Group, and the Homer Hoyt Weimer School of Advanced Studies in Real Estate and Land Economics. Currently, Wenlan Qian is editor of Real Estate Economics and associate editor of Financial Management.

    Wenlan Qian's main research interests are household finance, real estate, digitization and FinTech, short sellers, financial intermediaries. She is the recipient of multiple prestigious external grants and has won the best paper awards at leading international conferences in finance and real estate. Her research is accepted for publication at top academic journals such as American Economic Review, Journal of Financial Economics, Review of Financial Studies, Review of Economics and Statistics, American Economic Journal: Economic Policy, Management Science, Real Estate Economics, Journal of Financial and Quantitative Analysis, and Review of Finance.

    Wenlan Qian holds a PhD in Business Administration from the Haas School of Business, University of California, Berkeley.
  • Bohui ZHANG

    Bohui ZHANG

     

    Executive Associate Dean, Presidential Chair Professor; Director of the Center for FinTech and Social Finance, Co-director of MSc in Data Science Programme, Shenzhen Finance Institute; Associate Director of Shenzhen Institute of Data Economy, Chinese University of Hong Kong, Shenzhen

    Bohui Zhang is Executive Associate Dean of the School of Management and Economics, and Presidential Chair Professor of Finance at the Chinese University of Hong Kong, Shenzhen. He is also the Director of the Center for FinTech and Social Finance, Director of M.Sc. in Data Science, and Associate Director of Shenzhen Institute of Data Economy. Before joining CUHK Shenzhen, he was the professor of finance at UNSW Business School, UNSW Sydney, and the associate director of the Institute of Global Finance.

    He studies the role of information intermediaries on capital markets, Chinese and foreign capital markets, and Fintech. His papers have been accepted for publication in the global top-tier finance, accounting, and business journals such as the Review of Financial Studies, Journal of Financial Economics, Journal of Accounting Research, Management Science, Journal of Financial Quantitative and Analysis, Journal of International Business Studies, Review of Finance, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Financial Markets, and Journal of International Money and Finance.

    He has also been awarded with research grants from Australian Research Council, the Centre for International Finance and Regulation, Australian School of Business, National Natural Science Foundation of China, and best paper prizes from MIT Asia Conference in Accounting, the Annual Conference on Asia-Pacific Financial Markets of the Korean Securities Association, the Chinese Finance Association Best Paper Symposium, the China Finance Annual Meeting, the Asian Finance Association Conference, China International Conference in Finance, and the Northern Finance Association Conference.

    He has served as an ad hoc referee for over 30 academic journals such as Journal of Finance, Review of Financial Studies, Journal of Accounting Research, Accounting Review, and Management Science. He is the Associate Editor of Corporate Governance: An International Review, Financial Review, Asia-Pacific Journal of Accounting & Economics, and Asia-Pacific Journal of Financial Studies.
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Session Format

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