The Herd Behavior on Peer-To-Peer Online Lending Markets: Evidence from China

Table 1

Variable definition.

Main variables		Definition
Bid information	SEC	The time it takes for an order to receive the next bid, measured in seconds
	Ln (bids)	The natural logarithm of the number of bids an order has received
	Ln^2 (bids)	The square of the natural logarithm of the number of bids an order has received
	BA	The bid amount
Order information	PER	Current proportion of investment received for orders
	RATE	Interest rate of orders
	Default	A dummy variable equals 1 if the order is default and 0 otherwise
	Velocity	The average bid speed of the order, obtained by dividing the total bid time of the order by the total bid amount
	Lnam	The natural logarithm of the amount of an order
	DUR	Repayment term of orders
Borrower information	GEN	A dummy variable equals 1 if the borrower is a man and 0 otherwise
	AGE	The age information of the borrower ranges from 22 to 60 years
	HOU	A dummy variable equals 1 if the borrower has a real estate and 0 otherwise
	CRE	The borrower’s credit rating, including AA, A, B, C, D, E, and HR, which are evaluated by the platform
	HOUSEDEBT	A dummy variable equals 1 if the borrower has a house debt and 0 otherwise
	EDU	The borrower’s education level, 4 = master’s degree or above; 3 = bachelor’s degree; 2 = college degree; and 1 = high-school degree or below