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

Table 10

Using alternative dependent variable and independent variable.

	BA	BA	BA	BA
Bids	−4.847	−6.206	−11.468	−14.016
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
Cum		0.007		0.008
		(≤0.001)		(≤0.001)
Bids^2			0.019	0.021
			(≤0.001)	(≤0.001)
RATE	−15.332	54.121	−18.486	62.783
	(−0.017)	(≤0.001)	(−0.004)	(≤0.001)
GEN	−23.121	−29.457	−18.482	−25.272
	(−0.023)	(−0.004)	(−0.069)	(−0.013)
AGE	3.936	0.748	5.021	1.426
	(≤0.001)	(−0.163)	(≤0.001)	(−0.008)
HOU	202.361	207.980	187.658	192.159
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
CRE	68.253	67.464	96.594	99.732
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
EDU	49.256	19.182	57.611	23.423
	(≤0.001)	(−0.003)	(≤0.001)	(≤0.001)
Constant	995.712	140.726	1049.379	51.063
	(≤0.001)	(−0.157)	(≤0.001)	(−0.606)
N	483770	483770	483770	483770
Adjusted R-squared	0.016	0.022	0.023	0.029

Note: , , and denote statistical significance levels at 1%, 5%, and 10%, respectively.