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

Table 11

Robustness test for hypothesis 3.

Variables	(1)	(2)	(3)
Velocity	0.001	0.001	0.001
	(−0.705)	(−0.7)	(−0.768)
Lnam	0.164	0.164	0.23
	(−0.471)	(−0.471)	(−0.328)
RATE	0.136	0.136	0.133
	(−0.009)	(−0.008)	(−0.011)
DUR	0.089	0.089	0.088
	(≤0.001)	(≤0.001)	(≤0.001)
GEN	−0.133	−0.138	−0.18
	(−0.701)	(−0.69)	(−0.607)
AGE	0.034	0.034	0.031
	(−0.083)	(−0.08)	(−0.124)
HOU	0.005	−0.043	−0.046
	(−0.984)	(−0.884)	(−0.88)
CREDIT	−2.269	−2.273	−2.264
	(≤0.001)	(≤0.001)	(≤0.001)
INCO	0.107	0.106	0.085
	(−0.307)	(−0.312)	(−0.427)
HOUSEDEBT		0.109	0.213
		(−0.748)	(−0.536)
EDU			−0.452
			(−0.004)
Constant	−7.259	−7.269	−6.782
	(−0.001)	(−0.001)	(−0.002)
N	11545	11545	11545
Pseudo R^2	0.610	0.609	0.617

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