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

Table 4

Correlation between the control variables and the main independent variables.

	Second	Lnbids	PER	BA	RATE	Lnam	DUR	GEN	AGE	HOU	CRE	EDU
Second	1.000
	Lnbids	−0.036	1.000
(0.000)
PER	−0.036	0.404	1.000
	(0.000)	(0.000)
BA	−0.003	−0.177	0.116	1.000
	(0.063)	(0.000)	(0.000)
RATE	−0.116	−0.027	−0.069	0.007	1.000
	(0.000)	(0.000)	(0.000)	(0.000)
Lnam	0.035	0.316	−0.004	0.040	−0.164	1.000
	(0.000)	(0.000)	(0.014)	(0.000)	(0.000)
DUR	−0.110	0.059	−0.113	0.007	0.732	0.030	1.000
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
GEN	0.002	−0.023	0.017	−0.001	−0.035	−0.036	−0.058	1.000
	(0.108)	(0.000)	(0.000)	(0.313)	(0.000)	(0.000)	(0.000)
AGE	0.028	0.058	0.002	0.006	−0.146	0.208	−0.094	0.012	1.000
	(0.000)	(0.000)	(0.110)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
HOU	−0.066	0.010	−0.043	0.028	0.422	0.115	0.479	−0.060	0.020	1.000
	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
CRE	0.012	0.140	−0.071	0.004)	−0.124	0.315	0.300	−0.054	0.065	0.030	1.000
	(0.000)	(0.000)	(0.000)	(0.004)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
EDU	0.002	0.020)	0.021	0.006	−0.040)	0.093	−0.020	−0.010	−0.089	−0.077	−0.014	1.000
	(0.246)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)