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

Table 6

Existence of investor herd behavior.

Variables	Model 1		Model 2
	Model 1a	Model 1b	Model 2a	Model 2b
Lnbids	−10.611	−10.653	−22.981	−23.040
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
ln^2 bids			1.930	1.933
			(≤0.001)	(≤0.001)
PER	−33.381	−33.201	−31.657	−31.473
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
BA	−0.001	−0.001	−0.001	−0.001
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
RATE	−45.741	−45.739	−46.079	−46.077
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
Lnam	22.097	22.662	21.588	22.155
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
GEN	−2.166	−2.222	−1.993	−2.050
	(−0.062)	(−0.055)	(−0.086)	(−0.077)
AGE	0.379	0.350	0.380	0.351
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
HOU	−21.188	−21.584	−20.703	−21.100
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
CRE	−4.373	−4.525	−4.024	−4.176
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
EDU		−3.022		−3.040
		(≤0.001)		(≤0.001)
Constant	448.556	450.420	472.109	474.019
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
N	491502	491502	491502	491502
Adjusted R-squared	0.017	0.018	0.018	0.018

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