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

Table 7

Rational verification of investor herd behavior.

Variables	(1)	(2)	(3)
Velocity	0.001	0.001	0.001
	(−0.701)	(−0.696)	(−0.769)
Lnam	0.267	0.266	0.316
	(−0.19)	(−0.193)	(−0.131)
RATE	0.131	0.131	0.129
	(−0.011)	(−0.01)	(−0.014)
DUR	0.083	0.083	0.083
	(≤0.001)	(≤0.001)	(≤0.001)
GEN	−0.126	−0.132	−0.18
	(−0.715)	(−0.703)	(−0.606)
AGE	0.037	0.037	0.033
	(−0.056)	(−0.054)	(−0.096)
HOU	0.004	-0.048	-0.048
	(−0.987)	(−0.871)	(−0.874)
CREDIT	−2.264	−2.269	−2.261
	(≤0.001)	(≤0.001)	(≤0.001)
HOUSEDEBT		0.118	0.226
		(−0.727)	(−0.511)
EDU			−0.461
			(−0.004)
Constant	−7.838	−7.842	−7.244
	(≤0.001)	(≤0.001)	(−0.001)
N	11545	11545	11545
Pseudo R^2	0.609	0.608	0.616

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