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

Table 8

Adding further control variables for model 1 and 2.

Variables	Model 1			Model 2
	Model 1a	Model 1b	Model 1c	Model 2a	Model 2b	Model 2c
Lnbids	−10.677	−10.676	−10.687	−23.079	−23.140	−23.257
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
Ln^2 bids				1.935	1.945	1.962
				(≤0.001)	(≤0.001)	(≤0.001)
PER	−33.076	−33.063	−33.018	−31.346	−31.323	−31.263
	(≤0.001)	(≤0.001)	(≤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)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
RATE	−45.501	−45.524	−45.450	−45.839	−45.865	−45.792
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
Lnam	23.170	23.079	21.383	22.665	22.568	20.821
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
GEN	−2.411	−2.719	−2.603	−2.239	−2.555	−2.435
	(−0.038)	(−0.019)	(−0.025)	(−0.054)	(−0.028)	(−0.036)
AGE	0.305	0.300	0.278	0.305	0.301	0.278
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
HOU	−16.847	−17.691	−18.548	−16.342	−17.209	−18.085
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
CRE	−4.329	−4.211	−3.691	−3.979	−3.855	−3.318
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
EDU	−3.002	−2.993	−3.121	−3.020	−3.012	−3.143
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
HOUSEDEBT	−6.675	−6.516	−7.506	−6.704	−6.541	−7.559
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
CAR		4.100	2.533		4.223	2.614
		(−0.001)	(−0.041)		(≤0.001)	(−0.035)
INCO			2.225			2.286
			(≤0.001)			(≤0.001)
Constant	442.821	443.279	452.218	466.414	467.004	476.390
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
N	491502	491502	491502	491502	491502	491502
Adjusted R-squared	0.018	0.018	0.018	0.018	0.018	0.018

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