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

Table 9

Expanding the bids occurred at night.

Variables	Model 1		Model 2
	Model 1a	Model 1b	Model 2a	Model 2b
Lnbids	−9.554	−9.605	−16.008	−16.080
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
ln^2 bids			1.007	1.010
			−0.002	−0.002
PER	−47.040	−46.823	−46.156	−45.936
	(≤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	−58.092	−58.088	−58.274	−58.271
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
Lnam	29.646	30.319	29.374	30.048
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
GEN	−1.408	−1.475	−1.316	−1.383
	(−0.385)	(−0.363)	(−0.417)	(−0.394)
AGE	0.541	0.508	0.542	0.508
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
HOU	−25.011	−25.479	−24.754	−25.223
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
CRE	−7.009	−7.190	−6.826	−7.006
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
EDU		−3.597		−3.607
		(≤0.001)		(≤0.001)
Constant	543.391	545.576	555.828	558.060
	(≤0.001)	(≤0.001)	(≤0.001)	(≤0.001)
N	494854	494854	494854	494854
Adjusted R-squared	0.014	0.014	0.014	0.014

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