Herding in a P2P lending market: Rational inference OR irrational trust?

作者：

Highlights：

• We examine the relationship between prior cumulative biddings and current biddings in P2P market.

• We using hourly panel data and divide lenders' biddings into manual and auto biddings.

• Lenders herd when we control for the percentage funded and time-limit effects.

• Find evidence support both rational and irrational herding exist in P2P lending markets.

摘要

•We examine the relationship between prior cumulative biddings and current biddings in P2P market.•We using hourly panel data and divide lenders' biddings into manual and auto biddings.•Lenders herd when we control for the percentage funded and time-limit effects.•Find evidence support both rational and irrational herding exist in P2P lending markets.

论文关键词：Herding,Information asymmetry,Irrational herding,P2P lending,Rational herding

论文评审过程：Received 29 June 2016, Revised 9 April 2017, Accepted 9 April 2017, Available online 11 April 2017, Version of Record 9 May 2017.

论文官网地址：https://doi.org/10.1016/j.elerap.2017.04.001