Do Chinese Investors Display Herding Behavior in Chinese Microloan Market?

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Herding Behavior in Online Microloan Markets: Evidence from China

Lenders’ herding behavior in the peer-to-peer (P2P) lending platform in China is examined. Based on the data from PPdai.com, the largest online P2P lending market in China, we found that herding behavior is salient in P2P lending market in China, and such herding is associated with higher default rate. Keyword: Rational herding, information cascade, peer-to-peer online lending

متن کامل

Rational Herding in Microloan Markets

Microloan markets allow individual borrowers to raise funding from multiple individual lenders. We use a unique panel dataset which tracks the funding dynamics of borrower listings on Prosper.com, the largest microloan market in the United States. We find evidence of rational herding among lenders. Well-funded borrower listings tend to attract more funding after we control for unobserved listin...

متن کامل

Rational Herding in Microloan Markets Online Appendix

In the empirical analysis we identify herding by documenting sequential correlation of lending decisions after controlling for listing heterogeneity and payoff externalities. We then distinguish rational herding from irrational herding based on the premise that publicly observable listing attributes should moderate the herding momentum if lenders are rational observational learners. In this sec...

متن کامل

Herding Among Individual Investors

The conjecture that investor sentiment leads important groups of investors to act similarly and thereby affect prices is an important ingredient of models of noise trading and style investing. In contrast to Lakonishok et al. (1992), who find only weak evidence of herding among institutional investors and conjecture that retail investors will herd even less, we document that a sample of over 30...

متن کامل

Scaling behavior in ranking mobility of Chinese stock market

As an aggregate measure of the variations in individuals, the analysis of mobility provides a substantial and comprehensive perspective into the complexity of socio-economic systems. In this paper, we introduced the ranking mobility index to measure the ranking variations of the stocks in Chinese stock market over time. Using the daily data of 837 constituent stocks of the Shanghai A-Stock Comp...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: DEStech Transactions on Environment, Energy and Earth Sciences

سال: 2018

ISSN: 2475-8833

DOI: 10.12783/dteees/2017/19747