References
- Akerlof, G. 1970. “The Market for "Lemons": Quality Uncertainty and the Market Mechanism.” The Quarterly Journal of Economics 84: 488–500. doi:https://doi.org/10.2307/1879431
- Allen, F., Y. Qian, G. Tu, and F. Yu. 2019. “Entrusted Loans: A Close Look at China's Shadow Banking System.” Journal of Financial Economics 133: 18–41. doi:https://doi.org/10.1016/j.jfineco.2019.01.006
- Bikhchandani, S., D. Hirshleifer, and I. Welch. 1992. “A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades.” Journal of Political Economy 100: 992–1026. doi:https://doi.org/10.1086/261849
- Caglayan, M., O. Talavera, and W. Zhang. 2019. Herding Behaviour in P2P Lending Markets, BOFIT Discussion Papers 22/2019, Bank of Finland, Institute for Economies in Transition.
- Calomiris, Charles W., and M. Mamaysky. 2018. Harry, How News and Its Context Drive Risk and Returns around the World, Columbia Business School Research Paper No.17-40.
- Duarte, J., S. Siegel, and L. Young. 2012. “Trust and Credit: The Role of Appearance in Peer-to-Peer Lending.” Review of Financial Studies 25: 2455–2484. doi:https://doi.org/10.1093/rfs/hhs071
- Emekter, R., Y. Tu, B. Jirasakuldech, and M. Lu. 2015. “ Evaluating Credit Risk and Loan Performance in Online Peer-to-Peer (P2P) Lending.” Applied Economics 47 (1): 54–70. doi:https://doi.org/10.1080/00036846.2014.962222
- Garcia, D. 2013. “Sentiment During Recessions.” The Journal of Finance 68 (3): 1267–1300. doi:https://doi.org/10.1111/jofi.12027
- Herzenstein, M., R. L. Andrews, U. M. Dholakia, and E. Lyandres. 2008. “ The Democratization of Personal Consumer Loans? Determinants of Success in Online Peer-to-Peer Lending Communities.” Bulletin of the University of Delaware 5 (3): 274–277.
- Herzenstein, M., U. M. Dholakia, and R. L. Andrews. 2011. “ Strategic Herding Behavior in Peer-to-Peer Loan Auctions.” Journal of Interactive Marketing 25 (1): 27–36. doi:https://doi.org/10.1016/j.intmar.2010.07.001
- Huang, R. H. 2018. “ Online P2P Lending and Regulatory Responses in China: Opportunities and Challenges.” European Business Organization Law Review 19 (1): 63–92. doi:https://doi.org/10.1007/s40804-018-0100-z
- Jiang, J., L. Liao, Z. Wang, and X. Zhang. 2019. Government Affiliation and Peer-to-Peer Lending Platforms in China. Available at SSRN: https://ssrn.com/abstract=3116516.
- Jiang, C., Q. Xu, W. Zhang, M. Li, and S. Yang. 2018. “ Does Automatic Bidding Mechanism Affect Herding Bahaviour? Evidence from Online P2P Lending in China.” Journal of Behavioral and Experimental Finance 20: 39–44. doi:https://doi.org/10.1016/j.jbef.2018.07.001
- King, R., and R. Levine. 1993. “ Finance and Growth: Schumpeter Might Be Right.” The Quarterly Journal of Economics 108: 717–737. doi:https://doi.org/10.2307/2118406
- Lan, M., X. Hua, and X. Liu. 2018. Financial Capital or Social Capital: Evidence from the Survival Analysis of Online P2P Lending Platforms, CONF-IRM 2018 Proceedings 3.
- Lee, E., and B. Lee. 2012. “ Herding Behavior in Online P2P Lending: An Empirical Investigation.” Electronic Commerce Research and Applications 11 (5): 495–503. doi:https://doi.org/10.1016/j.elerap.2012.02.001
- Leng, S. 2016. “One-Third of China’s 3,000 Peer-to-Peer Lending Platforms Are ‘Problematic’: New Report.” South China Morning Post https://www.scmp.com/news/hong.
- Li, L., and J. Yang. 2019. “ Study on the Effect Path of Different Equity Backgrounds on the Volume of Transaction of P2P.” Advances in Economics, Business and Management Research 76: 2019.
- Lin, M., N. R. Prabhala, and S. Viswanathan. 2013. “Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending.” Management Science 59 (1): 17–35. doi:https://doi.org/10.1287/mnsc.1120.1560
- Lo, Kai Lisa, Jackson Jinhong Mi, Minhua Yang, and Shuyu Zhang. 2020. “ Do Financial Regulations Have Impacts on Ownership Structure of P2P Firms?” Applied Economics Letters 27 (14): 1156–1159. doi:https://doi.org/10.1080/13504851.2019.1675859
- Lu, H., B. Wang, H. Wang, and T. Zhao. 2020. “ Does Social Capital Matter for Peer-Peer-Lending? Empirical Evidence.” Pacific-Basin Finance Journal 61 (June 2020): 101338. doi:https://doi.org/10.1016/j.pacfin.2020.101338
- Shiller, Robert J. 2000. Irrational Exuberance. Princeton, NJ: Princeton University Press.
- Stiglitz, J. 1974. “Incentives and Risk Sharing in Sharecropping.” The Review of Economic Studies 41 (2): 219–255. doi:https://doi.org/10.2307/2296714
- Stiglitz, J., and A. Weiss. 1981. “ Credit Rationing in Markets with Imperfect Information.” American Economic Review 71: 393–419.
- Yang, M., H. Li, Z. Shao, and W. Shang. 2017. Influencing Lenders’ Repeat Investment Intention in P2P Lending Platforms in China through Signaling, PACIS 2017 Proceedings, 72. http://aisel.aisnet.org/pacis2017/.
- Yao, Z., D. Gu, and W. Cao. 2019. “ SOEs as Intermediation: Leakage Effect Under Financial Repression.” Pacific-Basin Finance Journal 53: 349–361. doi:https://doi.org/10.1016/j.pacfin.2018.12.001
- Yoon, Y., Y. Li, and Y. Feng. 2019. “ Factors Affecting Platform Default Risk in Online Peer-to-Peer (P2P) Lending Business: An Empirical Study Using Chinese Online P2P Platform Data.” Electronic Commerce Research 19 (1): 131–158. doi:https://doi.org/10.1007/s10660-018-9291-1
- Zhang, Juanjuan, and Peng Liu. 2012. “Rational Herding in Microloan Markets.” Management Science 58 (5): 892–912. doi:https://doi.org/10.1287/mnsc.1110.1459