YAO Bo, WEI Wei, WEI Yi-ming：Analysis on the Imitation Effect of Investment Decision in Internet Lending Market
Analysis on the Imitation Effect of Investment Decision in Internet Lending Market
YAO Bo, WEI Wei, WEI Yi-ming
（Institute of Internet Finance and National School of Development, Peking University, Beijing 100871, China; School of Economics and Finance, Xi’an Jiaotong University, Shanxi Xi’an 710061,China）
Abstract: Nowadays, internet lending has been an essential and indispensable pattern of our financial debit and credit market. Based on the transaction data of Paipaidai website, this paper tests imitation effect of investment decision in internet lending market, includes it’s existence, rationality, regressive, heterogeneity. Our results confirm that imitation effect is truly existence due to the prophase accumulative bidding visitors and accumulative fund-raising amount, with the decline of imitation effect’s information quantity, the subsequent imitation effect is more and more rationality, in addition, the imitation effect will be decreased and vanished at last when it reaches it’s peak, furthermore, the lender’s imitation effect from the incomplete information disclosure borrowing order is more obvious than that from the complete information disclosure borrowing order. This research shows that the lender’s imitation effect is related to the incomplete information disclosure, and the paper’s outcome is contributed to exhaustively recognize the accumulation risk caused to imitation effect and resolve the information disclosure mechanism problem. Keywords: internet lending; investment decision; imitation effect; loan document JEL Classification：G11, G21, G23
