Does irrational lead to higher returns? Evidence from the Chinese P2P lending market

被引：3

作者：

Zhao, Yingxiu ^{[1
]}

Zhang, Wei ^{[1
,2
]}

Li, Yuelei ^{[1
,2
]}

Xiong, Xiong ^{[1
,2
]}

机构：

[1] Tianjin Univ, Coll Management & Econ, Tianjin 300072, Peoples R China

[2] China Ctr Social Comp & Analyt, Tianjin 300072, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2021年 / 39卷

基金：

中国国家自然科学基金;

关键词：

Bounded rationality; P2P lending; Return; Reference point;

D O I：

10.1016/j.frl.2020.101608

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this article, we study the relationship between investors' rationality and their returns in the P2P lending market through a bounded rationality decision-making framework. Our model shows that low-bounded rationality (i.e., highly rational) investors earn higher returns than their high-bounded rationality counterparts. This relation is supported by our empirical tests using the Chinese P2P lending market data.

引用

页数：9

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