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Table 1 Definitions and examples of voluntary disclosure

From: Voluntary disclosures and peer-to-peer lending decisions: Evidence from the repeated game





The number of words. It takes a value of 1 when the number of words in a personal statement is greater than the median, 0 otherwise.



It takes a value of 1 when the purpose of borrowing clearly in a personal statement is for consumption, 0 otherwise.

I usually go outside to play a game and chat online at the weekend. I feel inconvenienced, so I want to buy a PC.


It takes a value of 1 when the purpose of borrowing clearly stated in a personal statement is for operation, 0 otherwise.

During the Universiade period, there are many exhibitions, and I received some orders for exhibition arrangement and promotion on the weekend. In the early stage, I need to advance some expenses (including propaganda, exhibition arrangement, equipment, personnel salary and other expenses). The payback party is the exhibition work center, and the payback is guaranteed.


It takes a value of 1 when there is a specific description statement about revenue in the personal statement, 0 otherwise.

I am running a game room with a monthly income of RMB4500. My wife is running a lottery station with a monthly income of RMB3000. The total monthly income is RMB7500.


It takes a value of 1 when the borrower is an online seller, 0 otherwise.

My Taobao store is for website construction and cooperation with distributors and is now a five-star shop. I hope to expand the business scale. I hope everybody will support it. Store:


The borrower’s description makes other people believe that he/she can repay the loan on time and is honest.

I hope friends support! Repay as early as possible. Have borrowed many times and had no default, and repayment is guaranteed.


The borrower has stable revenue. His/her occupation and life are also stable, and there is a fixed monthly salary.

I am a wage earner and have stable work, revenue and bonuses, and no pressure to repay.


The borrower pays attention to family and therefore borrows for his/her family.

Installing gas pipes in my mother’s house.


The borrower has a demand for a great quality life and therefore hopes to obtain a loan in order to consume and travel, and so on.

I want to change to a new apple phone. I want to borrow from the online lending platform because my money has been occupied and experience the borrowing process on the “ppdai” lending platform. Hope everybody will support!


The borrower has his/her own business and wishes to expand his/her business.

I am a Taobao double crown seller and borrow from an online lending platform in order to stock. In the last month, for various reasons, my online store was almost interrupted. Now peak season is coming and business will be back to normal. The loan will be used to pay for stocking. Special payment is for a special purpose.


The borrower is a moral person and can be strict with himself/herself.

I want to use this money to look after my friends.