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Table 14 Variable definitions

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

Variable

Description

Full

Whether the loan listing is funded or not. It takes a value of 1 when the loan listing is funded, 0 otherwise.

Bidnumber

Bid activity. It is measured by using the number of bids after standardization by the amount of the loan listing.

Score

Voluntary disclosures. It is the sum of 0–1 indicators for the voluntary information disclosure.

ScoreObj

Objective information disclosed voluntarily. It is the sum of 0–1 indicators for the objective voluntary information disclosure.

ScoreSub

Subjective information disclosed voluntarily. It is the sum of 0–1 indicators for the subjective voluntary information disclosure.

Ltimes

Borrowing experience dummy. It takes a value of 1 when the borrower has never issued the loan listing on the ppdai platform, 0 otherwise.

Lsuccess

Successful borrowing experience dummy. It takes a value of 1 when the borrower has never successfully gotten a loan on the ppdai platform, 0 otherwise.

Times

Borrowing experience. It is the times of borrowing.

Success

Successful borrowing experience. It is the times of the borrower’s loan listing to be funded.

Lnamount

Loan amount. It is the natural logarithm of the amount of the loan listing.

Months

Loan term. The loan term is 3–12 months on ppdai platform.

Interest

Interest rate at which a loan listed is funded. It is annualized.

Bgrade

Borrower’s credit rating. It takes a value of 1 when the borrower’s credit rating is HR, two when the borrower’s credit rating is E, three when the borrower’s credit rating is D, four when the borrower’s credit rating is C, five when the borrower’s credit rating is B, six when the borrower’s credit rating is A. This credit rating is judged by the ppdai platform according to many factors including identification data, borrowing history and platform activity, and so on.

Idnumber

Number of authentication, including the identity authentication, mobile phone real-name authentication and video authentication. The borrower must provide at least one authentication and at most three authentications.

Guarantee

An indicator variable that takes the value of 1 when the loan listing has a guarantee attribution, 0 otherwise.

Gender

An indicator variable that takes the value of 1 when the borrower is male, 0 otherwise.

Age

The borrower’s age. It takes a value of 1 when age ranges from 20 to 25, 2 when age ranges from 26 to 31, 3 when ranges from 32 to 38, 4 when age is above 39.

Worker

Salaried dummy. It takes a value of 1 when the occupation of the borrower is salaried, 0 otherwise.

Seller

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

Boss

Boss dummy. It takes a value of 1 when the occupation of the borrower is the boss of a private company, 0 otherwise.

Student

Student dummy. It takes a value of 1 when the borrower is a student, 0 otherwise.

Reputation

The times of repayments on time.

Delinquency

An indicator variable that equals 1 when the loan is 90 days past due, 0 otherwise.