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Table 4 Information content of voluntary disclosures

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

 

Unfunded

Funded

Mean.Diff.

N

Mean

Std.Dev

N

Mean

Std.Dev

Mean.Diff.

Std.Dev

Score

1141

3.013

1.653

2794

2.808

1.939

0.205***

3.136

 

Stwords

1141

0.479

0.500

2794

0.481

0.500

−0.002

−0.122

 

Consumption

1141

0.366

0.482

2794

0.186

0.389

0.180***

12.265

 

Operation

1141

0.261

0.439

2794

0.255

0.436

0.006

0.413

 

Income

1141

0.282

0.450

2794

0.223

0.416

0.060***

3.979

 

Taobao

1141

0.023

0.149

2794

0.069

0.254

−0.046***

−5.77

 

Credibility

1141

0.158

0.365

2794

0.206

0.404

−0.048***

−3.477

 

Stability

1141

0.384

0.487

2794

0.397

0.489

−0.013

−0.781

 

Family

1141

0.114

0.318

2794

0.056

0.230

0.058***

6.402

 

Quality

1141

0.342

0.475

2794

0.198

0.398

0.144***

9.734

 

Enterprise

1141

0.380

0.486

2794

0.388

0.487

−0.007

−0.424

 

Morality

1141

0.068

0.252

2794

0.064

0.244

0.005

0.537

 
  1. Notes. This table presents the summary statistics of voluntary disclosures by whether the loan is funded or not. *, **, *** represents 10%, 5% and 1% confidence levels, respectively