Incentive and Coordination in the Two-Sided Market: Evidence from the P2P Lending Market

Table 8

The influence of coupon strategy on the number of investors and their return.

	Lender				Lreturn
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Coupon	1.213	0.253	0.187	1.877	0.326	0.017	0.991	0.681
	(8.96)	(2.39)	(2.52)	(6.64)	(6.29)	(1.83)	(4.99)	(3.33)
Interest		35.75		6.514		−10.61		−1.525
		(10.96)		(3.23)		(−7.54)		(−1.20)
Month		−3.918		−0.064		0.466		0.323
		(−10.11)		(−0.25)		(2.79)		(2.04)
Amount		1.400		0.197		0.003		0.260
		(8.58)		(1.98)		(0.04)		(4.18)
Lendert−1			0.642	0.716			−0.213	−0.193
			(32.98)	(29.14)			(−14.92)	(−12.84)
Borrower			0.485	0.271			−0.023	−0.028
			(16.20)	(7.15)			(−1.15)	(−1.41)
BCoupon			0.103	0.063			0.087	0.132
			(2.83)	(1.59)			(2.67)	(3.99)
C	6.840	−7.532	−0.101	−16.741	4.437	27.10	6.491	7.998
	(4.51)	(−9.69)	(−0.48)	(−3.56)	(7.63)	(8.08)	(2.83)	(2.69)
N	717	717	716	716	717	717	716	716
	0.10	0.533	0.844	0.848	0.10	0.376	0.525	0.574

Note. The dependent variables are the number of investors and their return (remarked as Lender and Lreturn) at time . The independent variable is the coupon (remarked as Coupon) at time . Lender_t−1 is the control variable, which is the number of investors at time . Month, Amount, and Borrower are the control variable at time , which are the listings’ loan term, amount, and the number of borrowers, respectively. BCoupon is the cross-term of the number of borrowers and coupons.