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

Table 9

The influence of coupon strategy on the trading number.

	Trading
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Coupon	1.192	0.415	0.263	0.288	0.279	0.605	0.392	0.373	0.183
	(10.05)	(4.48)	(2.87)	(3.00)	(3.14)	(5.74)	(4.16)	(3.96)	(2.21)
Interest		54.37			23.94				13.24
		(4.16)			(6.30)				(3.51)
Month			−2.110		−2.81				−3.166
			(−6.19)		(−6.65)				(−7.43)
Amount				−0.866	0.639				0.887
				(−3.93)	(3.70)				(5.40)
Lender						0.477		0.087	0.125
						(7.23)		(2.37)	(3.33)
Borrower							0.684	0.609	0.434
							(4.01)	(4.29)	(10.57)
C	6.687	−7.70	3.63	6.21	−5.84	2.403	2.023	1.757	−4.77
	(9.58)	(−3.29)	(5.01)	(4.02)	(−5.05)	(9.30)	(9.92)	(7.56)	(−2.74)
N	715	715	715	715	715	715	715	715	715
	0.123	0.525	0.553	0.513	0.584	0.380	0.515	0.518	0.645

Note. The dependent variables are the average daily utility of platforms (remarked as Trading, the average daily Trading volume) at time . The independent variable is the coupon (remarked as Coupon) at time . Lender and borrower are the control variable, which are the number of investors and borrowers at time , respectively. Month, Amount, and Borrower are the control variable at time , which are the listings’ loan term, amount, and the number of borrowers, respectively. statistics are given in parentheses. <0.01, <0.05, and <0.1.