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User Interface and Firsthand Experience in Retail Investing

delete2020-11-09
delete23
PRE
AI
L
Li Liao
王
王正位 (Zhengwei Wang)
X
Xiang Jia
H
Hongjun Yan
J
Jun Yang *
DOI：10.1093/rfs/hhaa127delete
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Abstract

Abstract

En 中文
Using data from a major online peer-to-peer lending platform, we document that, due to time pressure, investors appear to focus on interest rates and only partially account for credit ratings in their decisions. The effect is stronger for mobile-based investors than for PC-based ones. Our evidence suggests that this variation is caused by the difference in information content on the interfaces rather than differences in the devices' physical attributes per se. Investors improve their decisions by slowing down and paying more attention to credit ratings after experiencing a loan default firsthand, but not after observing others experiencing defaults.
Keywords:
PERSONAL-EXPERIENCE
TIME PRESSURE
RISK
DECISION
OVERCONFIDENCE
INATTENTION
ATTENTION
SEARCH
CHOICE
CREDIT
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Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.

Journal

Review of Financial Studies cover
Review of Financial Studies
IF:
5.4
Papers:
2.8K
Citations:
3.0W

Organization

I
indiana university system
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Papers: 3.5W
Citations: 38
T
tsinghua university
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11.7W
Papers: 10.0W
Citations: 137
D
DePaul University
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Papers: 1.5K
Citations: 1.5K
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