所属栏目:家庭金融/行为金融/2022/2022年第03期目录

摘要

Investors have limited attention, especially when getting busy. They also possess a capability of fast thinking that requires little, if any, attention, although fast thinking leads to biased judgement and inferior outcome. From a Chinese online peer-to-peer lending market, we document a substantial amount of instant loan bids (i.e., those confirmed within only a few seconds) which help identify fast thinking. We find that lending decisions made within busy working hours with more attention constraint have significantly higher likelihood of being instant and significantly lower investment performance, suggesting that investors are prone to fast thinking when their attention becomes limited.
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Yan Li; Feng Harry Wu; Yingxin Zhang Daytime distraction, fast thinking, and peer-to-peer lending (2022年04月25日) https://www.cfrn.com.cn/dzqk/detail/15104.html

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