User Interface and Firsthand Experience in Retail Investing

• 成果类型: Article
• 署名作者: Liao, Li; Wang, Zhengwei; Xiang, Jia; Yan, Hongjun; Yang, Jun
• 署名单位: Tsinghua University; DePaul University; Indiana University System; Indiana University Bloomington
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa127
• 发表日期: 2021
• 页码: 4486
• 关键词: personal-experience; Time pressure; RISK; DECISION; overconfidence; Inattention; attention; search; CHOICE; credit

摘要

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.