The paper employs a dynamic market-wide herding behavior measure of 117,166 lending-based campaigns in 119 online platforms in 37 countries that explores whether lenders follow each other in the whole crowdfunding market, within the groups of top platforms, within the specific category or...

The lending of money is traditionally handled by banking institutions. The internet has enabled new forms of credit businesses, challenging the classical bank loan. Peer-to-peer lending markets bring together noninstitutional borrowers and lenders. In a typical lending market, borrowers have to...