Microloan markets allow individual borrowers to raise funding from multiple individual lenders. We use a unique panel data set that tracks the funding dynamics of borrower listings on Prosper.com, the largest microloan market in the United States. We find evidence of rational herding among...

Variability in organizational work processes is believed to influence productivity, quality, flexibility, and a host of other aspects of organizational design and management, but this construct has never been clearly conceptualized and measured. This paper introduces the concept of sequential...