Financial markets are filled with rumors because of information asymmetry. Although issuing clarification announcements is the most straightforward approach for organizations, previous research has mostly focused on analyzing the influence of rumors and the heterogeneity of their clarification...

Online peer-to-peer (P2P) lending, one of the most successful technology-enabled initiatives in the fintech revolution, has drastically changed the way individual investors and borrowers meet and transact. While prior research has found herding among investors at the listing level, such social...