User Interface and Firsthand Experience in Retail Investing
利用P2P借贷平台数据，发现时间压力下投资者更关注利率而忽视信用评级，移动端用户比PC端更明显，且亲历违约后投资者会改进决策。
Abstract 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.