ABSTRACT

Decision-making behavior can be capricious and may vary from individual to individual. This paper provides a straightforward method for the empirical identification of the narrative style affecting financial decisions under time pressure. Punctuation, Chinese characters and sentence length constitute different narrative styles. Using data from Renrendai, we find that as the number and type of punctuation marks in narratives increase, the loan funding and repayment performance increase. Also, as the number of characters and long sentences in narratives increases, loan funding increases, whereas loan performance suffers. These conclusions remain valid after robustness checks.

摘要

决策行为可能反复无常，并且可能因人而异。本文提供了一种直接的方法，用于实证识别在时间压力下影响财务决策的叙事风格。标点、汉字、句长构成了不同的叙事风格。使用人人贷的数据，我们发现随着叙述中标点符号数量和类型的增加，贷款资金和还款绩效也会提高。此外，随着叙述中字符和长句数量的增加，贷款资金增加，而贷款绩效却受到影响。这些结论在经过稳健性检验后仍然有效。