We investigated the inter-day effects of price limits policies that are employed in agent-based simulations. To isolate the impact of price limits from the impact of other factors, we built an artificial stock market with higher frequency price limits hitting. The trading mechanisms in this market are the same as the trading mechanisms in China’s stock market. Then, we designed a series of simulations with and without price limits policy. The results of these simulations demonstrate that both upper and lower price limits can cause a volatility spillover effect and a trading interference effect. The process of price discovery will be delayed if upper price limits are imposed on a stock market; however, this phenomenon does not occur when lower price limits are imposed.

This study explores the decision-making process in online peer-to-peer (P2P) lending, a rapidly growing source of fixed income for investors. We examine how lenders’ bidding amounts are influenced by interest rates and psychological distance, which is determined by the borrower’s demographic attributes. Our findings, based on data from a popular Chinese P2P lending platform, reveal that geographic distance decreases bidding amounts, indicating a home bias effect. Conversely, social distance increases bidding amounts, suggesting a social distance effect. Interestingly, both types of psychological distance amplify the positive impact of interest rates on bidding amounts. Four controlled experiments further validate these relationships. This research not only contributes to the theoretical understanding of P2P lending but also offers practical insights for policymaking in the high-risk financial context.

Online medical crowdfunding provides financial support for patients in need. As a major aspect of the disclosure of fundraisers to potential donors, project updates play an essential role in determining the success of crowdfunding projects. In this article, we aim to reveal the dynamic impacts of project updates on fundraising performance by analyzing 2334 projects on a leading medical crowdfunding platform in China from January 2020 to July 2021. Drawing on Aristotle's persuasion theory, we identify three aspects of project updates that influence fundraising outcomes: credibility appeals, rational appeals, and emotional appeals. The empirical results reveal that credibility appeals, rational appeals, and emotional appeals increase the fundraising amount of projects. Moreover, as time passes, the positive impact of project updates with credibility appeals in promoting fundraising amount decreases, while the positive effects of updates with rational and emotional appeals increase. This study contributes to the information disclosure stream of crowdfunding literature and project management research. Implications for fundraising practice are discussed as well.

Crowdfunding has empowered individual investors to make investment decisions anytime and anywhere. However, research exploring the time of day effect and the ensuing time–IT relationship in the crowdfunding context still lags. This study proposes a novel theoretical framework of diurnal variations in investment decisions. We collect and analyse data from a large lending-based crowdfunding platform in China. We find robust evidence that investors invest most in the morning, moderately in the afternoon, and least in the evening; they invest fastest in the afternoon, moderately in the morning, and slowest in the evening. Furthermore, the diurnal variations in terms of investment amounts and speed become more prominent in mobile-based interactions than in desktop-based interactions. Our findings contribute to the crowdfunding literature and provide managerial implications for crowdfunding platforms.