G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9920
DP9920 Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending
Hans-Joachim Voth; Peter Koudijs
发表日期2014-03-23
出版年2014
语种英语
摘要What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went bankrupt, many lenders were exposed. In the end, none of them actually lost money. Nonetheless, only those at risk of losing money changed their behavior markedly ? they lent with much higher haircuts. The rest continued as before. The differential change is remarkable since the distress was public knowledge. Overall leverage in the Amsterdam stock market declined as a result.
主题Economic History ; Financial Economics
关键词Leverage Collateralized lending Haircuts Personal experience
URLhttps://cepr.org/publications/dp9920
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538754
推荐引用方式
GB/T 7714
Hans-Joachim Voth,Peter Koudijs. DP9920 Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending. 2014.
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