| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9920 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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