| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14532 |
| DP14532 Credit Provision and Stock Trading: Evidence from the South Sea Bubble | |
| Fabio Braggion; Rik Frehen; Emiel Jerphanion | |
| 发表日期 | 2020-03-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies the mechanism that relates credit provision to asset prices. On one extreme, cheap credit may reduce the cost of capital and increase prices without trading. On the other extreme, naive borrowers may unsuccessfully ride a bubble. We collect every stock transaction for three major British companies during the 1720 South Sea Bubble. We find that loan holders are more likely to buy (sell) following high (low) returns. Loan holders also subscribe to overvalued shares and incur large trading losses. Our results are driven by traders self-selecting into credit facilities and by credit changing the trading behavior. |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Bubble Credit provision Margin loans Investor behavior |
| URL | https://cepr.org/publications/dp14532-0 |
| 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/543436 |
| 推荐引用方式 GB/T 7714 | Fabio Braggion,Rik Frehen,Emiel Jerphanion. DP14532 Credit Provision and Stock Trading: Evidence from the South Sea Bubble. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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