G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14532
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
URLhttps://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。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Fabio Braggion]的文章
[Rik Frehen]的文章
[Emiel Jerphanion]的文章
百度学术
百度学术中相似的文章
[Fabio Braggion]的文章
[Rik Frehen]的文章
[Emiel Jerphanion]的文章
必应学术
必应学术中相似的文章
[Fabio Braggion]的文章
[Rik Frehen]的文章
[Emiel Jerphanion]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。