| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14532 |
| DP14532 Does credit affect 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 | We study the relationship between credit, stock trading and asset prices. There is a wide array of channels through which credit provision can fuel stock prices. On one extreme, cheap credit reduces the cost of capital (discount rate) and boosts prices without trading or wealth transfers. On the other extreme, extrapolators use credit to ride a bubble and lose money. We construct a novel database containing every individual stock transaction for three major British companies during the 1720 South Sea Bubble. We link each trader's stock transactions to daily margin loan positions and subscriptions of new share issues. We find that margin loan holders are more likely to buy (sell) following high (low) returns. Loan holders also sign up to buy new shares of overvalued companies and incur large trading losses as a result of the bubble. |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Bubble Credit provision Margin loans Investor behavior |
| URL | https://cepr.org/publications/dp14532 |
| 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/543437 |
| 推荐引用方式 GB/T 7714 | Fabio Braggion,Rik Frehen,Emiel Jerphanion. DP14532 Does credit affect 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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