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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w24176 |
来源ID | Working Paper 24176 |
Should Retail Investors' Leverage Be Limited? | |
Rawley Z. Heimer; Alp Simsek | |
发表日期 | 2018 |
出版年 | 2018 |
语种 | 英语 |
摘要 | Does the provision of leverage to retail traders improve market quality or facilitate socially inefficient speculation that enriches financial intermediaries? We evaluate the effects of 2010 regulations that cap leverage in the U.S. retail foreign exchange market. Using three unique data sets and a difference-in-differences approach, we document that the leverage-constraint reduces trading volume by 23%, alleviates high-leverage traders’ losses by 40%, and reduces brokerages’ operating capital by 25%. Yet, the policy does not affect the relative bid-ask prices charged by the brokerages. These results suggest the policy improves belief-neutral social welfare without reducing market liquidity. |
主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
URL | https://www.nber.org/papers/w24176 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581849 |
推荐引用方式 GB/T 7714 | Rawley Z. Heimer,Alp Simsek. Should Retail Investors' Leverage Be Limited?. 2018. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w24176.pdf(510KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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