全球智库信息集成服务系统(G2TT): Should Retail Investors' Leverage Be Limited?

G2TT

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.