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来源类型Working Paper
规范类型报告
DOI10.3386/w24176
来源IDWorking 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
URLhttps://www.nber.org/papers/w24176
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581849
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GB/T 7714
Rawley Z. Heimer,Alp Simsek. Should Retail Investors' Leverage Be Limited?. 2018.
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