| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26701 |
| 来源ID | Working Paper 26701 |
| Leverage and Asset Prices: An Experiment. | |
| Marco Cipriani; Ana Fostel; Daniel Houser | |
| 发表日期 | 2020-01-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We develop a model of leverage that is amenable to laboratory implementation and gather experimental data. We compare two identical economies: in one economy, agents cannot borrow; in the other, they can leverage a risky asset to issue debt. Leverage increases asset prices in the laboratory. This increase is significant and quantitatively close to what theory predicts. Moreover, also as theory suggests, leverage allows gains from trade to be realized in the laboratory. Finally, the mechanism generating the price increase in the lab is due to the asset role as collateral, and different from what we would observe with a simple credit line or bigger cash endowments. |
| 主题 | Other ; General, Teaching ; Econometrics ; Experimental Design ; Microeconomics ; General Equilibrium ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w26701 |
| 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/584374 |
| 推荐引用方式 GB/T 7714 | Marco Cipriani,Ana Fostel,Daniel Houser. Leverage and Asset Prices: An Experiment.. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26701.pdf（386KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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