NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Benjamin Ranish

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Working Papers

March 2014Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience
with John Y. Campbell, Tarun Ramadorai: w20000
Using a large representative sample of Indian retail equity investors, many of them new to the stock market, we show that both years of investment experience and feedback from investment returns have significant effects on investor behavior, favored stock styles, and performance. We identify two channels of feedback: performance relative to the market, and the directly experienced returns to behavior and styles of stock. Both of these vary across investors at a point in time because investors are imperfectly diversified and receive idiosyncratic returns. We find that experienced investors generally behave in a manner more consistent with the recommendations of finance theory, although this tendency is weakened by strong investment performance. High trading profits increase turnover, whil...

Forthcoming: chapter 4 testing has comment, Helena Fitz-Patrick. in NBER Calendar, NBER. 2009

September 2012How Do Regulators Influence Mortgage Risk: Evidence from an Emerging Market
with John Y. Campbell, Tarun Ramadorai: w18394
To understand the effects of regulation on mortgage risk, it is instructive to track the history of regulatory changes in a country rather than to rely entirely on cross- country evidence that can be contaminated by unobserved heterogeneity. However, in developed countries with fairly stable systems of financial regulation, it is difficult to track these effects. We employ loan-level data on over a million loans disbursed in India over the 1995 to 2010 period to understand how fast-changing regulation impacted mortgage lending and risk. We use cross-sectional differences in the time- series variation of delinquency rates, conditional on initial interest rates, to detect the effects of regulation on mortgage delinquencies.

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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