Should Retail Investors' Leverage Be Limited?
---- Acknowledgements ----
We thank the operators of the social network for providing us the data, Alex Dusenbery for helping with the database, Jonathon Hazell for providing outstanding research assistance, and Adrien Verdelhan for giving us data from Brusa et al., 2014. We acknowledge financial support from the NSF Early Career Grant under Grant Number SES-1455319. Any remaining errors or omissions are the authors’ responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.