NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending

Peter Koudijs, Hans-Joachim Voth

NBER Working Paper No. 19957
Issued in March 2014, Revised in October 2015

---- Acknowledgments ----

We thank seminar participants at Caltech, CREI Barcelona, Northwestern, Stanford, UC Berkeley, University of British Columbia, the NBER Corporate Finance meeting (Fall 2013), the SITE Asset Pricing meeting (Summer 2013), and the BGSE 2013 Summer Forum for feedback. We are grateful to Ran Abramitzky, Paul Beaudry, Effi Benmelech, Markus Brunnermeier, Vicente Cuñat, Ian Dew-Becker, Darrell Duffie, Patrick Francois, William Fuchs, Carola Frydman (discussant), Mariassunta Giannetti, Francisco Perez Gonzales, Gary Gorton (discussant), Filippo Ippolitto, Dirk Jenter, Gregor Matvos, Chris Meissner (discussant), Stefan Nagel, Marco Pagano, Luigi Pascali, Enrico Perrotti, Jose Luis Peydro, Giacomo Ponzetto, Josh Rauh, Michael Roberts, David Romer, Jean-Laurent Rosenthal, and Amit Seru for valuable comments and suggestions. Daphne Acoca, Tim Kooijmans, Dmitry Orlov, Inken Töwe and Victor Westrupp provided outstanding research assistance. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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