Wall Street and the Housing Bubble
利用2004-2006年个人住房交易数据，分析证券化金融的中层管理者是否意识到房地产泡沫和危机来临，发现他们并未表现出谨慎或市场择时行为，部分群体反而更激进地增加住房风险敞口。
We analyze whether midlevel managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004–2006 using their personal home transaction data. We find that the average person in our sample neither timed the market nor were cautious in their home transactions, and did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs.