Credit Provision and Stock Trading: Evidence from the South Sea Bubble
研究了1720年南海泡沫期间英国三大公司的股票交易，将交易与英格兰银行的保证金贷款关联，发现贷款持有者在高回报后更倾向于买入且表现不佳。
Abstract This article studies the relationship between credit provision and stock trading behavior. We collect every stock transaction of the three major British companies during the 1720 South Sea Bubble and link stock trading to margin loan positions with the Bank of England. We give insights in the selection of traders into the loan facility by comparing the trading behavior and realized returns of borrowers to other traders. We find that loan holders are more likely to buy following high returns and document strong underperformance of borrowers.