Kaplan, Steven N.; Moskowitz, Tobias J.; Sensoy, Berk A. - National Bureau of Economic Research (NBER) - 2010
Working with a sizeable, anonymous money manager, we randomly make available for lending two-thirds of the high-loan fee stocks in the manager's portfolio and withhold the other third to produce an exogenous shock to loan supply. We implement the lending experiment in two independent phases: the...