We revisit a recent article, Kim et al. (2022) Finance Research Letters, vol.45,102146, exploring factors influencing the likelihood of margin trading and margin call for retail investors. We demonstrate that use of a more representative sample and consideration of factors, such as allowing brokers to trade for clients and fee structures, produce estimates different from Kim et al. We find that investors that pay a fee for investment advice are more likely to employ margin and experience a margin call. Whereas investors who grant trading authority to a professional are less likely to use margin and experience a margin call. FINRA National Financial Capability Study (NFCS)

我们重温了最近的一篇文章，Kim 等人。(2022) Finance Research Letters，第 45 卷，102146，探索影响散户投资者进行保证金交易和追加保证金的可能性的因素。我们证明使用更具代表性的样本和考虑因素，例如允许经纪人为客户和费用结构进行交易，产生与 Kim 等人不同的估计。我们发现，为投资建议付费的投资者更有可能使用保证金并遇到追加保证金通知。而将交易权限授予专业人士的投资者不太可能使用保证金并遇到追加保证金通知。FINRA 国家财务能力研究 (NFCS)