But then the story took a strange turn. Koudijs and Voth found that Dutch lenders reacted to the Seppenwolde collapse in strikingly different ways. Those who had made loans to Seppenwolde but hadn’t actually lost money became far more pessimistic and demanded much bigger haircuts from all new borrowers. But those who had dodged the bullet by not lending to Seppenwolde didn’t tighten their requirements at all. In fact, those lenders slightly reduced haircuts to their borrowers – a sign they were at least as sanguine as before.