We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of 2015. Margin investors heavily sell their holdings when their account-level...

This paper investigates lending technologies in the banking sector after the arrival of the information age, by examining investment in information technologies (IT) by U.S. commercial banks. Given the distinctive nature of banks’ dealings with information as they engage in lending activities,...