Broker-dealer leverage has recently proven to be strongly procyclical, exhibiting impressive explanatory power for a … balance-sheet indicators for asset pricing. In particular, leverage shows a procyclical behavior with a positive price of risk …. Moreover, high leverage coincides with high asset prices, thereby forecasting lower future returns. …

and higher bank leverage. We do not observe differences between confidential and public disclosure of capital requirements …

minimum risk-based capital requirements and the introduction of the leverage ratio. The announcement of stricter risk …, whilst in terms of collateralization the impact on large companies was bigger. The announcement of the leverage ratio had …