type="main" <p>If liquidity shortages cause financial crises, a lender of last resort can provide funds to banks facing potential fire sales. However, if funding problems primarily occur at banks with existing solvency problems, then government liquidity programs may not spur bank lending. We find...</p>

We examine the industry effect hypothesis for leveraged buyouts that suggests leveraged buyouts will be concentrated in low-growth industries that produce free cash flow. Past studies of the leveraged buyout phenomenon have not examined the validity of the industry effect hypothesis. By testing...