We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading … heavily sell their holdings when their account-level leverage edges toward their maximum leverage limits, controlling for … stock-date and account fixed effects. Stocks that are disproportionately held by accounts close to leverage limits …

that the only industries in which listed companies in China display strong performance are public utilities, transportation …

We use firm-level data to identify financial frictions in China and explore the extent to which they can explain firms …. State-owned firms have higher leverage and pay much lower interest rates than non-SOEs. Among privately owned firms, smaller … firms have lower leverage, face higher interest rates, and operate with a higher marginal product of capital. We then …

to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage … only paid via management fees, the manager optimally chooses time-invariant leverage to balance the size of allocation to … significant effects on dynamically changing leverage choices and the valuation of fees and investors' payoffs; (iii) the manager …

We investigate the leverage of hedge funds in the time series and cross section. Hedge fund leverage is counter …-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007 …. Hedge fund leverage is lowest in early 2009 when the market leverage of investment banks is highest. Changes in hedge fund …

, why commercial bank leverage has tended to increase over time and why large banks tend to have relatively less capital …

The leverage effect refers to the generally negative correlation between an asset return and its changes of volatility … in high frequency estimation of the leverage effect, including biases due to discretization errors, to smoothing errors … to propose novel bias correction methods for estimating the leverage effect …