This paper presents a new indicator on financial stress from 1889 to 2016 based on the reporting in five major US newspapers. This indicator provides detailed and high-frequency coverage of more than a century of financial history based on a previously untapped corpus of 35 million newspaper...

The trigger for this article was the crisis caused by the collapse of an investment product arranged by Lehman Brothers Asia Limited and marketed in Hong Kong under the name ‘Minibonds'. As outlined in Part III below, this product proved popular among retail investors, many of whom incurred...

We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...