Bian, Jiangze; Da, Zhi; He, Zhiguo; Lou, Dong; Shue, Kelly - 2021
the 2015 market turmoil in China to provide the first systematic analysis of margin investors’ characteristics, leverage … management policies, and liquidation choices. We show that leverage constraints induced substantial forced and preemptive sales …, and leverage and cash management differed substantially across investor and account types. We explore the relation between …