Existing literature nds that proxies for short-sale constraints do not predict bond returns.Using more comprehensive data over a longer sample period and rating and maturity-matchedbenchmarks we nd that utilization, which proxies for short-sale constraints, predicts negativereturns. Many lending...

We document significant abnormal daily returns to leveraged and inverse leveraged exchange-traded funds (ETFs). Abnormal returns are positive for leveraged funds and negative to inverse leveraged funds, and the magnitude increases in the absolute value of the leverage multiple. We propose and...