activities. For this purpose, I propose a novel measure of synthetic leverage, which can be estimated based on publicly available … information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage …

activities. For this purpose, I propose a novel measure of synthetic leverage, which can be estimated based on publicly available … information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage …

Market participants use leveraged derivatives to gain access to equity market exposure through broker banks. Leverage … (leveraged) counterparties fail to pay their margins, forcing banks to liquidate their positions causing a pressure on asset … prices due to market impact. The impact is amplified because of the leverage and when counterparties are exposed to multiple …

foundations of KVA are analyzed from RWAs to the Leverage Ratio in order to understand how KVA interacts with other XVAs. Finally …