Mutual fund risk-taking via active portfolio rebalancing varies both in the crosssection and over time. In this paper …, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet … information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage …

This paper studies the risk management of central counterparties (CCPs) using a granular transaction-level dataset. We … test whether margining practices are sufficient relative to portfolio risk and whether CCPs reduce margin requirements in a …