Bian, Jiangze; Da, Zhi; He, Zhiguo; Lou, Dong; Shue, Kelly - 2021
We use granular data covering regulated (brokerage-financed) and unregulated (shadow-financed) margin trading during 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...