Leverage-Induced Fire Sales and Stock Market Crashes
收藏NBER2018-09-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w25040
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资源简介：
We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of 2015. Margin investors heavily sell their holdings when their account-level leverage
提供机构：
美国国家经济研究局
创建时间：
2018-09-01
