Margin Trading and Leverage Management
نویسندگان
چکیده
We use granular data covering regulated (brokerage-financed) and unregulated (shadow-financed) margin trading during the 2015 market turmoil in China to provide first systematic analysis of investors' characteristics, leverage management policies, liquidation choices. show that constraints induced substantial forced preemptive sales, cash differed substantially across investor account types. explore tha relation between shock propagation, China's proice limit rule led unintended contagion stocks. Compared brokerage investors, shadow investors were closer their constraints, played a more significant role transmitting chocks
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3801873