things, the theory predicts that the difference in leverage between a debt-friendly bankruptcy code (such as the UK’s) and a … find the theory is strongly backed by the data. The results are robust to considerations such as employing net leverage … (debt net of cash holdings) and controlling for other firm characteristics that affect leverage. …

higher leverage if they are privately-controlled and if they are regulated by an independent regulatory agency. Moreover, we … find that the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa … privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. …

global leverage, doubles the probability of balance sheet crises for any one country, and dramatically increases the degree …, the increased leverage resulting from financial integration can reduce welfare of investors. …

of this leverage for the economy as a whole, and how can robust capital regulation be designed to restrict bank leverage … to levels that do not generate excessive systemic risk? Bank leverage choices are a delicate balancing act: credit … discipline argues for more leverage so that creditors have adequate skin in the game, while balance-sheet opacity and ease of …

estimate that Buffett’s leverage is about 1.6-to-1 on average. Buffett’s returns appear to be neither luck nor magic, but …, rather, reward for the use of leverage combined with a focus on cheap, safe, quality stocks. Decomposing Berkshires …

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on … collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor … leverage in the Amsterdam stock market declined as a result. …