...Paul Calluzzo; Fabio Moneta; Selim Topaloglu We study the allowance and use of derivatives, leverage, and illiquid assets by mutual funds. We observe that an increasing number of funds are granted access to these complex instruments over our sample period. In contrast to previous studies, we find...

...Matthias Fleckenstein; Francis A. Longstaff; Ilya A. Strebulaev We study the time series relation between leverage and corporate tax rates using an extensive data set constructed from all corporate income tax returns filed with the Internal Revenue Service from 1926 to 2013. This data set includes...