NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Leverage Factor: Credit Cycles and Asset Returns

Josh Davis, Alan M. Taylor

NBER Working Paper No. 26435
Issued in November 2019, Revised in November 2019

---- Acknowledgments ----

We thank our colleagues for helpful discussions. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Alan M. Taylor ----

Alan M. Taylor has served as an author, consultant, or speaker for various research organizations, policy making institutions, and financial sector firms. He currently serves as a Senior Advisor at PIMCO.

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