Data
Leverage Factor
Used in "Financial Intermediaries and the Cross-Section of Asset Returns" (with Adrian and Etula), Journal of Finance 2014
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Original Leverage Factor Data (.xlsx)
Quarterly, 1968–2009. This is the exact data vintage used in the published paper.
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Extended Leverage Factor Data (.csv)
Quarterly, 1968–2025. Contains two columns: (1) the original paper-vintage factor extended by appending new Flow of Funds observations, and (2) the factor recomputed using revised Flow of Funds data over the full sample. The two differ because FRED revised its historical broker-dealer series (gross vs. net repo treatment). Both columns are identical from 2016Q3 onward.
Cost of External Finance
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Cost of External Finance Series (.xlsx)
Annual, 1980–2014. Used in "Aggregate Issuance and Savings Waves" (with Eisfeldt), Journal of Monetary Economics 2016