% Leverage factor of Adrian, Etula, Muir used in "Financial Intermediaries and the Cross-Section of Asset Returns"
% Leverage factor = seasonally adjusted changes in log leverage of security broker-dealers using quarterly Flow of Funds data
% See paper for details of construction


Date	LevFactor
196801	-0.6629
196802	1.8512
196803	13.3859
196804	-6.3279
196901	-9.6066
196902	6.3990
196903	-7.5211
196904	15.3801
197001	9.2616
197002	-4.0271
197003	19.8744
197004	11.8794
197101	4.5441
197102	-7.9961
197103	-1.5688
197104	9.0065
197201	-0.5036
197202	-1.2492
197203	3.5581
197204	12.2443
197301	-22.1639
197302	-15.1849
197303	-12.8694
197304	-1.8219
197401	-10.6005
197402	3.6294
197403	-0.9294
197404	-7.0433
197501	8.5600
197502	2.3640
197503	-5.9064
197504	6.7122
197601	35.9422
197602	7.6959
197603	21.0627
197604	2.8112
197701	-0.1660
197702	10.3334
197703	-2.9595
197704	3.9264
197801	17.0113
197802	4.8340
197803	2.4597
197804	-15.3241
197901	7.8729
197902	24.1876
197903	-1.2603
197904	-23.9861
198001	24.1984
198002	-3.0158
198003	11.6581
198004	-27.5435
198101	23.6713
198102	-5.9814
198103	-1.7595
198104	8.9834
198201	9.6647
198202	0.0304
198203	3.8885
198204	14.7743
198301	-11.7277
198302	2.5487
198303	7.8910
198304	-2.1665
198401	3.2559
198402	-3.2502
198403	13.3506
198404	23.0279
198501	-19.4071
198502	10.7053
198503	-0.2938
198504	8.8543
198601	12.6772
198602	-6.3483
198603	-6.7480
198604	-6.5832
198701	1.1142
198702	-2.6693
198703	1.3557
198704	-33.4191
198801	12.8812
198802	-9.4435
198803	3.2587
198804	-2.4615
198901	14.4953
198902	26.8092
198903	-1.1524
198904	26.4975
199001	-0.2433
199002	-0.5813
199003	6.5486
199004	12.8321
199101	4.2417
199102	7.6165
199103	14.9952
199104	-1.9547
199201	2.7868
199202	-1.5409
199203	14.9043
199204	-16.5824
199301	26.9504
199302	20.0101
199303	3.6037
199304	21.3066
199401	6.1528
199402	6.3607
199403	3.4352
199404	-51.7603
199501	7.8252
199502	4.5299
199503	1.0249
199504	9.1596
199601	4.6933
199602	0.6284
199603	2.9904
199604	3.4066
199701	4.8855
199702	6.4663
199703	-3.4301
199704	6.6126
199801	8.7812
199802	-5.6645
199803	11.7257
199804	-15.5122
199901	1.2844
199902	-10.6747
199903	1.0112
199904	5.5187
200001	5.8399
200002	-2.1326
200003	4.8432
200004	24.0364
200101	4.4960
200102	8.5219
200103	12.2658
200104	-18.7175
200201	-0.6476
200202	-1.3921
200203	-1.8787
200204	-45.4146
200301	9.5390
200302	1.4450
200303	-2.3583
200304	-2.5781
200401	11.6075
200402	-3.3308
200403	3.5043
200404	11.7393
200501	9.8128
200502	1.7066
200503	-0.5373
200504	-5.7161
200601	-1.1940
200602	1.9529
200603	3.5624
200604	24.2755
200701	4.7418
200702	1.9538
200703	5.2844
200704	9.8279
200801	26.0233
200802	-7.3286
200803	33.9106
200804	-59.9883
200901	-15.8268
200902	-28.5809
200903	-6.3022
200904	-4.8888