The great margin call: The role of leverage in the 1929 Wall Street crash
研究了1929年华尔街崩盘的原因，发现1929年前九个月保证金要求收紧与9月及10月初价格下跌共同导致投资者受限，市场陷入不稳定，引发10月和11月的突然崩盘。
Abstract The reasons for the 1929 Wall Street crash and why it occurred at the particular time that it did are still debated among economic historians. We contribute to this debate by building on a new model, which provides a measure of the financial system's potential for financial crises. The evidence suggests that a tightening of margin requirements in the first nine months of 1929 combined with price declines in September and early October caused enough investors to become constrained that the market was tipped into instability, triggering the sudden crash of October and November.