Before revision:  While it is a long standing consensus that leverage effects exist  , empirical evidence paradoxically  show that most individual stocks do not exhibit this correlation .
After revision: The leverage effect-- the correlation between an asset's return and its volatility-- has played a key role in forecasting and understanding volatility and risk. While it is a long standing consensus that leverage effects exist , empirical evidence paradoxically show that most individual stocks do not exhibit this correlation .