Why have target-date funds performed better in the COVID-19 selloff than the 2008 selloff? [0.03%]
为什么目标日期基金在新冠疫情的抛售中表现好于2008年的抛售？
Mike Qinghao Mao,Ching Hin Wong
Mike Qinghao Mao
We document a reduction in both the level and cross-sectional dispersion of systematic risk in the target-date fund (TDF) market after 2008, which resulted in better performance of TDFs during the COVID-19 selloff compared to the 2008 sello...
Does macroprudential policy alleviate the adverse impact of COVID-19 on the resilience of banks? [0.03%]
宏观审慎政策能否缓解COVID-19对银行韧性不利影响？
Deniz Igan,Ali Mirzaei,Tomoe Moore
Deniz Igan
This paper examines the resilience of banks as perceived by market participants during the COVID-19 crisis. We analyse how bank stock returns during January-March 2020 relate to the pre-crisis activation of macroprudential policy across 52 ...
On the importance of fiscal space: Evidence from short sellers during the COVID-19 pandemic [0.03%]
关于财政空间的重要性的证据：来自新冠肺炎疫情期间做空者的证据
Stefan Greppmair,Stephan Jank,Esad Smajlbegovic
Stefan Greppmair
Using the exogenous shock of the COVID-19 pandemic, we study how informed market participants incorporate fiscal space into their trading decisions. At the onset of the pandemic, short-selling activity shifted towards companies with low fin...
Sean Telg,Anna Dubinova,Andre Lucas
Sean Telg
We investigate rating and default risk dynamics over the covid-19 crisis from a credit risk modeling perspective. We find that growth dynamics remain a stable and sufficient predictor of credit risk incidence over the pandemic period, despi...
Do retail traders destabilize financial markets? An investigation surrounding the COVID-19 pandemic [0.03%]
新冠疫情下的零散交易者调查——零散交易者的存在是否加剧了金融市场动荡？
Ahmed S Baig,Benjamin M Blau,Hassan A Butt et al.
Ahmed S Baig et al.
Existing research suggests that retail trading is associated with volatility in financial markets. To extend the literature, we study the dynamic effects of retail trading on volatility during the COVID-19 pandemic. Using marketable retail ...
Iftekhar Hasan,Miriam Marra,Thomas Y To et al.
Iftekhar Hasan et al.
We examine the impact of the COVID-19 pandemic on the credit risk of companies around the world. We find that increased infection rates affect firms more adversely as reflected by the wider increase in their credit default swap (CDS) spread...
Nicole Jonker,Carin van der Cruijsen,Michiel Bijlsma et al.
Nicole Jonker et al.
COVID-19 has temporarily changed the relative costs and benefits of different payment methods: cash has become more costly in terms of health risks, ease of use and likelihood of acceptance, whereas debit card usage has become less costly. ...
Nhu Tran,Cihan Uzmanoglu
Nhu Tran
We study how investors in the US municipal bond market price the state lockdowns announced during the coronavirus (COVID) pandemic. To begin with, we examine the extent to which state-level COVID developments influence yield spreads of muni...
Galina Hale,Luciana Juvenal
Galina Hale
At the onset of the COVID-19 economic crisis, as in other crisis episodes, we observed a rapid appreciation of "safe haven" currencies. We quantify currency-induced balance sheet valuation effects for aggregate external positions as well as...
The reallocation effects of COVID-19: Evidence from venture capital investments around the world [0.03%]
新冠疫情的 reallocative 影响——来自世界各地的风险投资证据
Andrea Bellucci,Alexander Borisov,Gianluca Gucciardi et al.
Andrea Bellucci et al.
We examine possible reallocation effects generated by the COVID-19 outbreak by analyzing the patterns of venture capital (VC) investments around the globe. Using transaction-level data and exploiting the staggered nature of the spread of th...