Iftekhar Hasan,Panagiotis N Politsidis,Zenu Sharma
Iftekhar Hasan
This paper examines the pricing of global syndicated loans during the COVID-19 pandemic. We find that loan spreads rise by over 11 basis points in response to a one standard deviation increase in the lender's exposure to COVID-19 and over 5...
How new Fed corporate bond programs cushioned the Covid-19 recession [0.03%]
美联储的新公司债券工具如何缓解了新冠疫情导致的经济衰退
Michael D Bordo,John V Duca
Michael D Bordo
In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also annou...
Mario Daniele Amore,Valerio Pelucco,Fabio Quarato
Mario Daniele Amore
A growing literature is devoted to understand how companies react to major external shocks. Contributing to this research, we study how the presence of families in corporate ownership and leadership affected the reaction of firms to the Cov...
This time is really different: The multiplier effect of the Paycheck Protection Program (PPP) on small business bank loans [0.03%]
这次真的不一样：薪酬保护计划(PPP)对小型企业银行贷款的乘数效应
Mustafa U Karakaplan
Mustafa U Karakaplan
In response to the COVID-19 crisis, the U.S. government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, creating the Paycheck Protection Program (PPP), among others, to aid small businesses and their...
Financial Sector Policy Response to COVID-19 in Emerging Markets and Developing Economies [0.03%]
新兴市场和发展中经济体的金融部门应对新冠疫情政策反应
Erik Feyen,Tatiana Alonso Gispert,Tatsiana Kliatskova et al.
Erik Feyen et al.
This paper introduces a new global database and a policy classification framework that records the financial sector policy response to the COVID-19 pandemic across 155 jurisdictions and over time. It documents that authorities around the wo...
Stock valuation during the COVID-19 pandemic: An explanation using option-based discount rates [0.03%]
新冠疫情下的股票估值：基于期权的贴现率视角
Henk Berkman,Hamish Malloch
Henk Berkman
Changes in short-term expected market returns (discount rates) were a significant driver behind the unprecedented fluctuations in equity markets during the first 4 months of the COVID-19 pandemic. Using option-based estimates of the expecte...
Justin Cox,Donovan Woods
Justin Cox
We examine the impact of COVID-19 on market structure in the U.S. Specifically, we analyze the impact of both the COVID-19-induced market uncertainty period as well as the suspension of the NYSE floor on trading dynamics such as market frag...
Market shocks and professionals' investment behavior - Evidence from the COVID-19 crash [0.03%]
市场冲击与专业人士投资行为——来自COVID-19市场崩盘的证据
Christoph Huber,Jürgen Huber,Michael Kirchler
Christoph Huber
We investigate how the experience of extreme events, such as the COVID-19 market crash, influence risk-taking behavior. To isolate changes in risk-taking from other factors, we ran controlled experiments with finance professionals in Decemb...
H Özlem Dursun-de Neef,Alexander Schandlbauer
H Özlem Dursun-de Neef
This paper examines how European banks adjusted lending at the onset of the pandemic depending on their local exposure to the COVID-19 outbreak and capitalization. Using a bank-level COVID-19 exposure measure, we show that higher exposure t...
Kose John,Jingrui Li
Kose John
In this paper, we study how different categories of crucial COVID-19 information influence price dynamics in stock and option markets during the period from 01/21/20 to 01/31/21. We present a theoretical model in which the behavioral trader...