Crisis Poison Pills [0.03%]
危机毒丸条款
Ofer Eldar,Michael D Wittry
Ofer Eldar
We show that a large number of firms adopt poison pills during periods of market turmoil. Specifically, during the coronavirus pandemic, many firms adopted poison pills following declines in valuations, and stock prices increased upon the a...
The COVID-19 Shock and Equity Shortfall: Firm-Level Evidence from Italy [0.03%]
新冠疫情冲击与股权缺口：来自意大利的实证证据
Elena Carletti,Tommaso Oliviero,Marco Pagano et al.
Elena Carletti et al.
We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of about 10% of GDP, and...
Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash [0.03%]
基于外生新冠肺炎市场 crash 的环境与社会资产的韧性分析
Rui Albuquerque,Yrjo Koskinen,Shuai Yang et al.
Rui Albuquerque et al.
The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This paper shows tha...
Markus Brunnermeier,Arvind Krishnamurthy
Markus Brunnermeier
The 2020 COVID-19 crisis can spur research on firms' corporate finance decisions and their macroeconomic implications, similar to the wave of important research on banking and household finance triggered by the 2008 financial crisis. What a...
Fabiano Schivardi,Enrico Sette,Guido Tabellini
Fabiano Schivardi
The policy response to COVID-19 includes the provision of credit guarantees to firms, a provision that may generate zombie lending. According to the recent literature, the relative performance of healthy firms deteriorates as the fraction o...
Stefano Ramelli,Alexander F Wagner
Stefano Ramelli
Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights into how real shocks and financial policies drive firm value. Initially, internationally oriented firms, especially those more exposed to trade with Chin...
Michael Halling,Jin Yu,Josef Zechner
Michael Halling
We find that bond issues have substantially increased since the onset of the COVID-19 crisis in calendar week 12 (March 16-20) for bonds rated A or higher, but surprisingly also for bonds rated BBB or lower. In contrast to existing evidence...
Lei Li,Philip E Strahan,Song Zhang
Lei Li
In March 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive scale from preexisting credit lines in anticipation of cash flow and financial disruptions stemming from the advent of the COV...
The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID [0.03%]
新冠疫情中的企业现金争夺战及堕落天使风险加剧
Viral V Acharya,Sascha Steffen
Viral V Acharya
Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate "dash for cash" induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened agg...
Wenting Ma
Wenting Ma
A few large firms in the U.S. financial system achieve substantial economic gains. Their dominance sets them apart while also raising concerns about the suppression of worker earnings. Utilizing administrative data, this study reveals that ...