| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14511 |
| DP14511 Feverish Stock Price Reactions to COVID-19 | |
| Stefano Ramelli; Alexander F. Wagner | |
| 发表日期 | 2020-03-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The 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 China, underperformed. As the virus spread to Europe and the US, corporate debt and cash holdings emerged as important value drivers, relevant even after the Fed intervened in the bond market. The content and tone of conference calls mirror this development over time. Overall, the results illustrate how the anticipated real effects from the health crisis, a rare disaster, were amplified through financial channels. |
| 主题 | Financial Economics |
| 关键词 | Corporate debt Coronavirus Covid-19 Event study Global value chains Leverage Pandemic Sars-cov-2 Supply chains Tail risk |
| URL | https://cepr.org/publications/dp14511-5 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543413 |
| 推荐引用方式 GB/T 7714 | Stefano Ramelli,Alexander F. Wagner. DP14511 Feverish Stock Price Reactions to COVID-19. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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