| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14831 |
| DP14831 The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy | |
| Elena Carletti; Tommaso Oliviero; Marco Pagano; Loriana Pelizzon; Marti Subrahmanyam | |
| 发表日期 | 2020-05-30 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper estimates the drop in profits and the equity shortfall triggered by the COVID-19 shock and the subsequent lockdown, using a representative sample of 80,972 Italian firms. We find that a 3-month lockdown entails an aggregate yearly drop in profits of €170 billion, with an implied equity erosion of €117 billion for the whole sample, and €31 billion for firms that became distressed, i.e., ended up with negative book value after the shock. As a consequence of these losses, about 17% of the sample firms, whose employees account for 8.8% of total employment in the sample (about 800 thousand employees), become distressed. Small and medium-sized enterprises (SMEs) are affected disproportionately, with 18.1% of small firms, and 14.3% of medium-sized ones becoming distressed, against 6.4% of large firms. The equity shortfall and the extent of distress are concentrated in the Manufacturing and Wholesale Trading sectors and in the North of Italy. Since many firms predicted to become distressed due to the shock had fragile balance sheets even prior to the COVID-19 shock, restoring their equity to their pre-crisis levels may not suffice to ensure their long-term solvency. |
| 主题 | Financial Economics |
| 关键词 | Covid-19 Pandemics Losses Distress Equity Recapitalization |
| URL | https://cepr.org/publications/dp14831 |
| 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/543765 |
| 推荐引用方式 GB/T 7714 | Elena Carletti,Tommaso Oliviero,Marco Pagano,et al. DP14831 The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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