全球智库信息集成服务系统(G2TT): DP15224 Which firms benefit from corporate QE during the COVID-19 crisis? The case of the ECB’s Pandemic Emergency Purchase Program

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15224
	DP15224 Which firms benefit from corporate QE during the COVID-19 crisis? The case of the ECB’s Pandemic Emergency Purchase Program
	Asli Demirgüç-Kunt; Bálint Horváth; Harry Huizinga
发表日期	2020-08-30
出版年	2020
语种	英语
摘要	Using an event study methodology, this paper examines how European firms have been affected by the announcement of the Pandemic Emergency Purchase Program (PEPP) of the ECB. Firms with an investment-grade rating benefit relatively more as evidenced by higher share prices and lower CDS spreads, which reflects that the ECB is restricted to purchasing investment-grade corporate debt securities. The gains to shareholders relative to the total gains of shareholders and debtholders are negatively related to firm leverage, consistent with the existence of debt overhang. Firms more heavily impacted by the pandemic benefit relatively little from the PEPP, which could reflect that the business models of some of these firms are heavily damaged by the pandemic. Monetary policy in the form of the PEPP and national fiscal responses to the pandemic are shown to be complements in the sense that a strong pre-PEPP fiscal response enhances the potential for the PEPP to positively affect equity and debt valuations.
主题	International Macroeconomics and Finance
关键词	Quantitative easing Equity returns Pandemic
URL	https://cepr.org/publications/dp15224-1
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/544198
推荐引用方式 GB/T 7714	Asli Demirgüç-Kunt,Bálint Horváth,Harry Huizinga. DP15224 Which firms benefit from corporate QE during the COVID-19 crisis? The case of the ECB’s Pandemic Emergency Purchase Program. 2020.