全球智库信息集成服务系统(G2TT): DP16145 Outlasting the Pandemic: Corporate Payout and Financing Decisions During Covid-19

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16145
	DP16145 Outlasting the Pandemic: Corporate Payout and Financing Decisions During Covid-19
	Davide Pettenuzzo; Riccardo Sabbatucci; Henry Allan Timmermann
发表日期	2021-05-12
出版年	2021
语种	英语
摘要	The outbreak of the Covid-19 pandemic massively increased uncertainty about firms' cash flows and access to financial markets. We examine its effect on firms' strategies for preserving cash by suspending dividends and share repurchase programs and raising new funds through bond and equity issues. Our estimates suggest that between March and December 2020 US firms saved a combined $86bn by suspending or reducing dividend payments and another $140bn from suspending buybacks. We identify a short list of firm and stock characteristics that explain most of the cross-sectional variation in firms' payout and financing decisions. We show that the expansive monetary policies pursued by the Federal Reserve in the early phase of the pandemic crucially affected the timing and sequencing of firms' decisions. Announcement effects on stock returns were highly unusual during the pandemic as dividend and buyback suspensions were associated with a more rapid recovery in firms' stock prices, consistent with investors interpreting them as prudent actions that helped reduce risks.
主题	Financial Economics
关键词	Covid-19 pandemic Dividend suspensions Share repurchases Bond and equity issues Corporate actions Announcement effect on stock prices
URL	https://cepr.org/publications/dp16145
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/545118
推荐引用方式 GB/T 7714	Davide Pettenuzzo,Riccardo Sabbatucci,Henry Allan Timmermann. DP16145 Outlasting the Pandemic: Corporate Payout and Financing Decisions During Covid-19. 2021.