| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17191 |
| DP17191 Bond Market Stimulus: Firm-Level Evidence from 2020-21 | |
| Olivier Darmouni; Kerry Siani | |
| 发表日期 | 2022-04-07 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Using micro-data on corporate balance sheets, we study firm behavior after the unprecedented policy support to corporate bond markets in 2020. As bond yields fell, firms issued bonds to accumulate large and persistent amounts of liquid assets instead of investing. Conceptually, the benefits depend on how highly bond issuers valued this liquidity at the margin. We show they generally had access to bank liquidity that they chose not to use: many issuers left their credit lines untouched, while others used bonds to repay existing loans. Moreover, equity payouts remained high: almost half of issuers still repurchased shares in Spring 2020. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Corporate bonds Unconventional monetary policy Corporate liquidity |
| URL | https://cepr.org/publications/dp17191 |
| 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/546187 |
| 推荐引用方式 GB/T 7714 | Olivier Darmouni,Kerry Siani. DP17191 Bond Market Stimulus: Firm-Level Evidence from 2020-21. 2022. |
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