| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27106 |
| 来源ID | Working Paper 27106 |
| How Valuable is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis | |
| Rüdiger Fahlenbrach; Kevin Rageth; René M. Stulz | |
| 发表日期 | 2020-05-11 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility experience a stock price drop lower by 26% or 9.7 percentage points than those with low financial flexibility accounting for a firm’s industry. This differential return persists as stock prices rebound. Similar results hold for CDS spreads. The stock price of a firm with an average payout over assets ratio would have dropped 2 percentage points less with no payouts for the last three years. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance ; COVID-19 |
| URL | https://www.nber.org/papers/w27106 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584779 |
| 推荐引用方式 GB/T 7714 | Rüdiger Fahlenbrach,Kevin Rageth,René M. Stulz. How Valuable is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27106.pdf（825KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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