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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w27601 |
来源ID | Working Paper 27601 |
The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID | |
Viral V. Acharya; Sascha Steffen | |
发表日期 | 2020-08-03 |
出版年 | 2020 |
语种 | 英语 |
摘要 | Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate “dash for cash” induced by the COVID-19 pandemic. In the first phase of the crisis, which was characterized by extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase, which followed the adoption of stabilization policies, only the highest-rated firms switched to capital markets to raise cash. Consistent with the risk of becoming a fallen angel, the lowest-quality BBB-rated firms behaved more similarly to non-investment grade firms. The observed corporate behavior reveals the significant impact of credit risk on corporate cash holdings. |
主题 | Financial Economics ; Financial Markets ; Corporate Finance ; COVID-19 |
URL | https://www.nber.org/papers/w27601 |
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/585273 |
推荐引用方式 GB/T 7714 | Viral V. Acharya,Sascha Steffen. The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID. 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 | ||
w27601.pdf(2464KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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