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来源类型Working Paper
规范类型报告
DOI10.3386/w27601
来源IDWorking 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
URLhttps://www.nber.org/papers/w27601
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/585273
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Viral V. Acharya,Sascha Steffen. The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID. 2020.
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