| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29777 |
| 来源ID | Working Paper 29777 |
| Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels | |
| Viral V. Acharya; Ryan Banerjee; Matteo Crosignani; Tim Eisert; Renée Spigt | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels—risky firms just above the IG rating cutoff—enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked and from long-duration IG-focused investors that held more securities purchased in QE programs. The benefiting firms used this privilege to fund risky acquisitions and increase market share, exploiting the sluggish adjustment of credit ratings in downgrading after M&A, which adversely affected competitors' employment and investment. Eventually, these firms suffered severe downgrades at the onset of the pandemic. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Institutions ; COVID-19 |
| URL | https://www.nber.org/papers/w29777 |
| 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/587451 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Ryan Banerjee,Matteo Crosignani,et al. Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels. 2022. |
| 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 | ||
| w29777.pdf（936KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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