| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15073 |
| DP15073 The risk of being a fallen angel and the corporate dash for cash in the midst of COVID | |
| Viral Acharya; Sascha Steffen | |
| 发表日期 | 2020-07-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Data on firm-loan-level daily credit line drawdowns in the United States reveals a corporate “dash for cash” induced by COVID-19. In the first phase of extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase following 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 |
| 关键词 | Liquidity Liquidity risk Cash holdings Bank lines of credit Pandemic |
| URL | https://cepr.org/publications/dp15073 |
| 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/544029 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Sascha Steffen. DP15073 The risk of being a fallen angel and the corporate dash for cash in the midst of COVID. 2020. |
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