picture from Internet
éè
§§°éèèè觧§°¨°éé褤§±èè§è°é¨è
èé°·è100NBER·è觧§°°°éè¨èéè§
§§°¤éè°è§§è§è¨è·¨èè°è·èéè騰
é觷è°èHow valuable is financial flexibility when revenue stops? Evidence from the COVID-19 crisisè觱NBER5·è3èRdiger FahlenbrachéèéKevin RagethéèéRen M. Stulz·¤§
1èéé
°èèè騨騧訤¤§é°é騷è±ééè¤éèè褤è°éè§èéèèèè§è±èèéé·è°èééèèè¨è§¤°¨°è§è·¨éé±
¤¤§é¨éè±(Almeida et al., 2011; Campello et al., 2010; Chodorow-Reich, 2014; Duchin et al., 2010; Giroud & Mueller, 2017; Ivashina & Scharfstein, 2010; Kahle & Stulz, 2013)è±è¤ééè±éè±éè±èèèèè豧è¨é¨éè±±è§èè¨è°°éè±éè·è·è¨éè§é豧éèèè¨ééèé餧鱷±
322è¨èé§(FOMC) 騨è§éèè°23èè¨24¨èèè·è§°2008è訰¤é¤éèèè·±¤§èé¨è§è·¨±
èé訨§é¤è§·°èè豤Bernanke & Gertler (1989)è¨è§è¤¨é¤è§èè¨è豤§±è觨éè±°èKahle & Stulz, 2013; Giroud & Mueller, 2017èé°¨é¤èèèé
2èè
éè訨餱èèé¨èè°è
(1) 訨
¨¨è§ééèè¨è§èèè¨èèèè
a. ¨¨è
¨èè·±(1)訤
S0¨t·D(t)t°éè°E0 RtCté§
è¤éè¨nènè·¤±°±èné褱¤·±(2)訤
¨è°é°èè¨ènéé°°±¨è¤·èèè§è¨é·é·¤±±(3)訤
¨è°¨è¤éèè駤褱né°é°¤·±(4)訤
¤±èè°è§è騧¨¤§
èè訨§¨è¨è§§é¤±¨¨§ééèéèé·(2)(4)è訤±°±è°
¨è¨é¨èèè騰é褰èèè°è¤è
b. èè
èè訤èéèé·¤±¤§é¨èè°èè褧
èèèèèè°é¨èè·°éAlmeida et al., 2004¨èè°é¤§°èéè°éè°èè§èèèéè·è°¤è¨
(2) è
°éèé¨èè·¤é¨èèFazzari et al., 1988§°¤é¨èèééèèé°éèéèè訨°éèèèè°èè¤é¨èèèèéèééèè¨é¨è§°¤é¨èèèè褱éèé±
¤¨è¤è·¤é¨èè¨è§¤é¨èèèè°é¨é§èé±°±¨¨¨èéé±è¨èè°é¨¤¤¤é¨èéé±è¨é¤§èé¤é¨èé
è°éè
è1è§è·è·¤§è·¨èèéè·è·è°éè褧跰±èéè¨èèéèè§èè¤
è2èéèè騰éèèèè·è訤§èèè訰è褰éé褧éè訨èèé°éè褰èèèè
è3觨·¨éé騷éè¨é°é°èéé訷¤§
3èè
(1) °·
è°èCompustat°¨2019è°·é¤éèè¨é§é¨¨·è¨°èCompustat°°CapitalIQ North America Daily databaseéè·é¤è·1訨è·é·éè¨è§éA·1857
èè豤§è§°COVID-19èèè±OECD2020Moody2020Fama-French豨±è¤éèè·±512èCOVID-19訷è°é°é¤
(2) éèè°§
é¨èèéèééBéè
a. éè¨
è·èéé202023-331èèé¤èèé°°-38.7%-37.8%500°-37.3%°è·95%èèé跨褧é訰è¨IBIO Inc§Allied Healthcare ProductséBlue Apron Holdings, Incéé餤COVID-19èè·è¨°é·
è¨èèé¨è2020.2.3-3.31è¨èé2020324訨èé°9.2%8.7%¤§¤°éè°èéèCOVID-19èèé°é·°°°è°10.6%9.8%
b. 騷
CDS¨è¨è·¨§§CapitalIQ°è·239·5CDSé·è¨¨éCDS··éè°é°¤COVID-19è·è訨2020.3.24¤·CDS··°èé