COVID-19 pandemic and global corporate CDS spreads

Downloads

Acharya, V., S. A. Davydenko, and I. A. Strebulaev (2012), Cash Holdings and Credit Risk, Review of Financial Studies, 25, 3572–3609. Acharya, V., and S., Steffen (2020), The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID, Review of Corporate Finance Studies, 9, 430–471. Albuquerque, R. A., Y., Koskinen, C., Zhang (2019), Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence, Management Science, 65, 4451–4469. Albuquerque, R. A., Y., Koskinen, S., Yang, C., Zhang (2020), Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash, Review of Corporate Finance Studies, 9, 593–621. Anginer, D., A., Demirguc-Kunt, H., Huizinga, and K., Ma (2018), Corporate Governance of Banks and Financial Stability, Journal of Financial Economics, 130, 327–346. Armstrong, C., J. E. Core, and W. R. Guay (2014). Do independent directors cause improvements in firm transparency?, Journal of Financial Economics, 113, 383–403. Augustin, P., Subrahmanyam, M. G., Tang, D. Y., and Wang, S. Q. (2014). Credit Default Swaps: A Survey, Foundations and Trends in Finance, 9, 1–196. Augustin, P., and Y., Izhakian (2020), Ambiguity, Volatility, and Credit Risk, Review of Financial Studies, 33, 1618–1672. Augustin, P., and V., Sokolovski, M. G., Subrahmanyam, and D., Tomio (2022), In Sickness and in Debt: The COVID-19 Impact on Sovereign Credit Risk, Journal of Financial Economics, 143, 1251-1274. Baker, S. R., N., Bloom, S. J., Davis, K., Kost, M., Sammon, and T., Viratyosin (2020), The Unprecedented Stock Market Reaction to Covid-19, Review of Asset Pricing Studies, 10, 742–758. Bates, T. W, K. M. Kahle, R. M. Stulz (2009), Why Do U.S. Firms Hold So Much More Cash than They Used To? Journal of Finance, 64, 1985-2021. Bebchuk, L., and A., Cohen (2005), The Costs of Entrenched Boards, Journal of Financial Economics, 78, 409–433. Bhojraj, S., and P., Sengupta (2003), Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors, Journal of Business, 76, 455–475. Black, F. and M. Scholes (1973), The Pricing of Options and Corporate Liabilities, Journal of Political Economy, 81, 637–654. Blanco, R., S., Brennan, and I.W., Marsh (2005), An Empirical Analysis of the Dynamic Relation between Investment-grade Bonds and Credit Default Swaps, Journal of Finance, 60, 2255–2281. Chen, Y.-C., M., Hung, and Y., Wang (2018), The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China, Journal of Accounting and Economics, 65, 169–190. Cameron, A.C, and D. L., Miller (2015), A Practitioner’s Guide to Cluster-Robust Inference, Journal of Human Resources, 50, 317-372. Cremers, K. J. M., and V. B., Nair (2005), Governance Mechanisms and Equity Prices, Journal of Finance, 60, 2859–2894. Ding, W., R., Levine, C., Lin, and W., Xie (2021), Corporate Immunity to the COVID-19 Pandemic, Journal of Financial Economics, 141, 802-830. El Ghoul, S., O., Guedhami, C., Kwok, and D., Mishra (2011), Does Corporate Social Responsibility Affect the Cost of Capital?, Journal of Banking and Finance, 35, 2388–2406. Ericsson, J., K., Jacobs, and R., Oviedo (2009), The Determinants of Credit Default Swap Premia. Journal of Financial and Quantitative Analysis, 44, 109–132. Fahlenbrach, R., K., Rageth, and R. M., Stulz (2021), How Valuable is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis, 34(11), Review of Financial Studies, 5474–5521. Falato, A., Goldstein, I., Hortaçsu, A. (2021). Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets, Journal of Monetary Economics, 123 (October), 35-52. Feng, Z. Y., C. R., Chen, and Y. J., Tseng (2018), Do Capital Markets Value Corporate Social Responsibility? Evidence from Seasoned Equity Offerings, Journal of Banking and Finance, 94, 54–74. Fields, L. P., D. R., Fraser, and A., Subrahmanyam (2012), Board Quality and the Cost of Debt Capital: The Case of Bank Loans. Journal of Banking and Finance, 36, 1536–1547. Haddad, V., Moreira, A., Muir, T. (2021). When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response, Review of Financial Studies, 34, 5309-5351. Johnson, S., P., Boone, A., Breach, and E., Friedman (2000), Corporate governance in the Asian financial crisis, Journal of Financial Economics, 58, 141–186. Jorion, P., and G., Zhang (2007), Good and Bad Credit Contagion: Evidence from Credit Default Swaps, Journal of Financial Economics, 84, 860–883. Klock, M.S., S.A., Mansi, and W.F., Maxwell (2005), Does Corporate Governance Matter to Bondholders?, Journal of Financial and Quantitative Analysis, 40, 693–719. Koren, M., and R., Pető (2020), Business Disruptions from Social Distancing, PLoS ONE, 15, e0239113. Lee, J., A., Naranjo, and S. Sirmans (2016), Exodus from Sovereign Risk: Global Asset and Information Networks in the Pricing of Corporate Credit Risk, Journal of Finance, 71, 1813-1856. Lee, J., A., Naranjo, and G., Velioglu (2018), When do CDS Spreads Lead? Rating Events, Private Entities, and Firm-specific Information Flows, Journal of Financial Economics, 130, 556–578. Lins, K. V., H., Servaes, and A., Tamayo (2017), Social Capital, Trust, and Firm Performance: the Value of Corporate Social Responsibility during the Financial Crisis, Journal of Finance, 72, 1785–1824. Liu, Y., B., Qiu, and T., Wang (2021), Debt Rollover Risk, Credit Default Swap Spread and Stock Returns: Evidence from the COVID-19 Crisis, Journal of Financial Stability, 53. Marra, M., F., Yu, and L., Zhu (2019), The Impact of Trade Reporting and Central Clearing on CDS Price Informativeness, Journal of Financial Stability, 43, 130–145. Marsh, I.W., and W., Wagner (2016), News‐Specific Price Discovery in Credit Default Swap Markets, Financial Management, 45, 315–340. Masulis, R. W., and S. W., Reza (2015), Agency Problems of Corporate Philanthropy, Review of Financial Studies, 28, 592–636. Merton, R. C. (1974). On the Pricing of Corporate Debt: The Risk Structure of Interest Rates, Journal of Finance, 29, 449–470. O’Hara, M., and Zhou, X.A. (2021). Anatomy of a Liquidity Crisis: Corporate Bonds in the COVID-19 Crisis. Journal of Financial Economics, 142, 46-68. Rajan, R. G., and L. Zingales (2003), The great reversals: The politics of financial development in the twentieth century, Journal of Financial Economics 69, 5–50. Ramelli, S., and A. F., Wagner (2020), Feverish Stock Price Reactions to Covid-19, Review of Corporate Finance Studies, 9, 622–655. Roe, M. J., and J. I. Siegal (2011), Political instability: Effects of financial development, roots in the severity of economic inequality, Journal of Comparative Economics, 39, 279–309. Shleifer, A., and R. W., Vishny (1997), A Survey of Corporate Governance, Journal of Finance, 52, 737–783. Serxner, S., D., Gold, A., Meraz, and A., Gray (2009), Do Employee Health Management Programs Work?, American Journal of Health Promotion, 23(4), 1–8. Thompson, B. T. (2011), Simple Formulas for Standard Errors that Cluster by both Firm and Time, Journal of Financial Economics, 99, 1 -10. Vuolteenaho, T. (2002), What Drives Firm-Level Stock Returns?, Journal of Finance, 57, 233-264. Wong, E. L.-Y., K.-F., Ho, S. Y.-S., Wong, A. W.-L., Cheung, P. S.-Y., Yau, D., Dong, and E.-K., Yeoh (2022), Views on Workplace Policies and its Impact on Health-Related Quality of Life During Coronavirus Disease (COVID-19) Pandemic: Cross-Sectional Survey of Employees, International Journal of Health Policy and Management,11(3), 344-353.