Which Firms Benefit from Corporate QE during the COVID-19 Crisis ? The Case of the ECB's Pandemic Emergency Purchase Program : Which Firms Benefit from Corporate QE during the COVID-19 Crisis ? The Case of the ECB's Pandemic Emergency Purchase Program (anglais)

Using an event study methodology, this paper examines how European firms have been affected by the announcement of the European Central Bank's Pandemic Emergency Purchase Program (PEPP). Firms with an investment grade rating benefit relatively more, as evidenced by higher share prices and lower credit default swap spreads, which reflects that the European Central Bank is restricted to purchasing investment grade corporate debt securities. The gains...

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INFORMATION

Auteur

Demirguc-Kunt,Asli;

Horvath,Balint Laszlo;

Huizinga,Harry P.;
Date du document
2020/09/02
Type de document
Document de travail de recherche sur les politiques
Numéro du rapport
WPS9379
Volume
1
Total Volume(s)
1
Pays
Monde,
Région
Autres,
Date de publication
2020/09/02
Disclosure Status
Disclosed
Titre du rapport
Which Firms Benefit from Corporate QE during the COVID-19 Crisis ? The Case of the ECB's Pandemic Emergency Purchase Program
Mots clé
market value of equity

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Which Firms Benefit from Corporate QE during the COVID-19 Crisis ? The Case of the ECB's Pandemic Emergency Purchase Program : Which Firms Benefit from Corporate QE during the COVID-19 Crisis ? The Case of the ECB's Pandemic Emergency Purchase Program (anglais)

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