permanent and transitory shocks imply less risk, lower cash savings, and a drop in the value of credit lines. The composition of …

We examine how debt rollover risk affects firms' capital structure following aggregate economic shocks. Using the COVID …-19 shock and a text-based measure of earnings calls, we find firms increase leverage by 7.4 percentage points when they … are highly exposed to both rollover risk as well as fundamental profitability shocks compared to less exposed firms …

opportunity shock brought about by the Biologics Price Competition and Innovation Act. Using a difference-in-difference approach …

The global economy is in the midst of an unprecedented slump caused by the coronavirus pandemic. This systemic risk …

standard demand shock. We then calibrate the demand shock to generate the computed decline in net revenues associated to the …

crises. In the four years after a negative economic shock, the cumulative loss of capital of high-debt firms is around 15 …

by introducing a variable “policy-risk-induced equity return” (PRER). The results show that it is the equity market that … negatively (positively) the leverage target, conforming to the market-timing theory. EPU and non-policy uncertainty shocks cause …

Using the collapse of the junk bond market in the early 1990s as an exogenous adverse shock to external capital, I …