We characterize equilibrium leverage dynamics in a trade‐off model in which the firm can
continuously adjust leverage and cannot commit to a policy ex ante. While the leverage …

In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with
a surge of financial distress in the business sector. Some firms will be able to survive, while …

We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the
shock differed greatly across firms, depending on their resilience to social distancing …

We build a model with heterogeneous firms and banks to analyze how policy affects credit
allocation and long-term economic outcomes. When firms are hit by small negative shocks …

The causes and consequences of the 2008 mortgage meltdown and 2020 COVID-19 crisis
are quite different: the 2008 mortgage meltdown reflected infection of the financial system …

We provide novel empirical evidence that firms' investment is more responsive to monetary
policy when a higher fraction of their debt matures. In a heterogeneous firm New Keynesian …

We use variation in the access to a government credit certification program to estimate the
financial and real effects of supporting small firms. This program was first implemented …

We develop a pair of models that speak to the goals and design of the sort of business
lending and corporate bond purchase programs that have been introduced by governments …

According to conventional wisdom, banks play a special role in providing liquidity in bad
times, while capital markets are used to fund investment in good times. Using microdata on …

Earnings management during the COVID-19 crisis: evidence from the Brazilian and
American capital markets | Emerald Insight Books and journals Case studies Expert …