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Corporations and Covid-19

An ECGI initiative to stimulate the production of new knowledge to enhance our understanding of ownership structures and their implications for companies and institutional investors in the light of previous trends and new developments triggered by the COVID-19 crisis. 

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The ECGI project on Corporations and COVID-19 was generously supported by Norges Bank Investment Management

The goal of the project was to capture the most imaginative and insightful research papers that were produced in the initial period that followed the outbreak of the COVID-19 pandemic in order to contribute to our collective learning from the experience.

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The outbreak of COVID-19 in early 2020 halted or hindered the operation of entire industries while enhancing that of others, depending on their vulnerability to social distancing requirements.

COVID-19 and Corporate Finance

The Review of Corporate Finance Studies
Volume 11, Issue 4, November 2022 
Pages 849–879

The cover of an issue of RCFS Journal

The pandemic outbreak effect on stock market prices was not only sharp but also varied depending on financial flexibility, resilience to social distancing, and corporate culture.

There was a reallocation of resources toward high-resilience industries, both in the United States and in Europe.

Firms were able to raise massive amounts of external funding from both banks and security markets.

Project Leadership Team

Renée Adams

Professor of Finance
University of Oxford
Fellow, Research Member

Marco Pagano

Professor of Economics, Facoltà di Economia
Università di Napoli Federico II
Fellow, Research Member

Paola Sapienza

Professor of Finance
Kellogg School of Management
Fellow, Research Member

Josef Zechner

Chair of Banking and Finance
Department of Business Administration, University of Vienna
Research Member

Andrew Ellul

Professor of Finance and Fred T. Greene Chair in Finance
Kelley School of Business, Indiana University
Research Member

Marco Becht

Professor of Finance and the Goldschmidt Professor of Corporate Governance
Solvay Brussels School for Economics and Management, Université libre de Bruxelles
Fellow, Research Member
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