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.
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.
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 https://doi.org/10.1093/rcfs/cfac025
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.
Part One: COVID-19 as a reallocation shock
Part Two (COVID-19): An abundant supply of funding
Part Three: COVID-19 lessons and questions for the future
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
Marco Pagano
Paola Sapienza
Josef Zechner
Andrew Ellul
Marco Becht
-
Reconciling National Security Review with Takeover Regulation in the Global M&A Market
Faculty of Law, National University of Singapore -
-
Loan Guarantees, Bank Lending and Credit Risk Reallocation
Kelley School of Business, Indiana University
Università di Napoli Federico IIAnd more (...)
-
Piercing through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses during Normal Times and the COVID-19 Crisis
Texas A&M University and Wharton Financial Institutions CenterAnd more (...)
-
Mid-Crisis Restructuring Law Reform in the United Kingdom
Law Faculty, University of Oxford -
-
-
-
The Culture of the Finance Profession: Evidence from the 2020/2021 American Finance Association Survey
University of Oxford
Drexel University -
COVID-19 and Corporate Finance
Università di Napoli Federico II
Department of Business Administration, University of Vienna -
Is Economic Nationalism in Corporate Governance Always a Threat?
Fordham University School of Law -
The Impact of CEO Political Ideology on Labor Cost Reductions and Payout Decisions During the COVID-19 Pandemic
University of Aberdeen
IE Business School
Queen Mary University of LondonAnd more (...)
-
Mutual fund trading, fund flows, and ESG portfolios
Boston College
Haskayne School of Business, University of Calgary -
-
-
Bankruptcy & Bailouts; Subsidies & Stimulus: The Government Toolset for Responding to Market Distress
The University of Chicago Law School -
Towards a Principled Approach for Bailouts of COVID-distressed Critical/Systemic Firms
University of Oxford
University of Oxford -
COVID-19 and Comparative Corporate Governance
Fordham University School of LawThe New School for Social Research -
-
Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises
Imperial College London/ Universitat Pompeu Fabra
Luiss University, Universitat Pompeu Fabra, EIEF and Barcelona GSE
Bank of ItalyAnd more (...)
-
Bail-outs and Bail-ins are better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress
Law Faculty, University of Oxford
University of Oxford
Saïd Business School, University of Oxford -
-
Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19
Darden School of Business, University of VirginiaAnd more (...)
-
Banning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis
Paolo Baffi Center on Financial Regulation, Bocconi University Law Department -
Pandemic-Resistant Corporate Law: How to Help Companies Cope with Existential Threats and Extreme Uncertainty During the Covid-19 Crisis
Bocconi University, Department of Legal Studies -
