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  1. The COVID-19 impact on corporate leverage and financial fragility
    Author: Haque, Sharjil Muktafi; Varghese, Richard
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: COVID-19; Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Capital and Ownership Structure; Corporate Finance and Governance; Financial Economics; Financial Risk and Risk Management; Financing Policy; General Financial Markets
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  2. The COVID-19 impact on corporate leverage and financial fragility
    Author: Haque, Sharjil Muktafi; Varghese, Richard
    Published: Nov 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity... more

    Access:
    Verlag (kostenfrei)
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    We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781589064126
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/21, 265
    Subjects: Corporate Debt; Optimal Capital Structure; Rollover Risk; Distance-To-Default; Default Risk; Stress Tests; Corporate Finance and Governance; Financial Economics; General Financial Markets; COVID-19; Capital and Ownership Structure; Financial Risk and Risk Management; Financing Policy; Corporate Finance; Money and Monetary Policy; Banks and Banking; Financial Economics: General; General Financial Markets: General (includes Measurement and Data); Corporate Finance and Governance: General; Financial Risk Management; Diseases: Contagious; Economics: General; Value of Firms; Goodwill; Bankruptcy; Liquidation; Health Behavior; International Financial Markets; Financial Institutions and Services: General; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Economic & financial crises & disasters; Economics of specific sectors; Infectious & contagious diseases; Finance; Ownership & organization of enterprises; Monetary economics; Financial services law & regulation; Macroeconomics; Health; Asset valuation; Asset and liability management; Business enterprises; Economic sectors; Currencies; Money; Credit risk; Financial regulation and supervision; Currency crises; Informal sector; Economics; Communicable diseases; Asset-liability management; Business enterprises; Money; Financial risk management
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen