How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis

被引：350

作者：

Fahlenbrach, Rudiger ^{[1
,2
,3
]}

Rageth, Kevin ^{[1
]}

Stulz, Rene M. ^{[3
,4
,5
]}

机构：

[1] Ecole Polytech Fed Lausanne EPFL, Lausanne, Switzerland

[2] Swiss Finance Inst, Zurich, Switzerland

[3] ECGI, Brussels, Belgium

[4] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

[5] NBER, Cambridge, MA 02138 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2021年 / 34卷 / 11期

关键词：

CORPORATE-FINANCE; AGENCY COSTS; CASH FLOW; CONSTRAINTS; RISK; FIRMS; DEBT;

D O I：

10.1093/rfs/hhaa134

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry experience a stock price drop that is 26%, or 9.7 percentage points, lower than those with low financial flexibility. This differential return persists as stock prices rebound. Firms more exposed to the COVID-19 shock benefit more from cash holdings. No evidence suggests that recent payouts worsened the average firm's drop in stock price. Our results cannot be explained by a leverage effect.

引用

页码：5474 / 5521

页数：48

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