Using an event study methodology, this paper examines how European firms have been affected by the announcement of the European Central Bank's Pandemic Emergency Purchase Program (PEPP). Firms with an investment grade rating benefit relatively more, as evidenced by higher share prices and lower credit default swap spreads, which reflects that the European Central Bank is restricted to purchasing investment grade corporate debt securities. The gains...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2020/09/02
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Рабочий документ в рамках исследования вопросов политики
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WPS9379
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1
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1
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2020/09/02
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Disclosed
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Which Firms Benefit from Corporate QE during the COVID-19 Crisis ? The Case of the ECB's Pandemic Emergency Purchase Program
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market value of equity