COVID-19

Working Paper

22 July 2020

Banning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis

During the recent COVID-19 pandemic crisis, stock markets around the world have witnessed an abrupt decline in security prices and an unprecedented increase in security volatility. In response to a week of financial turmoil on the main...

Gianfranco Siciliano | Marco Ventoruzzo
18 May 2020

Emergency Measures for Equity Trading: The Case Against Short-Selling Bans and Stock Exchange Shutdowns

After the Covid-19 crisis struck, equity prices abruptly plunged across the world. The clear prospect of an almost unprecedented decrease in supply and demand, coupled with extreme uncertainty about the longer-term prospects for the...

Luca Enriques | Marco Pagano
02 December 2020

Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises

We show that risk mitigating incentives dominate risk shifting incentives in fragile banks. Risk shifting could be particularly severe in banking since it is the most opaque industry and banks are one of the most leveraged corporations...

José-Luis Peydró | Andrea Polo | Enrico Sette
17 May 2020

Regulatory Suspensions in Times of Crisis: The Challenges of Covid-19 and Thoughts for the Future

The Covid-19 crisis in 2020 severely impacted the corporate and in turn, the financial sectors of the UK, entailing responses from financial regulators to implement unprecedented regulatory suspensions that affect both the...

Hse-Yu Iris Chiu | Andreas Kokkinis | Andrea Miglionico
09 September 2021

Mutual Fund Loyalty and ESG Stock Resilience during the COVID-19 Stock Market Crash

This paper studies the trading behavior of U.S. actively-managed equity mutual funds during the COVID-19 market crash. We show that Environmental, Social, and Governance (ESG) funds helped to stabilize the market by contributing to...

Rui Albuquerque | Yrjö Koskinen | Raffaele Santioni
20 August 2020

Bail-outs and Bail-ins are better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress

COVID-19 has severely disrupted the conduct of business around the globe. In jurisdictions that impose one or more ‘lockdowns’, multiple sectors of the real economy must endure prolonged periods of reduced trading or even total...

Kristin van Zwieten | Horst Eidenmüller | Oren Sussman

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