COVID-19

Working Paper

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...

Kristin van Zwieten | Horst Eidenmüller | Oren Sussman
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
08 July 2020

Pandemic-Resistant Corporate Law: How to Help Companies Cope with Existential Threats and Extreme Uncertainty During the Covid-19 Crisis

This essay argues that, to address the Covid-19 crisis, in addition to creating a special temporary insolvency regime, relaxing provisions for companies in the vicinity of insolvency, and enabling companies to hold virtual meetings,...

Luca Enriques
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
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
23 April 2020

Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash

The COVID-19 pandemic and the subsequent lockdown brought about an exogenous and unparalleled stock market crash. The crisis thus provides a unique opportunity to test theories of environmental and social (ES) policies. This...

Rui Albuquerque | Yrjö Koskinen | Shuai Yang | Chendi Zhang
27 July 2020

Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19

Institutional investors played a crucial role in the COVID-19 market crash. U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and domestic institutions -- performed worse. An...

Simon Glossner | Pedro Matos | Stefano Ramelli | Alexander Wagner

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