Corporations and Covid-19
An ECGI initiative to stimulate the production of new knowledge to enhance our understanding of ownership structures and their implications for companies and institutional investors in the light of previous trends and new developments triggered by the COVID-19 crisis.
The ECGI project on Corporations and COVID-19 was generously supported by Norges Bank Investment Management
The goal of the project was to capture the most imaginative and insightful research papers that were produced in the initial period that followed the outbreak of the COVID-19 pandemic in order to contribute to our collective learning from the experience.
The outbreak of COVID-19 in early 2020 halted or hindered the operation of entire industries while enhancing that of others, depending on their vulnerability to social distancing requirements.
COVID-19 and Corporate Finance
The Review of Corporate Finance Studies
Volume 11, Issue 4, November 2022
Pages 849–879 https://doi.org/10.1093/rcfs/cfac025
The pandemic outbreak effect on stock market prices was not only sharp but also varied depending on financial flexibility, resilience to social distancing, and corporate culture.
There was a reallocation of resources toward high-resilience industries, both in the United States and in Europe.
Firms were able to raise massive amounts of external funding from both banks and security markets.
Project Leadership Team
Marco Pagano
Josef Zechner
Andrew Ellul
