Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future
is at the heart of the practice of financial management. However, although discussion of …

The recent crisis was characterized by massive illiquidity. This paper reviews what we know
and don't know about illiquidity and all its friends: market freezes, fire sales, contagion, and …

We estimate the impact of the COVID-19 crisis on business failures among small and
medium size enterprises (SMEs) in seventeen countries using a large representative firm …

Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate
“dash for cash” induced by the COVID-19 pandemic. In the first phase of the crisis, which …

Aggregate US bank lending to firms expands following several adverse macroeconomic
shocks, such as the outbreak of COVID-19 or a monetary policy tightening. Using loan-level …

A two-sided “credit-line channel”—relating to drawdowns and repayments—explains the
severe drop and partial subsequent recovery in bank stock prices during the COVID-19 …

This research examines the relation between government economic policy uncertainty and
firm cash holdings. We find evidence that policy uncertainty is positively related to firm cash …

Ianalyze the impact of a firm's environmental profile on its cost of equity and debt capital.
Using implied cost of capital derived from analysts' earnings estimates, I find that investors …

We develop a quantitative monetary DSGE model with financial intermediaries that face
endogenously determined balance sheet constraints. We then use the model to evaluate the …

Can banks maintain their advantage as liquidity providers when exposed to a financial
crisis? While banks honored credit lines drawn by firms during the 2007 to 2009 crisis, this …