We design and conduct a firm-level survey on the use of COVID-19-related government
programs, in collaboration with Tokyo Shoko Research, LTD (TSR). Combining the survey …

We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the
shock differed greatly across firms, depending on their resilience to social distancing …

We study optimal government support following a rare disaster that creates heterogeneous
firm liquidity needs. Firms' increase in debt reduces their output due to moral hazard. Banks …

We develop a novel framework featuring loss amplification through firm-bank linkages. We
use it to study optimal government support in a lockdown that creates heterogeneous …

SAFE WP 304 Page 1 Monica Billio | Andrew W. Lo | Loriana Pelizzon | Mila Getmansky
Sherman | Abalfazl Zareei Global Realignment in Financial Market Dynamics SAFE Working …

Theory suggests that corporate and sovereign bonds are fundamentally different, also
because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show …

This paper proposes a new way to clarify the relationship between the sovereign-bank
nexus and an individual bank's home bias by employing stress test data from Europe's most …

Obiettivo della tesi è rilevare l'impatto che l'epidemia di Covid-19 ha avuto sul rischio
sovrano e sul rischio corporate. Utilizzando dati sui Credit Default Swap (CDS) di cinque …

This paper empirically studies the role of fiscal constraints for disaster vulnerability and
investment decisions in a global sample of firms. We build novel firm-level measures of …