leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity … businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural … optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over …

. Trading data from a large discount brokerage (Robinhood) confirm that retail investors acted as liquidity providers. The …

response to its joint liquidity and investment needs. Additional predictions on the yield spreads of bonds issued to meet the … firm's liquidity needs are also supported by the data …

shocks induced by the pandemic to their liquidity, viability and solvency. For this purpose, we develop novel multi … their debt, and on their liquidity and solvency positions. Applying the October 2020 WEO baseline and adverse scenarios, we … the initial shock as earnings recover in line with projected macroeconomic conditions, liquidity needs remain substantial …