When central banks buy corporate bonds: Target selection and impact of the European Corporate Sector Purchase Program
研究了欧洲央行购买公司债券计划的时机选择及其对企业融资决策的直接影响，发现高信用风险债券被更及时购买，受目标企业增加了市场债务使用和新债期限。
We study the timing of the European Corporate Sector Purchase Program and its direct effect on corporate financing decisions. Consistent with the goal of reducing credit premia, more timely purchases are observed for eligible bonds characterized by higher credit risk. Firms effectively targeted increase their relative use of market debt and the maturity of newly issued bonds more than eligible but not (yet) targeted issuers. The estimated effect is not driven by the verified relation between selection and credit risk. The program has fostered the ability to tap credit markets directly especially for eligible corporations whose bonds are actually purchased.