The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
利用美国企业贷款层面的每日信贷额度提取数据，发现新冠疫情引发企业抢现金行为：第一阶段所有企业提取信贷额度增加现金，第二阶段只有高评级企业转向资本市场，而低评级BBB企业因担心沦为堕落天使而行为类似非投资级企业。
Abstract 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 was characterized by extreme precaution and heightened aggregate risk, all firms drew down bank credit lines and raised cash levels. In the second phase, which followed the adoption of stabilization policies, only the highest-rated firms switched to capital markets to raise cash. Consistent with the risk of becoming a fallen angel, the lowest-quality BBB-rated firms behaved more similarly to non-investment grade firms. The observed corporate behavior reveals the significant impact of credit risk on corporate cash holdings. Received July 13, 2020; editorial decision July 17, 2020 by Editor Andrew Ellul