Corporate QE in Europe during the COVID-19 crisis and debt overhang
研究发现，2020年欧央行和英格兰银行的企业量化宽松公告中，高杠杆公司的股东相对债券持有人获益更少，这体现了债务积压效应；受疫情冲击更大的公司获益也更少。
This paper finds that shareholders of highly leveraged firms benefit relatively less compared to bondholders from the corporate QE announcements by the ECB and the Bank of England, 2020, as evidence of debt overhang. Firms more heavily impacted by the pandemic gain less from corporate QE, which could also reflect debt overhang. The monetary and fiscal responses to the pandemic are complements in the sense that a stronger pandemic-related fiscal response and higher pre-announcement sovereign CDS spreads enhance the positive effects of corporate QE on equity and debt valuations.