Cash, crisis, and capers: The UK's cashbox policy during COVID-19
研究了英国COVID-19期间放松股权发行股东批准的现金箱政策，发现公告异常回报率比其他发行高4-6%，表明投资者在危机中更看重流动性而非代理问题。
This study investigates the market impact of the “Cashbox” policy introduced in the UK during the COVID-19 pandemic, which eased shareholder approval norms for equity issuances. Using manually collected data, we find that Cashbox issue announcements yield abnormal returns 4-6% higher than other issuances, indicating that investors prioritise liquidity over agency concerns during the pandemic. Notably, this effect is more pronounced in firms facing greater financial constraints or exhibiting superior corporate governance. Our study sheds light on the impact of crisis-driven policy changes on financial markets, providing important and timely implications for policymakers and investors on the trade-off between rapid capital access and governance standards in times of significant social crises.