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dc.contributor.authorVito, Antonio De
dc.contributor.authorGómez, Juan-Pedro
dc.descriptionArticulo de Revistaes_ES
dc.description.abstractIn this paper, we investigate how the COVID-19 health crisis could affect the liquidity of listed firms across 26 countries. We stress-test three liquidity ratios for each firm with full and partial operating flexibility in two simulated distress scenarios corresponding to drops in sales of 50% and 75%, respectively. In the most adverse scenario, the average firm with partial operating flexibility would exhaust its cash holdings in about two years. At that point, its current liabilities would increase, on average, by eight times, suggesting that the average firm would have to resort to the debt market to prevent a liquidity crunch. Moreover, about 1/10th of all sample firms would become illiquid within six months. Finally, we study two different fiscal policies, tax deferrals and bridge loans, that governments could implement to mitigate the liquidity risk. Our analysis suggests bridge loans are more cost-effective to prevent a massive cash crunch.es_ES
dc.publisherElsevier Inc.es_ES
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.sourceJ. Account. Public Policy 39 (2020) 106741es_ES
dc.subject53 Ciencias económicases_ES
dc.subject5304 Actividad económicaes_ES
dc.subject.other360 Smart Visiones_ES
dc.titleEstimating the COVID-19 cash crunch: Global evidence and policyes_ES
dc.keywordsCOVID-19, Cash crunch, Liquidity risk, Business taxes, Fiscal policies, Bridge loanses_ES

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Attribution-NonCommercial-NoDerivs 3.0 United States
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 United States