Sectoral Connectedness: New Evidence from US Stock Market during COVID-19 Pandemics

Financing constraints and firm-level responses to the COVID-19 pandemic: International evidence

“…This study contributes to the limited but growing literature on the economic effects of COVID-19 in general, and the firm-level financial and operational consequences of the pandemic for SMEs in particular. Extant literature on the economic effects of COVID-19 primarily focuses on macroeconomic shocks (e.g., Faria-e-Castro, 2020 ; Xiong et al, 2020 ; Rose, 2021 ), financial market volatility, contagion, and spill-over effects ( Ali et al, 2020 ; Akhtaruzzaman et al, 2021 ; Huang and Liu, 2021 ; Costa et al, 2021 ; Corbet et al, 2021 ). The firm-level studies on the economic impacts of COVID-19 pandemic examines cash holdings ( Qin et al, 2020 ), firm’s speed of adjustments to target leverage ( Vo et al, 2021 ), cost of equity capital ( Ke, 2021 ), and firm’s restructuring ( Greenwood et al, 2020 ).…”