Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels
收藏NBER2022-02-01 更新2025-01-04 收录
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https://www.nber.org/papers/w29777
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资源简介：
We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angelsrisky firms just above the IG cutoffenjoyed subsidized bond financing in 2009-19. This effect is driven by prolonged cumulative Fed purchases of
提供机构：
美国国家经济研究局
创建时间：
2022-02-01
