TY  - UNPD
A1  - Carletti, Elena
A1  - Oliviero, Tommaso
A1  - Pagano, Marco
A1  - Pelizzon, Loriana
A1  - Subrahmanyam, Marti G.
T1  - The COVID-19 shock and equity shortfall: firm-level evidence from Italy
T2  - SAFE working paper series ; No. 285
N2  - We employ a representative sample of 80,972 Italian firms to forecast the drop in profits and the equity shortfall triggered by the COVID-19 lockdown. A 3-month lockdown generates an aggregate yearly drop in profits of about 10% of GDP, and 17% of sample firms, which employ 8.8% of the sample’s employees, become financially distressed. Distress is more frequent for small and medium-sized enterprises, for firms with high pre-COVID-19 leverage, and for firms belonging to the Manufacturing and Wholesale Trading sectors. Listed companies are less likely to enter distress, whereas the correlation between distress rates and family firm ownership is unclear. 
(JEL G01, G32, G33)
T3  - SAFE working paper - 285 
KW  - COVID-19
KW  - pandemics
KW  - losses
KW  - distress
KW  - equity
KW  - recapitalization
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/55245
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-552455
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3671396
IS  - July 27, 2020
PB  - SAFE
CY  - Frankfurt am Main
ER  -