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In response to the COVID-19 pandemic, which caused a downward trend in the US stock market, the Federal Reserve has implemented an innovative Corporate Credit Facility (CCF) program from March 23 to December 31, 2020. The CCF aims to purchase the eligible corporate bonds and ETFs under the Primary Market Corporate Credit Facility (PMCCF) and Secondary Market Corporate Credit Facility (SMCCF). Firstly, our result shows that the Corporate Credit Facility program has stabilized the return of the S&P 500 by 0.68 in variance reduction. Secondly, the SMCCF has exhibited a better effect on the stock market compared with PMCCF. The coefficient of SMCCF is statistically significant. However, announcement and PMCCF are not significant in the variance equation. Thirdly, the joint Wald test of PMCCF and SMCCF positively and significantly affect the return of the S&P 500, evidenced by the mean equation. Lastly, the announcement of CCF has an adverse effect on the S&P 500. It can be concluded that the Fed's Corporate Credit Facility has been innovative in combating the financial market's instability.

This study investigates the impacts of operational risks and corporate governance on bond yield spreads, examining their impacts on bond yield spreads during the COVID-19 pandemic. The results indicate that operational risks significantly raise yield spreads, especially for high-leverage firms. Moreover, a higher independent director percentage reduces debt costs. Furthermore, the results reveal more pronounced effects of operational risks on yield spreads during the COVID-19 pandemic, with these risks increasing the financing costs for large firms. When the effect of the independent director percentage on the yield spreads increases, this consequently raises the debt costs for large firms.

The monograph examines firstly the magnitude of demand for capital investment in individual items of distribution equipment—ships, aircraft and motor vehicles, It then concentrates on financing motor transport, examining the objectives of acquisition analysis and the relative importance of the company controlling its own fleet. Alternative methods of distributing the product are examined to show how transport involvement can be minimised according to the marketing strategy adopted. The monograph considers, in some detail, alternative approaches to commercial vehicle acquisition. The broad principles of the subject are discussed and three common methods presented—outright purchase, hire purchase and leasing. Worked examples are shown for each method, using discounted cash flow techniques and the net present costs of the alternatives compared. The final section of the paper examines the changing demand for capital in the company for transport from its launch as a one man operation through to the mature large organisation.

This chapter examines the impacts of scheduled announcements of 14 widely followed macroeconomic news on the corporate bond market from July 2002 to June 2017 and documents several new findings. First, good (bad) macroeconomic news tends to have a negative (positive) effect on IG bond returns and a positive (negative) effect on high-yield (HY) bond returns. Second, nonfarm payroll (NFP) appears to be the “King of announcements” for the corporate bond market. Third, while information about revisions of prior releases is incorporated into bond prices on announcement days, future revisions fail to be priced in. Fourth, the news information is thoroughly and quickly reflected in bond prices on the announcement day. Finally, corporate bond volatility increases on announcement days, whereas the Zero Lower Bound (ZLB) policy has little effect on conditional volatility.

There is limited discussion in the literature of the problems associated with constructing stress tests. The Credit Crunch has revealed that attention simply to haircuts to asset values and resulting margin calls is insufficient. The purpose of this paper is to explore additional avenues for stress testing.

The paper is largely discursive.

Stress tests must look into the debt position of the firm, as well as its position and credit exposures. Not only the volume of debt but its maturity structure, callability and the indentures attached to it are extremely important.

The paper is geared more toward management and practitioners than to academic researchers. Implications for the analysis of corporate strategy are significant.

Stress testing is essential to the confident continuance of firms.

So much of the work in this area is proprietary and so little has been published on it.

Assuming that “change” is an ongoing, ordinary business condition, this paper seeks to introduce turnaround management as an ongoing management task to secure competitive advantage.

The paper briefly reviews the impact of market turmoil on successful corporate management with particular reference to the Romanian market. It includes key learning based on structured, qualitative interviews of executives (corporate CEOs and leading corporate banking managers). Building on it, the paper comments pitfalls out of several emprical case studies at Eastern European companies, lost in a deemed “ever‐lasting growth” trap while losing grip over their true roots of competitive advantage. It assumes that turnaround management and sustainability are not mutually exclusive corporate paradigms during times of incisive economic recession.

Ongoing turnaround management can be a successful key to achieve sustainable corporate performance improvement.

Turnaround refers to multiple stakeholders, market dynamics and corporate culture; hence it differs in different contexts. This might result in a slight limitation to generalizing the findings to other organization types. Replicating analogue research in different market contexts and corporate cultures would be a beneficial follow‐up research pattern.

Practical implications are ongoing turnaround management targets to anticipate corporate crisis. It includes multilateral perspectives (corporate executives' view, organizational support, external influencing forces, other stakeholder perspectives) and operates at different management levels (strategic scenarios, operative scenarios, decision and implementation management, monitoring and adapting). Mere cost reduction based management practices prove insufficient to maintain competitive advantage, even in times of incisive market turmoil.

The paper provides insights on different dimensions of turnaround management and the way it sustainably enhances corporate performance. It distinguishes its view from the frequently reactive and mainly cost‐cutting‐based character of turnaround management in management literature.

This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to withdraw their funding and equityholders can renegotiate the contract terms of debt. We show that when equityholders have a large bargaining power, liquidity injections into distressed firms can rather cause more aggressive runs from their creditors, hurting the debt value. This outcome occurs because equityholders can strategically utilize the renegotiation option as a bankruptcy threat, pushing down the debt value below the potential liquidation value of the firm. In such a scenario, a deterred default resulting from emergency capital injections could be detrimental to creditors.

This study aims to examine uncertainties created due to the pandemic that multinational enterprises (MNEs) had to confront. It also assesses MNEs’ response to these uncertainties through their dynamic capabilities (DCs). It relied on theories of DCs and organizational learning.

MNEs listed in Fortune Global 500 served as the population of the study, while data were retrieved from their respective corporate websites. The final phase generated 704 documents systematically analyzed for dialogic communication. Content analysis was used to make inferences.

This study found six distinct uncertainties created by COVID-19. Furthermore, it was found that irrespective of industry-type or headquarters location, organizations could transform their internal processes and remain resilient by strategically sensing and responding to exogenous shocks through DCs.

The use of dialogic communication through website analysis could be prone to misrepresentations and data exaggeration from organizations. However, this limitation was mitigated by focusing on Fortune Global 500 MNEs, which are reputable global corporations.

Dealing with and coping with the uncertainties created by COVID-19 presents MNEs with valuable capabilities and experience in handling future global viral diseases when they inevitably occur.

Unlike previous shocks, COVID-19 had an immeasurable global disruption to MNEs’ business operations. Evidence was found that MNEs could remain resilient by using DCs in response to uncertainties amid an exogenous shock. It makes a theoretical contribution by extending what was previously known about DCs, uncertainties and exogenous shocks.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.