# Table 1: Descriptive statistics

This table provides summary statistics. Abnormal return is the abnormal stock return observed on March 19, 2020. CDS change is the change in the CDS spread observed on March 19, 2020. dMVE/Book assets is the change in the market value of equity on March 19, 2020 divided by the book value of assets at the end of 2019. dMVD/Book assets is the change in the market value of debt on March 19, 2020 divided by the book value of assets at the end of 2019. dMVE/(dMVE + dMVD), dMVE > 0, dMVD > 0 is the change in the market value of equity on March 19, 2020 divided by the sum of the changes in the market values of equity and debt on March 19, 2020, conditional on both of these being positive. dMVE/(dMVE + dMVD), dMVE + dMVD > 0 is the change in the market value of equity on March 19, 2020 divided by the sum of the changes in the market values of equity and debt on March 19, 2020, conditional on the sum of these being positive. Investment grade is a dummy variable indicating a long term, domestic or foreign, issuer credit rating of at least BBB-/Baa3 issued by either Moody’s, S&P or Fitch. Noninvestment grade is a dummy variable indicating a long term, domestic or foreign, issuer credit rating lower than BBB-/Baa3 issued by either Moody’s, S&P or Fitch. Bonds/assets is the sum of the principal amounts of outstanding bonds divided by the book value of assets at the last reporting date in 2019. Leverage is liabilities divided by assets at the end of 2019. Log of assets is the natural logarithm of assets at the end of 2019. ROA is net income before extraordinary items divided by assets at the end of 2019. Book-to-market is the book value of equity divided by the market value of equity at the end of 2019. Cash-to-price is cash from operating activities in 2019 divided by the market value of equity at the end of 2019. Earnings-to-price is net income before extraordinary items in 2019 divided by the market value of equity at the end of 2019. Cash/assets is the sum of cash, cash and equivalents and short-term investments divided by assets at the end of 2019. Redeployability is a measure of asset redeployability at the four-digit SIC industry level as of 2015 from Kim and Kung (2017). Beta is the coefficient of a regression of the daily log stock return on the daily log return of the MSCI World index. Affected industry is a dummy variable indicating industries that are relatively affected by the COVID-19 crisis. Fiscal response/GDP is the total amount of economic stimulus spending announced in a country until March 17, 2020 divided by GDP.

||Observations|Mean|SD|Min|Max|
|---|---|---|---|---|---|
|Abnormal return|2211|0.00555|0.0626|-0.157|0.150|
|CDS change|111|-4.508|7.874|-26.68|39.25|
|dMVE/Book assets|2211|0.0294|0.115|-0.671|0.510|
|dMVD/Book assets|111|0.000595|0.00114|-0.00653|0.00393|
|dMVE/(dMVE + dMVD),<br>dMVE > 0, dMVD > 0|63|0.879|0.203|0.109|1.000|
|dMVE/(dMVE + dMVD),<br>dMVE + dMVD > 0|84|0.812|0.555|-3.336|1.196|
|Investment grade|2211|0.0991|0.299|0|1|
|Non-investment grade|2211|0.0461|0.210|0|1|
|Bonds/assets|1873|0.0575|0.102|0|0.444|
|Leverage|2211|0.531|0.215|0.0323|0.964|
|Log assets|2211|19.62|2.516|14.33|26.44|
|ROA|2211|-0.0291|0.224|-1.203|0.304|
|Book-to-market|2211|0.650|0.705|0.0322|5.194|
|Cash-to-price|2195|0.0831|0.203|-0.694|1.048|
|Earnings-to-price|2211|-0.0259|0.225|-1.309|0.358|
|Cash/assets|2208|0.157|0.166|0.000189|0.903|
|Redeployability|2211|0.387|0.104|0.0603|0.600|
|Beta|2211|0.616|0.503|-2.194|2.810|
|Affected industry|2211|0.288|0.453|0|1|
|Fiscal response/GDP|2182|0.0441|0.0629|0|0.179|

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