Business Commons^™

United States: Primary Dealer Credit Facility, Carey K. Mott

Journal of Financial Crises

In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …

United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer

Journal of Financial Crises

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …

Sweden: Corporate Bond Purchases, Carey K. Mott

Journal of Financial Crises

In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …

Sweden: Commercial Paper Purchases, Carey K. Mott

Journal of Financial Crises

In March 2020, governments took measures to curb the spread of the COVID-19 pandemic that significantly impacted corporate revenues. The uncertainty surrounding the pandemic drove investors out of corporate securities and into safe assets, complicating the ability of Swedish nonfinancial corporations to finance their operations. As the volume of commercial paper issuance dropped, the Sveriges Riksbank (Riksbank) announced on March 19, 2020, it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article 5 of the Sveriges Riksbank Act. …

Israel: Corporate Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

By March 2020, the quickly spreading novel coronavirus began disrupting business activity and industry, generating uncertainty throughout the global economy. As financial panic spread, Israeli investors fled to liquidity, impacting equities, corporate bonds, and even Israeli treasury securities. As short-term horizon mutual funds experienced high withdrawals in the first few weeks of March, they were forced to sell corporate bonds. This increase in supply pushed corporate bond prices down, and yields spiked. Between March and May, domestic rating agencies downgraded 23 companies (12% of all rated companies), and by July 2020, yields remained in the double-digits for 23% of corporate …

Canada: Provincial Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

In the beginning of 2020, the outbreak of the novel coronavirus placed significant strain on financial markets and especially affected commodity-producing countries like Canada. As the broad economy contracted, oil-exports fell, and the government imposed public health restrictions to contain coronavirus, the Bank of Canada (BoC) announced emergency measures to ensure functioning of financial markets and to "reach companies and households and foster a robust recovery" (Poloz 2020, 1). One market that faced acute strain was the Canadian provincial bond market. The BoC announced the Provincial Bond Purchase Program (PBPP) through a notice published on April 15, 2020. The stated …

Canada: Corporate Bond Purchase Program, Sharon M. Nunn

Journal of Financial Crises

The Bank of Canada (BoC) activated its Corporate Bond Purchase Program (CBPP) from May 26, 2020, to May 26, 2021, in response to liquidity strains in corporate bond markets that stemmed from economic uncertainty and the COVID-19 pandemic. Policymakers enacted the CBPP as part of a broader suite of policies meant to stabilize the Canadian economy. Through the CBPP, the BoC purchased Canadian corporate bonds through a tender process on the secondary market. The CBPP could hold up to CAD 10 billion (USD 7.7 billion) par value of eligible bonds issued by specific non-deposit-taking firms incorporated in Canada. The bonds …

Immediate Needs And Systemic Solutions: Harnessing A Collective Crisis Response By Regional Philanthropy Alongside Systemic Change, Clotilde Perez-Bode Dedecker, Nancy M. Blaschak

The Foundation Review

On March 13, 2020, the Community Foundation for Greater Buffalo invited the John R. Oishei Foundation, the Health Foundation for Western & Central New York, and United Way of Buffalo & Erie County to convene all funders in western New York to respond collectively to the impending COVID-19 crisis. Funding was raised swiftly and, using a racial equity lens, more than $14.2 million was granted in 18 months to more than 400 nonprofits of all sizes serving on the front lines in eight counties.

While emergency funding was the first priority for the collective group of more than 60 foundations, …

Respectful Tribal Partnership: What Philanthropy Can Learn From The Navajo Nation’S Collaborative Response To The Covid-19 Crisis, Nancy Petersen, Karletta Chief, Toni M. Massaro, Nikki Tulley, Crystal Tulley-Cordova, Jonelle Vold

The Foundation Review

The gravity of the COVID-19 pandemic and its disparately harsh impact on Indigenous peoples are now well known. U.S. death rates normalized by population, for example, have been far higher for Native Americans than for the white population in the United States. Many funders, realizing that basic human services are lacking for many Native American and Indigenous communities, have responded to the crisis. While this desire to act is laudable, many fail to grasp the complexities and necessity of applying trust-based collaborative principles that respect tribes as sovereign nations.

This article describes a successful model for collaboration among a tribal …

Brazilian Foundations And The Responses To Covid-19, Marcos Paulo Lucca-Silveira, Pietro Rodrigues, Marketa Jerabek, Marcia Kalvon Woods, João Paulo Vergueiro

The Foundation Review

This article aims to systematically analyze the contribution of corporate and family foundations in the fight against COVID-19 in Brazil, one of the countries most affected by the pandemic. Despite its resultant economic and social crisis, the pandemic has sparked an unprecedented wave of philanthropy in Brazil. It is estimated that more than $1.2 billion has been raised and donated by corporations, corporate and private foundations, crowdfunding, and fundraising campaigns.

Foundations, in particular, have played an important role in financing relevant scientific work, supporting public policies, and assisting nonprofit organizations and vulnerable communities. And while there is increasing knowledge about …

Relationship Between Employee Perception Of Work Experience, Employee Perception Of Supervisors, And Intent To Leave, Kathryn F. Denning

Walden Dissertations and Doctoral Studies

Employee turnover can be costly; estimates for recruiting and training new hires are between 90% and 200% of the employee's annual salary. Understanding employee intent to leave is critical for managers to reduce turnover rates. Grounded in Herzberg’s two-factor model, the purpose of this quantitative correlational study was to examine the relationship between federal government agency employees' perception of their work experience, employee perception of supervisors, and employee intent to leave. Secondary data from 359,120 completed surveys from the 2020 Federal Employee Viewpoint Survey (FEVS) were analyzed. The results of the binary logistic regression were significant, X2 (359,120) = 17609.539, …

Worst Time Being Poor? The Hunger Problem In U.S. During Covid-19 Pandemic, Yuanhang Hu

School of Professional Studies

Food insecurity is deeply rooted in American society during and before the COVID-19 pandemic. Food Insecurity usually associates with economic indicators, such as unemployment rate, income level, etc. Currently, there are two main tools to fight the war of hunger. The first one is the government food assistance programs. And the second one is food pantries from the private sectors of the community. Both tools are facing numerous challenges due to COVID-19. The purpose of this article is to provide rational reasons to persuade the government to enhance the benefits of the Supplemental Nutrition Assistance Program (SNAP) and use administrative …

Cvs Covid-19 Screening Website: Test Automation, Savya Rawat

School of Professional Studies

CVS Pharmacy is an American retail corporation, also known as, and originally named, the Consumer Value Store owned by CVS Health, it is headquartered in Woonsocket, Rhode Island. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations over 9,600 and total prescription revenue. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs.

Now, coming to the reason why I have selected CVS pharmacy’s website cvs.com as my case study topic is because of CVS’s response to the covid-19 pandemic’s no-cost testing strategy. Whole of the world is suffering …

Higher Education Responses To Crisis: A Case Study Of Clark University And The Pandemic Of 2020, Lisa Gillingham

School of Professional Studies

The COVID-19 pandemic has delivered an existential challenge to universities and other academic institutions at a time when they are already grappling with other weighty issues that may alter the fabric of higher education. COVID-19 has forced these institutions to consider and employ new ways of conducting its work with a sense urgency that is unprecedented in the recent history of the academy. The rate of learning around these models is rapid, and Higher Education is ripe for change.

Clark University has addressed the pandemic with a plan to protect and pivot using strategies that support the continuation of its …

Overcoming The Systemic Challenges Of Wealth Inequality In The U.S., David Peter Stroh

The Foundation Review

The galvanizing public murder of George Floyd and the disproportionate impact of COVID-19 on Black and Hispanic people have put structural racism and its influence on wealth inequality in the U.S. into stark relief. As multiracial groups express outrage at these visible disparities, we risk missing the other side of the coin: that wealth inequality in turn fans structural racism. Moreover, as they reinforce each other, these two factors erode the social, economic, and political viability of our democracy. Understanding and then breaking this vicious cycle are essential to realizing our renewed commitment to a country that works everyone.

This …