# New, joint research from Professor Viral Acharya addressing the risk of being a fallen angel and the corporate dash for cash in the midst of COVID-19 is mentioned

1 Faculty News June 9, 2020 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](https://ftalphaville.ft.com/2020/06/09/1591694006000/Fed-action--debt-markets-and-stocks/) -- "Besides drawing down credit lines [Acharya](https://www.stern.nyu.edu/faculty/bio/viral-acharya) and Steffen (2020) show that firms also raised cash by accessing bond markets, but this started later. New bond issuance was muted until mid-March but accelerated after the Fed announced its corporate bond purchase programs through which it can purchase investment-grade rated corporate bonds (including ‘fallen angels’) and ETFs."

[Read More](https://ftalphaville.ft.com/2020/06/09/1591694006000/Fed-action--debt-markets-and-stocks/)