How are companies reacting to the fall in share prices?

The coronavirus crisis has triggered a collapse in share prices in the United States and the euro zone. We seek to determine how companies in these countries are reacting to this fall. At first sight, they can: Reduce their investments (this is Tobin's "q"); Reduce their dividends (otherwise the dividend rate becomes abnormally high); Buy back their shares, whose prices are abnormally low; Make acquisitions, as these are inexpensive. When share prices fall, we see: A significant decline in investment; A small decline in dividends; A sharp decline in share buybacks in the United States, a small increase in share buybacks in the euro zone ; A slight decline in acquisitions in the United States.