Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1

• 成果类型: Article
• 署名作者: Hassan, Tarek A.; Hollander, Stephan; van Lent, Laurence; Schwedeler, Markus; Tahoun, Ahmed
• 署名单位: Boston University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Tilburg University; Frankfurt School Finance & Management; University of London; London Business School
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad044
• 发表日期: 2023
• 页码: 4919
• 关键词: TEXTUAL ANALYSIS; shocks; reallocation; networks; IMPACT

摘要

We construct text-based measures of the primary concerns listed firms associated with the spread of COVID-19 and other epidemic diseases. We identify which firms perceive to lose or gain from a given epidemic and textually decompose the epidemic's effect on the firm's demand and supply. We find that the effects of COVID-19 manifest as a simultaneous shock to demand and supply, with both shocks affecting firms' market valuations in equal measure on average. By contrast, demand-related impacts appear more important in accounting for the observed collapse in firm-level investment during the COVID-19 crisis.Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online