How valuable is corporate adaptation to crisis? Estimates from Covid-19 work-from-home announcements

• 成果类型: Article
• 署名作者: Fisher, Adlai; Knesl, Jiri; Lee, Ryan C. Y.
• 署名单位: University of British Columbia; University of Oxford; Baylor University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104168
• 发表日期: 2025
• 关键词: announcements; Corporate flexibility; Corporate resilience; event studies; Intangible capital; Textual analysis; Work from home

摘要

This article investigates predictors and benefits of corporate adaptation to crisis, adding a new dimension to studies of flexibility and resilience based on ex ante characteristics. We produce a unique sample of work-from-home announcements scraped from company websites during Covid-19. The announcers' valuations increased by 3%-5% and risk declined versus matches, consistent with real-options theory under asymmetric information. We estimate characteristics, including subtle textual topics from 10-Ks, that predicted adaptation, show faster price response following Bloomberg coverage, and real advantages in subsequent operating performance. Corporate adaptation to crisis adds value and reduces risk, beyond information in firm characteristics.