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

Tarek Hassan, Stephan Hollander, Laurence van Lent, Markus Schwedeler and Ahmed Tahoun

No 26971, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: E0 E6 F0 G12 I0 (search for similar items in EconPapers)
Date: 2020-04
New Economics Papers: this item is included in nep-bec, nep-mac and nep-ore
Note: AP EFG EH IFM ITI ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (159)

Published as Tarek A Hassan & Stephan Hollander & Laurence van Lent & Markus Schwedeler & Ahmed Tahoun & Ralph Koijen, 2023. "Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1," The Review of Financial Studies, vol 36(12), pages 4919-4964.

Downloads: (external link)
http://www.nber.org/papers/w26971.pdf (application/pdf)

Related works:
Working Paper: Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1 (2020)
Working Paper: Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1 (2020)
Working Paper: Firm-Level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1 (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:26971

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w26971

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().