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

Tarek A, Stephan Hollander, Laurence van, Markus Schwedeler, Ahmed Tahoun and Ralph Koijen

The Review of Financial Studies, 2023, vol. 36, issue 12, 4919-4964

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.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online

Keywords: E0; E6; F0; G12; I0 (search for similar items in EconPapers)
Date: 2023
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