Working Remotely and the Supply-side Impact of Covid-19

Dimitris Papanikolaou and Lawrence Schmidt

No 27330, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We analyze the supply-side disruptions associated with Covid-19 across firms and workers. To do so, we exploit differences in the ability of workers across industries to work remotely using data from the American Time Use Survey (ATUS). We find that sectors in which a higher fraction of the workforce is not able to work remotely experienced significantly greater declines in employment, significantly more reductions in expected revenue growth, worse stock market performance, and higher expected likelihood of default. In terms of individual employment outcomes, lower-paid workers, especially female workers with young children, were significantly more affected by these disruptions. Last, we combine these ex-ante heterogeneous industry exposures with daily financial market data to create a stock return portfolio that most closely replicate the supply-side disruptions resulting from the pandemic.

JEL-codes: E23 G10 J00 (search for similar items in EconPapers)
Date: 2020-06
New Economics Papers: this item is included in nep-lab and nep-mac
Note: AP CF EFG LS PR
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Citations: View citations in EconPapers (73)

Published as Dimitris Papanikolaou & Lawrence D W Schmidt & Jeffrey Pontiff, 2022. "Working Remotely and the Supply-Side Impact of COVID-19," The Review of Asset Pricing Studies, vol 12(1), pages 53-111.

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Journal Article: Working Remotely and the Supply-Side Impact of COVID-19 (2022)
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