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- Title
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1.
- Authors
Hassan, Tarek A; Hollander, Stephan; Lent, Laurence van; Schwedeler, Markus; Tahoun, Ahmed
- 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
- Subjects
EPIDEMICS; SUPPLY &; demand; COVID-19 pandemic; H1N1 influenza; SARS disease; INFECTIOUS disease transmission; EBOLA virus; ECONOMIC shock
- Publication
Review of Financial Studies, 2023, Vol 36, Issue 12, p4919
- ISSN
0893-9454
- Publication type
Article
- DOI
10.1093/rfs/hhad044