1. Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1.
- Author
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Hassan, Tarek A, Hollander, Stephan, Lent, Laurence van, Schwedeler, Markus, and Tahoun, Ahmed
- Subjects
EPIDEMICS ,SUPPLY & demand ,COVID-19 pandemic ,H1N1 influenza ,SARS disease ,INFECTIOUS disease transmission ,EBOLA virus ,ECONOMIC shock - 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 [ABSTRACT FROM AUTHOR]
- Published
- 2023
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