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

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-05-17 DOI:10.1093/rfs/hhad044

Tarek A. Hassan, Stephan Hollander, Laurence van Lent, Ahmed Tahoun

引用次数: 9

Abstract

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.

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企业层面对流行病的暴露:COVID-19、SARS和H1N1

摘要本文构建了基于文本的上市公司与COVID-19和其他流行病传播相关的主要关注点度量。我们确定哪些企业认为会从特定的流行病中损失或获利，并从文本上分解流行病对企业需求和供给的影响。我们发现，COVID-19的影响表现为对需求和供给的同时冲击，这两种冲击对公司市场估值的影响平均程度相同。相比之下，在2019冠状病毒病危机期间，与需求相关的影响似乎在解释企业层面投资的崩溃方面更为重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.