{"title":"接近COVID-19病例和房地产股票回报","authors":"Lingshan Xie, Stanimira Milcheva","doi":"10.2139/ssrn.3641268","DOIUrl":null,"url":null,"abstract":"This paper uses a difference-in-differences (DID) approach to identify the effect of proximity to COVID-19 cases on the returns of real estate firms. We use a novel micro-level dataset which combines extensive data on the geographic footprint of COVID-19 patients, i.e. the locations they have resided in or visited, and the location of property holdings of real estate firms in Hong Kong. We find significantly negative effects of proximity to COVID-19 cases on stock returns. Having a property within 2 miles from a COVID-19 case results in a 0.02% lower return one day after the case disclosure. This effect is stronger for properties located closer and is weaker if the property is a residential building.","PeriodicalId":225744,"journal":{"name":"Nature & Society eJournal","volume":"93 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"12","resultStr":"{\"title\":\"Proximity to COVID-19 Cases and Real Estate Equity Returns\",\"authors\":\"Lingshan Xie, Stanimira Milcheva\",\"doi\":\"10.2139/ssrn.3641268\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper uses a difference-in-differences (DID) approach to identify the effect of proximity to COVID-19 cases on the returns of real estate firms. We use a novel micro-level dataset which combines extensive data on the geographic footprint of COVID-19 patients, i.e. the locations they have resided in or visited, and the location of property holdings of real estate firms in Hong Kong. We find significantly negative effects of proximity to COVID-19 cases on stock returns. Having a property within 2 miles from a COVID-19 case results in a 0.02% lower return one day after the case disclosure. This effect is stronger for properties located closer and is weaker if the property is a residential building.\",\"PeriodicalId\":225744,\"journal\":{\"name\":\"Nature & Society eJournal\",\"volume\":\"93 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-07-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"12\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Nature & Society eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3641268\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Nature & Society eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3641268","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Proximity to COVID-19 Cases and Real Estate Equity Returns
This paper uses a difference-in-differences (DID) approach to identify the effect of proximity to COVID-19 cases on the returns of real estate firms. We use a novel micro-level dataset which combines extensive data on the geographic footprint of COVID-19 patients, i.e. the locations they have resided in or visited, and the location of property holdings of real estate firms in Hong Kong. We find significantly negative effects of proximity to COVID-19 cases on stock returns. Having a property within 2 miles from a COVID-19 case results in a 0.02% lower return one day after the case disclosure. This effect is stronger for properties located closer and is weaker if the property is a residential building.
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