运营脆弱性对股票回报的影响:来自COVID - 19危机的教训

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2022-02-03 DOI:10.1111/irfi.12374

Avijit Bansal, Balagopal Gopalakrishnan, Joshy Jacob, Pranjal Srivastava

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引用次数: 1

摘要

我们研究了企业的市场估值如何因其运营脆弱性而变化，这使它们容易受到新冠肺炎疫情的影响。利用工厂位置的数据，我们发现，工厂位于易受感染地区的公司获得的回报要低得多。对于经营脆弱性较高的企业，财务灵活性和经营灵活性的边际值较高。对于隶属于较大企业集团的公司来说，运营脆弱性的不利影响较小。该论文确定了与疫情相关的影响企业价值的独特渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Impact of operational fragility on stock returns: Lessons from COVID-19 crisis

查看原文本刊更多论文

Impact of operational fragility on stock returns: Lessons from COVID-19 crisis

We examine how the market valuation of firms varies on account of their operational fragility that makes them vulnerable to the COVID-19 pandemic. Using the data on plant location that uniquely identifies the vulnerability of firms to operational disruptions, we find that firms with plants located in zones susceptible to higher infections earn significantly lower returns. For firms with high operational fragility, the marginal value of financial flexibility and operating flexibility is higher. The adverse impact of the operational fragility is lower for firms affiliated with the larger business groups. The paper identifies unique channels associated with the pandemic that impact firm value.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.