Disaster resilience and asset prices
以COVID-19疫情为实验室，研究发现资产市场对企业灾害风险暴露的定价随时间变化，股票回报的横截面差异反映了企业因社交距离脆弱性不同而导致的疫情暴露差异。
Using the COVID-19 pandemic as a laboratory, we show that asset markets assign a time-varying price to firms’ disaster risk exposure. The cross-section of stock returns reflected firms’ different exposure to the pandemic, as measured by their vulnerability to social distancing. As predicted by theory, realized and expected return differentials moved in opposite directions, initially widening and then narrowing. When inferred from market outcomes, firm resilience correlates mainly with exposure to social distancing: vulnerability to social distancing is priced in changes of firms’ expected returns, while measures of financial and environmental resilience are not.