Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1
通过文本分析构建企业层面流行病暴露指标，发现COVID-19同时冲击需求和供给，平均而言两者对企业市值影响相当，但需求冲击更能解释企业投资崩溃。
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