Natural Disaster Effects on Popular Sentiment Toward Finance
用文本衡量大众对金融的情绪，发现流行病和地震后情绪下降，而严重干旱、洪水和山体滑坡后情绪上升；在新冠疫情初期情绪下降，但在股市回报高和财政支出大的国家恢复。
Abstract We use a text-based measure of popular sentiment toward finance to study how finance sentiment responds to rare historical disasters and to the ongoing COVID-19 pandemic. Finance sentiment declines after epidemics and earthquakes but rises following severe droughts, floods, and landslides. These heterogeneous effects suggest finance sentiment responds differently to the realization of insured versus uninsured risks. Finance sentiment declines at the start of the COVID-19 pandemic, but recovers in countries that experienced high stock markets returns and that responded with large fiscal spending. Finance sentiment seems to depend on the insurance provided by private markets and by public finance.