The COVID-19 Crisis and the Allocation of Capital
总结并综合了关于COVID-19大流行对金融经济学影响的专题论文集，指出疫情对资本配置造成了分配性冲击，机制包括技术加速转变、政府刺激计划以及投资者和企业的异质性反应。
Abstract We summarize and synthesize the results of the articles in this symposium issue on research in financial economics related to the COVID-19 pandemic. We argue that the articles, taken together, present evidence that the pandemic resulted in a distributional shock to capital allocation. The underlying mechanisms include accelerating technological shifts, government stimulus programs, and heterogeneous responses of investors and firms. We augment these articles with evidence on the heterogeneous effects of the pandemic on profitability, payout, investment, employment, and productivity across sectors.