Working Remotely and the Supply-Side Impact of COVID-19
研究发现，无法远程工作的行业在就业、预期收入增长、股市表现和违约风险上遭受更大冲击，且股市过度配置低暴露行业，解释了股市指数与整体经济脱节的现象。
Abstract We analyze the supply-side disruptions associated with COVID-19. We find that sectors in which a higher fraction of the workforce is not able to work remotely experienced greater declines in employment and expected revenue growth, worse stock market performance, and higher likelihood of default. The stock market overweights low-exposure industries. Thus, our findings cast light on the disconnect between stock market indices and aggregate outcomes. We combine these ex ante heterogeneous industry exposures with daily financial market data to create a stock return portfolio that tracks news about the supply-side disruptions resulting from the pandemic.