The role of inventory in firm resilience to the Covid‐19 pandemic
研究了2020年新冠疫情中，美国企业库存如何影响其韧性：初期因需求下降导致股价下跌，但后期库存作为对冲供应中断的工具提升了企业绩效。
Abstract We study the role of inventory in corporate resilience to Covid‐19 in 2020, which triggered exogenous shocks to consumer demand, commodity prices and supply chains. Unexpected drops in consumer demand and commodity prices increase the costs of inventory. Conversely, inventory holdings can buffer against supply disruptions. Empirically, US firms with higher inventory experienced more negative stock market responses early in the crisis due to falling consumer demand. However, since May 2020, inventory has become valuable as a hedge against supply disruptions, improving firm performance. During Covid‐19, unlike other crises, inventory played a unique role as a hedge against supply disruptions.