How valuable is corporate adaptation to crisis? Estimates from Covid-19 work-from-home announcements
研究企业危机适应（以新冠疫情中居家办公公告为例）的预测因素和收益，发现公告公司估值上升3%-5%、风险下降，且后续经营表现更优，对投资者和管理者评估企业韧性有价值。
This article investigates predictors and benefits of corporate adaptation to crisis, adding a new dimension to studies of flexibility and resilience based on ex ante characteristics. We produce a unique sample of work-from-home announcements scraped from company websites during Covid-19. The announcers’ valuations increased by 3%–5% and risk declined versus matches, consistent with real-options theory under asymmetric information. We estimate characteristics, including subtle textual topics from 10-Ks, that predicted adaptation, show faster price response following Bloomberg coverage, and real advantages in subsequent operating performance. Corporate adaptation to crisis adds value and reduces risk, beyond information in firm characteristics.